CBOT wheat futures fall for third session as momentum shifts lower

CHICAGO, May 20 (Reuters) - U.S. wheat futures lost for a third consecutive session on Friday, pressured by speculative selling and profit taking after highs reached earlier in the week, traders said, while dry conditions across the U.S. plains region underpin prices. * Benchmark Chicago Board of Trade July soft red winter wheat settled down 31-3/4 cents at $11.68-3/4 a bushel. * For the week, the CBOT's most active wheat contract lost 8-3/4 cents, a 0.74% weekly decline. * K.C. July hard red winter wheat lost 42-1/2 cents to $12.52-3/4 a bushel, while MGEX July spring wheat fell 51-1/2 cents to $12.79 a bushel. * Growing conditions for wheat and barley crops in France fell sharply for a second straight week, data from farm office FranceAgriMer showed, as a hot spell exacerbated drought in the European Union's biggest grain producer. (Reporting by Christopher Walljasper; Editing by David Gregorio)

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