Wheat Futures Weaken as Traders Adjust Positions Ahead of Weekend

Wheat futures weakened on Friday as traders adjusted their positions ahead of the weekend.

The market was also influenced by reports that Ukraine was exploring alternative methods to keep vessels moving through its Odesa ports, although the country's agriculture minister denied any such plans were in place.

This news weighed on wheat markets, which have already been under pressure due to lower yields. The North Dakota crop tour reported average hard red spring wheat yields of 48.0 bushels per acre, down one bushel from last year but still above the five-year average.

Soybean futures were higher despite losses in crude oil, with support coming from forecasts calling for hot and dry weather in the Midwest over the next two weeks.