CHICAGO- Chicago Board of Trade wheat futures dropped on Friday after a crop tour through Kansas this week projected better-than-average yields in the top US winter wheat state, analysts said.
Corn also ended lower on improving US weather forecasts, while soybeans extended gains as forecasts for more rain in southern Brazil fueled concern about crop losses to floods.
The July wheat contract on the CBOT settled down 12 cents at $6.51-1/4 a bushel. The most-active contract ended down about 1.9 percent for the week as the market backpedaled after hitting a 10-month high on Wednesday on worries about poor crop weather in Russia, the world’s biggest wheat exporter.
The Wheat Quality Council’s annual crop tour concluded on Thursday and estimated Kansas wheat’s yield potential at 46.5 bushels per acre (bpa) after scouting 449 fields over three days. The figure was the highest since 2021 and above the five-year tour average of 42.4 bpa from 2018-2023.
