CHICAGO- Chicago wheat and corn futures fell on Friday as news of beneficial rain in Russia and profit-taking dented wheat prices, leading to corn selling as well.
Forecasts for a smaller Russian wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country’s crop, analysts said.
“The Russian wheat story is running its course, and we’re going to have to see a new element to keep momentum going,” said Brian Splitt, co-founder of marketing and consulting firm AgMarket. “The weather can only stay bullish for so long.”
CBOT July wheat slipped 11-3/4 cents to settle at $6.81 a bushel.
For the week, the most-active corn futures contract on a continuous chart ended down 3.98 percent , the biggest percentage drop since last July, weighed down by wheat prices and as traders adjusted positions at month-end.
CBOT July corn settled down 2-1/2 cents at $4.46-1/4 per bushel.
