Chicago Board of Trade wheat futures ended Friday on a sour note, falling as traders scrambled to take profits even as global supplies showed signs of tightening, traders said. CBOT's July soft red winter wheat ended the day down 6-3/4 cents, closing at $5.20 a bushel, after three days of gains fueled by concerns about crops in several major exporting countries.
The contract was down 0.6 percent for the week, for a second straight weekly decline. K.C. hard red winter wheat closed down 6-1/4 cents, to $5.38-1/4 a bushel. Minneapolis spring wheat closed down 5-1/4 cents, to $5.92-1/4 a bushel.
Weather risks have stirred up wheat markets in recent weeks, with concern about dry weather in parts of Russia, Australia and the European Union adding to worries about drought-reduced yields in the US winter wheat harvest now underway.
Investors were awaiting a clearer picture of yields in the US winter wheat harvest, while also assessing to what extent weather losses would dent hefty global supplies. Traders say they are turning their attention towards next Tuesday's monthly crop forecasts from the US Department of Agriculture.