Wheat extends losses

Singapore: Chicago wheat ticked up on Friday but was poised for a second week of decline, weighed down by abundant global supplies and improved weather in some key northern hemisphere suppliers.

Corn was little changed after dropping for the last two sessions, while soybean prices gained ground. The Chicago Board of Trade most-active wheat contract has given up 3.7 percent in two weeks, its biggest 2-week fall since mid-December.

Corn is down 1 percent this week, after closing higher for the last two weeks, while soybeans are set to finish the week up 0.6 percent, having dropped 3 percent last week. Favourable weather ahead of spring grain sowing in Black Sea producers Russia and Ukraine is bolstering the chances of another large harvest due to good levels of soil moisture, analysts and industry officials said.