Wheat futures ease

PARIS/CANBERRA, May 29 (Reuters): Chicago wheat futures edged down on Wednesday, consolidating below a 10-month high as investors waited to see if forecast rain could stem a decline in harvest prospects in the biggest exporter Russia.

Soybean futures edged down while corn was near flat as US planting progress capped prices.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.5 per cent at $6.97 a bushel by 1106 GMT, as it hovered around the psychological $7 threshold.

The contract had jumped over 3 per cent on Tuesday to $7.20, its highest since July 2023, before paring gains to close slightly higher.

Analysts have cut Russian wheat harvest estimates by around 10 million metric tons this month due to persistent dryness plus bitter spring frosts, unsettling a market that has become used to massive Russian crops and exports.