Chicago wheat weakens

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CHICAGO – Chicago wheat futures eased on Friday on profit-taking and dollar strength, according to analysts, while soybeans gained in technical rebound from three days of declines.

Corn followed wheat lower.

The most-active wheat contract on the Chicago Board of Trade (CBOT) settled down 4-3/4 cents at $5.64-3/4 per bushel, but rose about 2 percent for the week.

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Soybean futures closed up 5-3/4 to $9.83-1/2 a bushel, moving up about 1. percent for the week, while corn settled down 1-1/4 cents at $4.25-1/2 per bushel, rising about 0.40 percent for the week.

Wheat futures jumped on Thursday, setting up actively traded nearby contracts for weekly gains of about 2 percent on concerns about Black Sea region supplies.

Russia launched a hypersonic intermediate-range ballistic missile at the Ukrainian city of Dnipro in response to the US and the UK allowing Kyiv to strike Russian territory with advanced Western weapons and warned that more could follow. The strike gave traders an excuse to cover short positions, said Austin Schroder, a commodity analyst at Brugler Marketing and Management. But prices retreated as the dollar gained on Friday as strength in the dollar makes US exports more expensive to holders of other currencies. 

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