Grains See Mixed Results as Wheat Retreats from Recent Surge

Grain futures showed mixed results on Monday, with corn holding onto modest gains while wheat retreated from its recent surge.

December corn rose by a penny and a quarter to $5.37¾, reaching a new contract high of $5.42 overnight. However, it backed away from those highs during the session but continued to hold above the $5.30 level.

Soybeans remained essentially unchanged, with November beans settling at $12.88 after reaching another contract high and roughly a two-and-a-half-year high during the session.

The wheat market saw the biggest correction, with December Chicago wheat dropping 10 cents to $7.74 and December Kansas City wheat losing 6¼ cents to $8.38. The weakness was largely due to profit-taking following last week's huge advance and reports of efforts to establish a new Black Sea grain corridor.