Chicago wheat futures turned lower for a second straight session on Thursday, falling from 10-month highs, as traders assessed whether rain forecast in parts of Russia would halt a rapid decline in harvest estimates for the world's top exporter.
Chicago wheat futures edged down on Wednesday as investors took profits after the recent rally and questions remained about whether forecasts for rain in Russia would stem a decline in harvest prospects in the world's biggest exporter.
Chicago Board of Trade wheat futures closed nearly flat on Friday but rose seven per cent for the week as concerns grew over crop losses in Russia and other exporting countries.
Bird flu virus particles were found in tissue samples taken from one dairy cow sent to slaughter at a U.S. meat processing plant, but none were detected in samples from 95 other cattle, the U.S. Department of Agriculture (USDA) said on Friday.
Chicago Board of Trade wheat futures extended gains on Thursday after reaching a 10-month peak a day earlier, as lingering dryness and worries over the Black Sea crop continued to underpin the market.
Planting of the spring wheat in the United States continues to be off to an excellent start, according to Tom Lilja of Progressive Ag in Fargo. Meanwhile, the heavy rains that fell as of May 21 are very likely to lead to less corn being seeded with U.S. farmers switching to soybeans.
Chicago Board of Trade wheat futures climbed to a 10-month peak on Wednesday as worries grew about deteriorating harvest prospects in top exporter Russia, before the market turned lower.
Chicago Board of Trade wheat futures Wv1 reached their highest level since July on Tuesday as frost damage in top-exporter Russia and lower U.S. crop ratings supported prices, traders said.
Chicago Board of Trade wheat futures dropped on Friday after a crop tour through Kansas this week projected better-than-average yields in the top U.S. winter wheat state, analysts said.