Commodities
Home›Commodities›Agriculture›Corn, soybeans, and wheat slide as profit taking hits…
Corn, soybeans, and wheat slide as profit taking hits grain futures
December corn fell to a two week low while soybeans dropped to a three week low, with weather forecasts in the drier western Corn Belt weighing on prices.
Grain futures fell to start August as heavy profit taking and weaker speculative positioning pressured major contracts, according to Yahoo Finance. December corn slid 4.5 cents to $4.64 and touched a two week low, while December corn posted a weekly loss of 23.25 cents.
Soybeans also declined, with November soybeans down 1.25 cents to $11.87 1/2, hitting a three week low and ending the week down 66 cents. Wheat weakened across contracts, with September soft red winter wheat down 24.25 cents to $6.39 1/4, and September hard red winter wheat down 23.25 cents to $7.07 1/2, both hitting near multi week lows.
The pullback is being tied to bearish changes in weather forecasts for the drier western Corn Belt, which traders expect could limit upside in corn and soybeans. Yahoo Finance also pointed to the idea that soybeans may need a weather related market scare in August to revive bullish interest, with any increase in China demand for U.S. soybeans seen as a potential support.
In addition, the USDA reported daily sales of 252,000 MT of U.S. soybeans to unknown destinations for the 2026-27 marketing year, and Reuters cited traders saying Sinograin sold about half of 504,000 MT of imported soybeans at an auction. Separately, traders are watching the scheduled September meeting between President Donald Trump and Chinese leader Xi Jinping, which could influence demand expectations for U.S. grain.
Latest closeWheat $638.00 ▼2.0%|Corn $465.25 ▲3.6%|Soybeans $1,177.25 ▲0.7%