Wheat fell for a fifth session in Chicago, poised for this year’s longest losing streak, as predictions for drier weather in the U.S. improved prospects for the crop after rain delayed spring planting. The southern Midwest may have drier conditions later this week and early next week, forecaster DTN said in a report yesterday. The southern Plains will be hot or very hot and mostly dry, it said. The U.S. is the world’s biggest exporter of wheat, which touched the lowest price since May 22 in Chicago trading yesterday. “Warmer and drier weather being forecast for the U.S. Plains is giving far improved harvesting conditions for U.S. wheat,� Jaime Nolan-Miralles, a commodity risk manager with INTL FCStone Inc. in Dublin, said in an e-mailed report today. Wheat for delivery in July dropped 0.3 percent to $6.88 a bushel by 4:25 a.m. on the Chicago Board of Trade, set for the longest run of declines since December. Milling wheat for delivery in November traded on NYSE Liffe in Paris slid 0.4 percent to 200.75 euros ($266.73) a metric ton. Corn for delivery in December added 0.2 percent to $5.47 a bushel in Chicago. Soybeans for delivery in November rose 0.2 percent to $13.215 a bushel. U.S. farmers are planting a record soybean crop that’s poised to double domestic reserves and expand a global surplus after last year’s drought drove prices to an all-time high. The nation’s production will jump 12 percent to 91.74 million tons, according to a survey by Bloomberg News before the U.S. Department of Agriculture updates its estimate tomorrow. To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net To contact the editors responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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