US Wheat Futures Retreat Amid Profit-Taking, While Soybean and Corn Prices Rise on Supply Chain Concerns
Wheat futures retreated on Thursday after a brief surge earlier in the week. The modest correction was due to profit-taking, as investors cashed out some of their gains. Despite this, wheat prices remain supported by supply chain issues and production concerns.
The Black Sea region continues to experience limited grain movement, with Russian and Ukrainian port facilities temporarily suspended due to reciprocal attacks. This has resulted in higher export sales for the United States, which saw 290,000 tonnes of wheat exported last week - a 23% increase from the previous week's sales.
Meanwhile, soybean futures benefited from gains in crude oil prices and forecasts of hot Midwestern weather. The U.S. Department of Agriculture reported 1.5 million tonnes of new crop business sold under weekly export sales, exceeding trade estimates. Additionally, 126,000 tonnes of soybeans were sold as part of flash sales to unknown destinations.
Corn futures also received a boost from concerns over Midwestern weather, with forecasts predicting excessively hot conditions in the coming week. U.S. corn export sales came in at about one million tonnes, with two-thirds destined for delivery during the 2026-27 marketing year.