As reported by ESMagazine, the price of wheat on the Chicago Board of Trade rebounded, rising by over 1% and gaining after three sessions of declines, as concerns about global supply supported the market, which reached a 10-month high last week.

Problems in the Black Sea

In contrast, soybeans fell to a one-month low, burdened by the progress of planting in the U.S. and ample supplies from South America.

"The weather issue in the Black Sea is driving wheat prices up," said a trader from Singapore.

"A decrease in wheat production in Russia can make a big difference to global supply and the availability of wheat commodities at competitive prices."

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 1.2% to $6.86-3/4 per bushel as of 0321 GMT. The contract hit its highest level since the end of July, at $7.20 per bushel, on Tuesday, but fell towards the end of the week.

Soybeans Sv1 fell 0.9% to $11.94-1/4 per bushel, sliding to $11.94 earlier in the session, the weakest since May 2. Corn Cv1 fell 0.1% to $4.46 per bushel.

Russian Wheat Crop

Forecasts for a smaller wheat crop from Russia due to persistent drought and frost pushed prices last week to a 10-month high. However, prices eased at the end of the week on expectations of much-needed rains.

The condition of French soft wheat continued to deteriorate last week, as wet weather persisted in the growing areas, with the proportion of the crop in good or excellent condition falling to the lowest level of this growing season and remaining at the lowest level in the last four years.

Rainfall is likely to be below normal in the western part of Argentina's agricultural heartland over the next three months, the country's National Weather Service said on Friday, forecasting normal to below-normal precipitation for the rest of the Pampas region.

However, rains in the arid areas of western and southern Australia and more expected in the coming days could add up to one million tonnes to the country's wheat crop, analysts said this week.

Steady Progress

U.S. farmers have made steady progress, planting corn and soybeans between showers, and rain could help early crop growth this year.

U.S. soybean crushing likely fell in April to a seven-month low of 5.265 million short tons, or 175.5 million bushels, according to analysts polled by Reuters ahead of a monthly report from the U.S. Department of Agriculture, due on Monday.

Large speculators increased their net short position in CBOT corn futures contracts in the week to May 28, regulatory data released on Friday showed.