SYDNEY- US wheat futures fell 1 percent on Thursday, as traders booked profits after prices hit a near six-year high in the previous session, although losses were limited on concerns about adverse weather in key producing regions.
Corn edged lower despite concerns about global production; soybeans also fell.
The most-active wheat futures on the Chicago Board of Trade were down 1 percent at $6.23 a bushel. Wheat hit a near six-year high of $6.38 a bushel on Wednesday, but ended 0.4 percent lower.
Despite edging lower, analysts said wheat remains underpinned by concerns about global production.
“Weather forecasters can see a little rain forming for dry Black Sea and US grain regions at limits of the projection horizon,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Soybean futures were down 0.1 percent at $10.70-1/2 a bushel, having firmed 0.8 percent on Wednesday. The declines came despite ongoing concern about South American production and strong demand from China.
Rains are expected in the coming week in Brazil and Argentina but may be light in some Brazilian growing belts, forecasts showed.