Commodities
CBOT Wheat Futures Tumble as Traders Take Profits
The CBOT wheat futures market is expected to open lower on Monday after setting a two-year high on Friday. Traders are taking profits, causing prices to decline by 3-5 cents per bushel for September soft red winter wheat.
CBOT September soft red winter wheat was last down 3 cents at $6.75 per bushel, while Kansas City September hard red winter wheat was down 4 cents at $7.41-1/4 per bushel. Minneapolis September spring wheat was down 5 cents at $7.09-1/4 per bushel.
The decline in CBOT wheat futures is attributed to concerns about global grain supplies, which remain elevated due to the ongoing conflict between Russia and Ukraine in the Black Sea and Sea of Azov regions.