Forecasts for a smaller Russian wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country's crop, analysts said.

Chicago wheat futures turned lower for a second straight session on Thursday, falling from 10-month highs, as traders assessed whether rain forecast in parts of Russia would halt a rapid decline in harvest estimates for the world's top exporter.

Chicago wheat futures edged down on Wednesday as investors took profits after the recent rally and questions remained about whether forecasts for rain in Russia would stem a decline in harvest prospects in the world's biggest exporter.