Wheat futures in Chicago rose on Friday, approaching a nine-year peak earlier this week and posting a second consecutive week of gains as declining global supplies supported the market.

Writes about this edition MarketScreener with reference to Reuters.

Soybeans were up and ready to rise for the second week in a row, according to the report.

“Prices in Europe and the Black Sea region have reportedly increased and in some cases reached high season levels. The action continues to indicate consolidation at higher price levels that have settled over the past week or so, "commented Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

It notes that the most active wheat contract on the Chicago Board of Trade (CBOT) rose 0.4% to $ 8.34-1 / 4 a bushel by 0341 GMT. On Wednesday, prices peaked since December 2012. In addition, soybeans gained 2.5% this week, while corn lost 0.5%.

IGC on Thursday lowered its forecast for global wheat production for 2021/22 MY, in part due to worsening crop prospects in Iran. In its monthly update, the intergovernmental body has lowered the forecast for the world wheat harvest for 2021/22 MY by 4 million tons to 777 million tons.

"Heavy rains threaten Australia's crops, flooding disrupted export routes in Canada, and dry conditions raise early doubts about production in the US and the Black Sea region," the report said.

Consulting company Strategie Grains sharply reduced the forecast for wheat demand in the European Union in 2021/22 MY, as high prices, according to experts, undermine exports and force industrial processors to switch to corn.

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