CHICAGO: Chicago wheat fell for a third day on Friday, retreating further from a two-month high hit earlier this week as technical selling pressured the market, traders said.
Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed.
Soybeans gained on strong export demand, amid tight supplies.
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 21-1/4 cents to $11.79-1/4 a bushel by 10:52 a.m. (1552 GMT). For the week, wheat was poised to end close to even.
CBOT corn lost 5-1/2 to $7.77-3/4 a bushel, headed toward a 0.4% weekly decline, its third consecutive week lower.
Soybeans added 11-1/2 cents to $17.02 a bushel, aiming at a 3.3% weekly gain.
Global wheat supplies continue to face weather challenges. In the United States an annual field tour of Kansas this week found the lowest yield potential in the top winter wheat state since 2018.
“Traders became very nervous up there, particularly the speculative funds,” said Arlan Suderman, chief commodities economist at StoneX. “US exports are basically priced out of the market.” Global export constraints could be easing, as India is considering allowing traders to ship out wheat sitting at ports after a sudden ban on exports prevented dealers from loading cargoes.
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