US Wheat Futures Pull Back Amid Port Operations Disruptions
Wheat futures took a step back on Thursday after a strong run earlier in the week, as traders booked profits. The modest correction saw wheat prices dip lower across the board.
Grain movement through the Black Sea remained limited due to suspended port operations in Russia and Ukraine, which were dealing with reciprocal attacks.
US wheat export sales of around 290,000 tonnes for the week were in line with trade estimates, marking a 23% increase from the previous week's figures.
In North Dakota, crop tour results showed an improvement in average spring wheat yields compared to last year in northern regions, while other areas reported declining yields.
Soybean futures, on the other hand, received support from gains in crude oil and forecasts of hot weather in the Midwest.
US soybean export sales included 1.5 million tonnes of new crop business, which exceeded trade estimates, along with additional flash sales of 126,000 tonnes to unknown destinations.