SINGAPORE/PARIS: Chicago wheat futures slid 1% on Friday but the market was on track for a weekly gain with tightening world supplies supporting prices.

Soybeans and corn were also set to end the week about 1% lower, extending weekly losses.

“The Northern Hemisphere weather is a concern for the winter crops,” said Phin Ziebell, agribusiness economist at National Australia Bank. “India has been supplying wheat but it is too hot and dry which could curb exports.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) has climbed more than 3.5% this week. The market was trading down 1% at $10.95-1/4 a bushel as of 1110 GMT.

Soybeans and corn have lost almost 3% this week.

Wheat prices have been underpinned by hot and dry weather across India that is likely to diminish that nation’s export potential, while similar conditions erode US winter wheat crops and concern rises for European crops.

India, one of the world’s largest producers of wheat, had recently stepped up export sales to fill the supply gap left by the war in Ukraine, but this week reduced its wheat output forecast by 6.3 million tonnes as spiking temperatures in mid-March cut crop yields.


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