On March 2nd, U.S. wheat prices in China's ports stopped falling.

Futures Daily reported that US wheat (2675,13.00,0.49%) futures rose on Friday. The index of Chicago Futures Exchange (CBOT) SRW contract WK2 rose 1.6. Traders said investors had previously returned from concerns about the weather. Fill short.

The spring wheat contract for Kansas City Futures Exchange (KCBT) Hard Red Winter Wheat and Minneapolis Grain Exchange (MGEX) also rose. In recent months, KCBT contract KWc1 touched the highest level in more than three weeks.

This week CBOT wheat rose nearly 5%, the highest weekly gain in four weeks.

The CBOT May contract opened lower, but it turned higher as investors took advantage of the market decline to cover short bets. The contract price briefly broke through the weekly high of 6.74-1/2 US dollars.

CBOT stated that there are three deliveries in the expired March contract. The KCBT-3 contract KWH2 has no delivery. The MGEX-3 contract MWEH2 had a delivery.

World Weather meteorologist Andy Karst said that the unusually warm and windy weather this week moved to the southwestern corner of the Hard Red Winter Wheat Growth Area in the Great Plains of the United States. It touched the winter wheat state and caused the soil to dry rapidly. Karst also said that wheat may need rainfall soon, but there is no similar weather forecast next week.

If the weather cools before the early mature wheat is fully ripe, the crop will be at risk of damage.

The Russian Ministry of Agriculture estimates that the 2012/13 wheat output will increase from 56.2 million tons in 2011/12 to 57 million tons. Exports are expected to drop from 21 million tons to 20 million tons.

The FOB price of US No. 2 soft red winter wheat delivered in May was US$270.3/ton, which was RMB1,702/tonne; the total cost after paying duty to China’s ports was approximately RMB2,372/ton, which was RMB27/ton higher than that of the previous day. The same period last year fell 646 yuan / ton.