CHICAGO- Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high hit earlier this week as technical selling pressured the market, traders said.
Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed.
Soybeans gained on strong export demand, amid tight supplies.
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.
CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.
Soybeans Sv1 firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.
Global wheat supplies continue to face weather challenges. In the United States, an annual field tour of Kansas this week found the lowest yield potential in the top winter wheat state since 2018.
“Traders became very nervous up there, particularly the speculative funds,” said ArlanSuderman, chief commodities economist at StoneX. “US exports are basically priced out of the market.”
