US wheat futures fell 3 percent on Friday, stepping back from a six-month high on a round of profit-taking ahead of a holiday-shortened week, traders said. The drop in wheat weighed on corn, but signs of strong export demand limited selling in the yellow grain. Soyabeans also were weak on forecasts for crop-boosting rain in South America.
Wheat's decline snapped a six-session winning streak for the benchmark Chicago Board of Trade March soft red winter wheat contract that stemmed from concerns about a slowdown in Russian exports. CBOT March soft red winter wheat was down 22 cents at $6.33-1/4 a bushel at 11:42 am CST (1742 GMT). Prices have risen 4.5 percent so far this week. The front-month wheat contract was on pace for its fourth straight weekly gain.
CBOT January soyabeans were 10 cents lower at $10.25 a bushel. The front-month contract has shed 2.1 percent this week. Commodity Weather Group forecast on Friday that showers this weekend in key soya- and corn-growing areas of Argentina should ease concerns about dryness there. Rain was expected to pick up in Brazil crop areas early next week.
CBOT March corn futures were down 2-3/4 cents at $4.08-1/4 a bushel. Prices have been stuck in a 10-cent range all week but the front-month contract was on pace to post a 3.1 percent gain this week. The US Agriculture Department on Friday morning reported that private exporters booked sales of 237,268 tonnes of corn in two separate deals. It was the second day in a row the government has announced flash sales of corn.