US wheat futures fell on Friday as traders locked in profits from a surprise rally earlier in the week. Bearish fundamentals caused traders to exit long positions ahead of the weekend amid large supplies and light global demand, traders said. The benchmark Chicago Board of Trade September soft red winter wheat futures contract shed 2.9 percent, or 15-1/2 cents, to close at $5.16-1/4 a bushel on Friday.
Funds sold 3,000 lots. Managed funds trimmed their net short position in CBOT wheat in the week ended July 21 - CFTC. Kansas City Board of Trade September hard red winter wheat fell 12-1/2 cents to $5.49 a bushel, a 2.2 percent drop. Good growing weather in the northern Plains pressured spring wheat futures.
Minneapolis Grain Exchange spring wheat for September delivery dropped 8-1/2 cents to $5.91-1/2 a bushel, its lowest close since December 15. Satisfactory weather for harvesting the US winter wheat crop and favourable weather for crop development in key spring wheat state of North Dakota. Rain is needed in Montana's spring wheat areas. Dry weather a concern for wheat in west Kazakh to the south Urals. USDA will end field surveys of durum, spring wheat.
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