Wheat Falls on Technical Trading Amid Black Sea Concerns
US wheat prices fell on Friday due to technical trading, according to Brian Splitt, partner at AgMarket.net. The decline came despite concerns over Black Sea supplies following attacks by Russia and Ukraine.
The attacks have raised fears that shipowners, insurers, and exporters may be increasingly reluctant to operate in the region, leading to higher freight costs and slower grain movement.
The end of the month is also contributing to liquidation, Splitt noted. Wheat prices surged on Thursday after reports that Ukrainian drones had attacked the port of Taman in Russia, but reversed course on Friday.
The Chicago wheat contract fell 24-1/4 cents to $6.39-1/4 a bushel, while corn eased 4-1/2 cents to $4.64 a bushel. Soybeans were down 1-1/4 cents at $11.87-1/2 a bushel due to rain forecast in the US Midwest.
Market players are looking forward to August's USDA supply and demand report, which will provide updates on new crop yields. The European Commission has also cut its forecast for usable production of most grain and oilseeds in the EU in 2026/27, including an 8% output drop for soft wheat.