PARIS/SYDNEY: Chicago wheat rose on Friday, buoyed by poor yields shown during a tour of weather-hit US spring wheat belts, but prices still headed for a third straight weekly loss as US crop troubles were set against ample global supplies.
Corn and soybeans were little changed as investors assessed whether showers in parts of the US Midwest would alleviate recent dryness for developing crops.
The most active wheat futures on the Chicago Board Of Trade were up 0.9 percent at $4.84 a bushel at the end of the overnight session.
Spring wheat yield prospects in central and northwest North Dakota are down significantly from a year ago following hot and dry conditions during the growing season, scouts on an annual US crop tour said on Wednesday.
The findings of the tour have helped wheat prices find a footing after falling this week to their lowest since late June, but signs of large harvests in other major exporters like Russia have served as a reminder of ample global supplies.
"Dry conditions in spring wheat areas will provoke a significant drop in harvest potential in the US," consultancy Agritel said, adding, however: "The competition between all players of the Black Sea (region) should be fierce considering the size of the volumes collected."
The most active soybean futures slipped 0.1 percent to $10.06-3/4 a bushel, while most active corn futures were unchanged at $3.87-3/4 a bushel.
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