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333444

U.S. wheat futures rally on technical buying, Ukraine export concern

CHICAGO, Sept 9 (Reuters) - U.S. wheat futures rallied on Friday in a technical and speculative-buying bounce from a sharp drop in the prior session as the U.S. dollar eased, equities gained and the market assessed Russian criticism of a Ukrainian grain export deal. * Grain traders also took positions ahead of a monthly U.S. Department of Agriculture crop supply-and-demand report due on Monday. * The benchmark Chicago Board of Trade December soft red winter wheat contract jumped 40-1/2 cents to settle at $8.69-1/2 a bushel after coming within a penny of a two-month high posted on Wednesday. * CBOT December wheat gained 7.2% in the week, the contract's third straight weekly advance. * K.C. December hard red winter wheat futures rose 36-1/4 cents to $9.29-1/4 a bushel and MGEX December spring wheat was up 29-1/4 cents at $9.27-1/2 a bushel. * President Vladimir Putin and his Turkish counterpart Tayyip Erdogan plan to discuss the implementation of a deal on Ukrainian grain exports, which both have criticized, when they meet in Uzbekistan next week, the Kremlin said. * Frosts recorded in the last two weeks in Argentina have caused some damage to the South American country's 2022/23 wheat crop, the Buenos Aires grains exchange said. (Reporting by Karl Plume; Editing by Leslie Adler)

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