CANBERRA- Chicago wheat futures on Thursday fell further from 10-month highs, as traders assessed whether forecast rain in parts of Russia would halt a rapid decline in harvest estimates for the world’s top exporter.
Soybean and corn futures were little changed after dipping on Wednesday following a US Department of Agriculture report showing speedy planting progress in the US Midwest.
Weighing on all three contracts was a stronger dollar, which made US farm goods more expensive for importers with other currencies. [FRX/]
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.2 percent at $6.84-1/2 a bushel.
Prices surged to $7.20 on Tuesday, the highest since July, after Russian analysts cut their harvest estimates by around 10 million metric tons due to dryness and spring frosts.
Expectations of a smaller crop in Ukraine also added to concerns about Black Sea supply.
But weather charts suggest that rain this week should reach parts of southern Russia and Ukraine, though high temperatures could reduce its benefit to crops.
