Wheat futures fall due to EU wheat production forecasts and harvest weather impacts.

Chicago wheat futures fell as the European Union, one of the world's major export markets, raised its forecast for soft wheat production. The EU Commission on Thursday increased its forecast for soft wheat production from 1.281 billion tons to 1.326 billion tons. Wheat prices fell 1.5% on Friday, after rising 1.4% in the previous trading day. AgResource Co. stated that favorable weather conditions also contributed to the price decline, as the market prepares for increased harvest in the central and western regions. At 10:02 Chicago time, wheat fell 1.5% to $5.1925 per bushel. Soybean futures rose 0.2% to $10.145, while corn fell 0.9% to $4.22 per bushel.