CHICAGO- Chicago Board of Trade wheat futures closed nearly flat on Friday but rose 7 percent for the week as concerns grew over crop losses in Russia and other exporting countries.
Corn futures also finished little changed, while soybeans rose slightly.
CBOT wheat this week reached a 10-month high as analysts reduced production estimates for Russia, the biggest wheat exporter, after crop areas suffered from dryness and frosts. High prices are expected to drive livestock producers globally to use more corn as feed, instead of wheat, analysts said.
“The rally in wheat appears to be running out of steam as we think much of the Russian crop production loss could be factored into the market,” said Terry Reilly, senior agricultural strategist for Marex.
“Global wheat demand destruction may keep any rallies in check.”
CBOT July wheat futures eased 3/4 cent to settle at $6.97-1/4 per bushel.
