CBOT wheat ends higher, following soaring corn and soy futures

CHICAGO, Jan 17 (Reuters) - Chicago Board of Trade wheat futures closed modestly higher on Friday, following as corn and soybeans surged on worries about Argentine crop weather and optimism about U.S.-China trade relations, traders said.

• CBOT March soft red winter wheat WH25 settled up 1-1/4 cents at $5.38-3/4 per bushel. For the week, the contract rose 8 cents a bushel or 1.5%.

• K.C. March hard red winter wheat KWH25 ended up 1/4 cent at $5.48-1/2 a bushel and Minneapolis March spring wheat MWEH25 rose 2 cents to settle at $5.83-1/2 a bushel.

• Sluggish global wheat exports hung over the market. The dollar's USD= strength against other major currencies, despite a setback this week from two-year highs, remains a burden on U.S. wheat as it faces competition from cheaper Black Sea and Argentine supplies.

• Euronext wheat futures edged up on Friday, led by strength in CBOT grains and soy that helped the European market recover from a six-week low linked to flagging exports.

• Traders were watching forecasts for frigid weather arriving this weekend in the U.S. Plains and Midwest that could threaten dormant winter wheat, particularly in areas that lack protective snow cover.

• U.S. markets and most government offices will be closed on Monday for the Martin Luther King Jr. holiday, which coincides with the inauguration of U.S. President-elect Donald Trump.

(Reporting by Julie Ingwersen in Chicago; Editing by Nia Williams)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))