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Wheat falls on Turkey's import ban, advancing U.S. harvest

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Corn and soy stumble on strengthening U.S. dollar and

favorable

weather

(Updates with closing prices, adds paragraph 4)

By Heather Schlitz

CHICAGO, June 7 (Reuters) - Chicago wheat futures

fell for an eighth day on Friday for their lowest close in a

month after Turkey said it would halt wheat imports in a blow to

the global demand outlook.

Wheat prices fell 7.5% this week, their biggest weekly loss

since July 2023. Analysts also expected a strong U.S. winter

wheat crop to boost supplies of the grain and concerns over

Russian crop damage eased.

Corn and soybean futures edged lower after a strong U.S.

jobs report boosted the dollar, which makes U.S. exports less

competitive.

The most-active wheat contract on the Chicago Board of Trade

(CBOT) slipped 12 cents to settle at $6.27-1/2 a bushel,

its lowest since May 6.

Turkey will halt wheat imports from June 21 until at least

Oct. 15 to protect domestic producers, the agriculture ministry

said.

Turkey is a key destination for Black Sea wheat, notably

Russian wheat, and the absence of Turkish demand could stiffen

competition in other export markets, traders said.

"It's another knock on potential export business, and that's

not good," Mark Gold, founder of Top Third Ag Marketing, said.

Analysts in a Reuters poll published on Thursday estimated

the U.S. Department of Agriculture's June 12 crop production

report will forecast a harvest of 1.298 billion bushels of

winter wheat, above the May estimate.

"Winter wheat harvest has just kicked off, and a lot of

analysts are thinking wheat production numbers will be high,"

said Lane Akre, economist at ProFarmer.

The demand setback further shifted attention away from

weather risks in Russia, where the country has declared a

federal emergency in 10 regions because of damage to crops

resulting from frosts in May.

CBOT soybeans settled down 20-3/4 cents at $11.79-1/4

per bushel while corn settled 3-1/4 cents lower at

$4.48-3/4 per bushel.

Favorable crop conditions in the United States, where

farmers have made steady progress in planting corn and soybeans

while starting winter wheat harvesting, were also curbing

prices.