CBOT wheat futures fall on profit-taking, forecasts for rainfall

CHICAGO, April 30 (Reuters) - Chicago Board of Trade wheat futures turned lower on Thursday on a spate of profit-taking and technical trading, after they hit their highest point in nearly two years on a continuous chart during the previous session, traders said.

• But the market continues to be underpinned by worries about drought threatening yield prospects in the southern U.S. Plains wheat belt.

• Forecasts for improving weather and rainfall 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, market analysts said.

• CBOT July wheat WN26 settled 16-1/4 cents lower at $6.36-3/4 per bushel.

• K.C. July wheat KWN26 ended down 11-1/4 cents at $6.93-1/2 per bushel.

• Minneapolis July spring wheat MWEN26 settled 9-3/4 cents lower at $7.05-3/4 per bushel.

• The U.S. Department of Agriculture reported net export sales of old-crop U.S. wheat in the week ended April 23 at 226,100 metric tons and new-crop sales of 156,700 tons, both in line with trade expectations.

• The European Commission on Thursday cut its export forecasts for common wheat, or soft wheat, from the European Union for this season and next, with exports in 2025/26 now seen at 27 million metric tons this season, from 28 million tons projected last month. For 2026/27, the Commission pegged soft wheat exports at 29.65 million tons, a touch below the 30 million tons forecast in its initial outlook a month ago.