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Chicago wheat slips as Black Sea supply worries persist
Wheat closed down 24.3 cents at $6.39 per bushel, though it still logged a monthly gain, Reuters data showed.
Chicago wheat fell on Friday and marked its first monthly rise in three months, but the drop came alongside ongoing concerns about grain supplies from the Black Sea linked to attacks involving Russia and Ukraine, according to Reuters.
Technical trading weighed on wheat futures, and soybeans and corn also moved lower. Wheat prices had jumped the previous session after reports that Ukrainian drones attacked the port of Taman on the Kerch Strait connecting the Black Sea and the Sea of Azov, analysts said.
Reuters reported that shipowners, insurers, and exporters may be increasingly reluctant to operate in the region, a factor that can raise freight costs and slow grain movement. Wheat ended down 24-1/4 cents at $6.39-1/4 a bushel after reaching $6.86-1/2 the prior session.
In related CBOT markets, corn eased 4-1/2 cents to $4.64 a bushel, and the most-active soybean contract fell 1-1/4 cents to $11.87-1/2 a bushel for a third straight session as a rain forecast in the U.S. Midwest near week end weighed on the soybean pod-setting phase. Traders also looked ahead to August’s U.S. Department of Agriculture supply and demand report, while the European Commission cut its usable production forecasts for 2026/27, including an 8% output drop for soft wheat and a 14% decline for grain maize versus 2025/26.
Latest closeWheat $638.00 ▼3.8%|Corn $463.75 ▲4.0%|Soybeans $1,188.25 ▲0.9%