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CBOT wheat futures slip on profit taking after earlier jump on weather concerns

CHICAGO, May 17 (Reuters) - An early rally in Chicago Board of Trade wheat futures on Friday sparked a wave of profit-taking late in the trading session, but they ended the week on a strong positive note due to bullish news on weather-related concerns and spillover strength from corn, traders said. * Traders said wheat market also reacting to worries that excess moisture could hamper sowing of spring wheat in the northern Great Plains, as well as potentially cause disease problems for the final growth stages of winter wheat. * CBOT July soft red winter wheat settled down 2 cents at $4.65 per bushel, after hitting a high of $4.73-1/4 during the day, the highest price seen since March 4. * The CBOT July contract ended the week up 9.47%, breaking a five-week-straight weekly decline. * K.C. July hard red winter wheat on Friday settled up 3-1/2 cents at $4.20-1/4 a bushel, while MGEX July spring wheat ended the day up 1 cent to $5.27-3/4. * U.S. corn futures extended their rally on Friday, jumping to a four-month high, as forecasts of heavy rain sweeping a wide path across the U.S. Midwest next week fueled concerns about worsening planting delays. * Showers over the next 10 days are threatening to further slow planting from the Dakotas to Illinois, regions that have endured torrential rain this spring, the Commodity Weather Group said on Friday in a note to clients. * Traders said they will be closely watching the U.S. Department of Agriculture's next crop progress update on Monday to see whether farmers made much headway during relatively drier conditions earlier this week. * The United States and Canada on Friday announced a deal to remove tariffs on Canadian steel and aluminum in exchange for new curbs to keep dumped metals from China and other countries out of the United States, paving the way for a similar pact with Mexico. Last Net Pct Low High Volume chng chng WHEAT SRW JUL9 465.00 -2.00 -0.9 462.50 473.25 71721 WHEAT SRW SEP9 471.25 -2.25 -1.0 469.00 479.25 22776 WHEAT HRW JUL9 420.25 3.50 0.2 415.50 425.50 27488 WHEAT HRW SEP9 431.00 3.25 0.1 426.25 436.25 13280 SPG WHT JUL9 527.75 1.00 0.2 525.75 543.75 3137 SPG WHT SEP9 536.75 1.00 0.2 534.75 553.00 2448 (Reporting by P.J. Huffstutter Editing by James Dalgleish)

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