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Chicago wheat slips after technical selloff but posts monthly gain
Wheat fell 24.3 cents to $6.39-1/4 a bushel, with broader grain weakness also tied to Black Sea shipping risks and freight uncertainty.
Chicago wheat prices fell on Friday due to technical trading, but the contract still posted its first monthly gain in three months as market participants weighed rising concerns about Black Sea grain supplies amid attacks involving both Russia and Ukraine, according to Reuters via LiveMint Markets.
Analysts cited the impact of reported drone attacks on the port of Taman in Russia, which increased worries that shipowners, insurers, and exporters may become more reluctant to operate in the region, potentially raising freight costs and slowing grain movement.
Wheat ended down 24-1/4 cents at $6.39-1/4 a bushel, after jumping to $6.86-1/2 in the prior session. Soybeans and corn also declined, with soybeans down 1-1/4 cents to $11.87-1/2 a bushel for a third straight session as U.S. Midwest rain forecasts weighed near the pod-setting phase, and corn easing 4-1/2 cents to $4.64 a bushel.
In the background, traders were looking ahead to August updates from the U.S. Department of Agriculture supply and demand report, while the European Commission cut its forecast for usable production of most grains and oilseeds in the EU for 2026/27, including an 8% output drop for soft wheat and a 14% production drop for grain maize versus 2025/26.
Latest closeWheat $638.00 ▼3.8%|Corn $463.75 ▲4.0%|Soybeans $1,188.25 ▲0.9%