Winter Wheat Futures Hit Multi-Week Lows Amid Profit-Taking Pressure

Winter wheat futures hit multi-week lows on Friday, driven by profit-taking pressure and weak long liquidation in the corn market. The December SRW contract fell 14.5 cents to $6.88.75, while the December HRW contract dropped 16.25 cents to $7.45.75.

The USDA reported weekly U.S. wheat export inspections totaled 310,635 metric tons during the week ended Sept. 24, down 29,320 metric tons from the previous week. Net inspections were within analysts' pre-report range of 200,000 to 400,000 metric tons.

Russia's September exports of wheat, barley, and corn are estimated at 2.65 million metric tons, up from 2.4 million metric tons in August, according to SovEcon.