Wheat slips, trimming big weekly gain

CHICAGO Aug 10 (Reuters): US wheat futures fell for a second session on Friday on profit-taking after running up nearly 4 per cent this week partly on fears of disrupted grain flows from the Black Sea region.

New-crop corn and soybeans both fell but were set for weekly gains after spillover support from wheat helped offset expectations of record U.S. crops.

"I think wheat is due for a little end of the week profit-taking because of the good technical week we had, (and)  because it's not being fed by bullish news," said Mike Zuzolo, president of Global Commodity Analytics.

Worries by wheat investors this week about escalating tensions between Russia and Ukraine, plus concern about poor quality in the western European harvest, sparked short-covering in Chicago after the price hit a four-year low last month.

A lack of actual disruption in wheat shipments from the Black Sea region, however, weighed on wheat. Chicago Board of Trade September wheat futures lost 1.6 per cent or 8-3/4 cents to fetch $5.52-3/4 a bushel by 9:19 a.m. CDT (1419 GMT), after falling 1.1 per cent on Thursday in its first drop in seven sessions.