Chicago wheat fell for a third straight session on Tuesday, as rain in growing areas of the U.S. Plains improved moisture for the crop, reinforcing expectations of a well-supplied market, according to analysts.
The European Commission urged the U.S. on Friday to bring respect, not threats, to trade talks after President Donald Trump pushed for a 50 per cent tariff on EU goods.
Chicago corn and soy futures eased on Friday ahead of a long weekend in the U.S., after President Donald Trump posted on social media that he recommended a 50 per cent tariff on goods from the European Union.
Chicago wheat futures fell on Thursday as a short-covering rally earlier this week that took prices to a one-month peak petered out, with traders seeing limited threats to Northern Hemisphere crops despite adverse weather concerns.
Chicago wheat futures extended gains on Wednesday, at one point rising to a one-month high, amid support by a weaker dollar and short-covering encouraged by production concerns, market analysts said.
Chicago Board of Trade wheat futures surged to a two-week high on Tuesday, as a weaker dollar and an unexpected decline in U.S. crop ratings encouraged more short-covering after prices hit a five-year low last week.
China's soybean imports from Brazil fell 22.2 per cent in April from a year earlier, data showed on Tuesday, as harvest delays, logistics issues and prolonged customs clearance disrupted shipments.
Chicago Board of Trade soybean futures set a nearly 10-month high on Wednesday as the truce in the U.S.-China tariff dispute and a proposal to extend a U.S. biofuel tax credit boosted hopes for demand.
U.S. soybean exports may drop 20 per cent and prices will plunge if the United States and China fail to resolve their trade dispute limiting U.S. soybeans from their largest market, agribusiness consultancy AgResource said on Wednesday.