By Karl Plume
CHICAGO (Reuters) – U.S. wheat futures fell on Friday in a setback to profit taking after hitting their highest level since mid-2008, as investors returned to equities and traders weighed potential supply disruptions from the invasion. from Ukraine to Russia.
Corn retreated from Thursday’s eight-month high, while soybeans dropped from a nine-and-a-half-year high in the previous session, as traders liquidated long positions ahead of the weekend.
The market continued to assess the consequences on the supply of grains and oilseeds in the face of the conflict between two of the largest exporters in the world.
Russia and Ukraine account for 29% of global wheat exports, 19% of corn exports and 80% of sunflower oil exports.
On the Chicago Board of Trade, soft red winter wheat for May fell to $8.5975 a bushel, below the expanded daily trading limit of 75 cents, after hitting a 13.5-year high for a more active contract.
May corn fell 34.50 cents to $6.5575 a bushel but was up 0.5% for the week.
May soybeans fell 69.50 cents to $15.8450 a bushel and fell 1.2% on the week for the first weekly drop in six weeks.
(Additional reporting by Gus Trompiz in Paris, Enrico Dela Cruz in Manila and Emily Chow in Beijing)
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