CBOT wheat falls back after nearing two-year high

CHICAGO, April 29 (Reuters) - Chicago Board of Trade wheat futures hit their highest point in nearly two years on a continuous chart before retreating on Wednesday, supported by fund buying and dry weather in the U.S. Plains, traders said.

• Rainy weather in the U.S. Plains wheat belt could alleviate some of the drought stress on crops, but some areas may have already experienced yield loss. Upcoming rain is forecast to miss other dry areas.

• Strength in wheat futures has also attracted buying from speculators and managed money.

• European wheat futures rose to a one-month high on Wednesday, supported by dry weather in the U.S. wheat belt and soaring oil prices linked to the Strait of Hormuz standoff.

• CBOT July wheat WN26 settled 4-3/4 cents lower to $6.53 per bushel. Back-month wheat contracts set lifetime highs.

• K.C. July wheat KWN26 settled 2-1/2 cents higher at $7.04-3/4 per bushel.

• Minneapolis July spring wheat MWEN26 settled 2-1/4 cents higher to $7.15-1/2 per bushel.