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Chicago wheat declines on profit-taking as Black Sea headlines shift
The most-active wheat contract settled 18.3 cents lower at $7.28-3/4 per bushel as traders weighed Ukraine and Russia comments against upcoming U.S. crop forecasts.
Chicago wheat futures fell on Wednesday as traders took profits while assessing whether diplomacy could ease disruption to Black Sea exports tied to the Russia Ukraine war. The market also looked ahead to U.S. Department of Agriculture forecasts due Friday for signals on how summer weather affected Midwest crops, according to LiveMint Markets.
The most-traded wheat contract on the Chicago Board of Trade settled 18-1/4 cents lower at $7.28-3/4 per bushel, after earlier gains tied to a reported Ukrainian strike on the Russian port of Novorossiysk. LiveMint Markets noted that Ukraine struck targets including a naval base and a terminal for loading oil, and traders cited unconfirmed talk that grain infrastructure at the port may have been damaged.
Corn and soybeans also eased. CBOT corn dropped 5-3/4 cents to $5.27-3/4 per bushel, while soybeans ticked down 6-3/4 cents to $13.09-1/2 per bushel, after both had reached about three-year highs last week on concerns about U.S. yields and ongoing Black Sea disruptions.
Attention now turns to USDA data, including Tuesday’s estimate that 56% of the corn crop was in good to excellent condition, down 1 point from the prior week, and that soybeans were steady at 58% good to excellent. LiveMint Markets also pointed to Chinese purchases, including exporters selling 340,000 metric tons of soybeans to China for 2026/2027 delivery, plus 100,000 tons to unknown destinations, alongside support from higher oil prices, with Brent futures surpassing $100 a barrel.
Latest closeBrent $102.05 ▲4.2%|Wheat $728.75 ▼0.2%|Corn $528.25 ▲3.4%