CBOT wheat futures fall on profit-taking, rain forecasts

CHICAGO, May 5 (Reuters) - Chicago Board of Trade wheat futures turned lower on Tuesday on profit-taking, with rains forecasted for the parched U.S. Plains also depressing prices.

• Forecasts of rain in some U.S. wheat zones this week have curbed wheat prices, though the precipitation may come too late for areas where drought has done irreversible damage, traders said.

• The U.S. Department of Agriculture's weekly crop progress report said 31% of the nation's winter wheat crop was in good to excellent condition, up from 30% last week but still the lowest for this time of the year since 2023.

• The USDA said the U.S. spring wheat crop was 32% planted, lagging behind the five-year average of 35%. US/WHE

• Chicago wheat rose to its highest price in nearly two years last week amid concerns over weather damage to U.S. crops.

• CBOT July wheat WN26 settled 13-1/4 cents lower at $6.27-3/4 per bushel.

• K.C. July wheat KWN26 settled 4-1/2 cents lower at $6.90 per bushel.

• Minneapolis July spring wheat MWEN26 settled 3 cents lower at $6.96 per bushel.