Chicago wheat futures fall on profit taking
CHICAGO, May 23 (Reuters) - Chicago Board of Trade wheat futures dipped on Friday on profit-taking following rallies earlier in the week driven by adverse weather concerns, an unexpected decline in crop conditions reported by the U.S. Department of Agriculture, and an uptick in demand, according to analysts.
CBOT July soft red winter wheat WN25 settled down 2 cents at $5.42-1/2 a bushel.
K.C. July hard red winter wheat KWN25 ended down 1-1/4 cents at $5.38-3/4 a bushel.
Minneapolis July spring wheat MWEN25 settled up 6-1/4 cents at $6.06-1/2 a bushel.
Investors are assessing the impact of adverse weather on Chinese and Russian wheat crops.
The U.S. Department of Agriculture said net U.S. wheat export sales for shipment in the upcoming 2025/2026 marketing year totaled 882,200 metric tons in the week ended May 15, above trade estimates.
10% of Southern Russia's winter wheat is at risk for heat/dryness stress late next week, according to Commodity Weather Group.
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