Grain Prices Plummet on Chicago Exchange Amid Technical Selling

Grain prices took a hit on the Chicago exchange last Friday amid technical selling. According to UkrAgroConsult, wheat, corn, and soybean futures ended lower due to month-end position closing and profit-taking.

The decline in September soft red winter wheat futures on CBOT was 3.65%, with prices falling to $234.88 per ton. Hard red winter wheat contracts in Kansas City declined by 2% to $259.96 per ton, while spring wheat futures in Minneapolis dropped by 1.4% to $253.44 per ton.

Pressure on US wheat exports was evident, with new-crop sales reaching only 33% of the USDA forecast compared to the average pace of 39%. However, global wheat supply outlook remains relatively tight, despite the European Commission's reduced forecast for the EU soft wheat crop in 2026/27 to 124.4 million tons.

Corn futures also closed lower, with September CBOT contracts falling by 1.84% to $173.52 per ton. The European Commission sharply cut its forecast for the EU corn crop by 8 million tons to 51.9 million tons, raising its import forecast to 24 million tons due to expected domestic production decline.