Cyprus: Wheat falls, but set for third week of gains on world supply worries

Chicago wheat futures edged lower on Friday, but the market was set for a third weekly gain as tightening supplies in top exporters Russia and the United States underpinned values. Corn slid 0.8% and soybeans fell 0.4%. “There was a reduction in global wheat supply forecast, especially Russian production,” said one Singapore-based trader. “But most of the bad news of supply front has been factored into the market.” The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.6% to $7.49 a bushel by 0233 GMT. The market has added almost 10% in a three-week rally. Corn has risen 2.5% this week, while soybeans were little changed. Lower wheat supplies from Russia, the world’s biggest exporter, and the United States are still buoying prices. On Wednesday, two leading agriculture consultancies in Moscow – IKAR and Sovecon – cut their estimates of Russia’s 2021 wheat crop due to dry and hot weather. The U.S. government slashed its outlook for domestic corn production by ...