Corn Futures Plummet Amid Profit-Taking, Wheat Prices Rise on Black Sea Disruptions

Corn futures plummeted to a two-week low as profit-taking and weak long liquidation weighed on the market. December corn fell by $0.0325 to $4.68, while November soybeans dropped by $0.04 to $11.88. The USDA reported weekly U.S. corn export sales totaled 362,900 MT for 2025/2026, up 9 percent from the previous week but down 25 percent from the prior four-week average.

The market is currently showing a slight technical advantage for bulls, with resistance at $4.92 and support at $4.56. However, analysts warn that the bulls are losing steam as the daily chart price uptrend has been negated.

Meanwhile, wheat futures rose modestly due to reports of the Black Sea region being virtually closed to grain shipping, and a Ukrainian drone attack on a major grain export terminal in Russia's Taman port. The USDA reported weekly U.S. wheat export sales totaled 285,200 MT for 2026/2027, down 2 percent from the previous week but within analysts' pre-report estimates.