CBOT September Wheat Futures Fall 3.8% as Traders Lock In Month-End Profits
Chicago Board of Trade September-delivery wheat futures fell 3.8% Friday to $6.38 per bushel, as traders chose to lock in profits on the last trading day of the month rather than trade on the continuing war between Ukraine and Russia. December-delivery corn futures fell 1% to $4.63 3/4 per bushel. November-delivery soybean futures were little changed at $11.88 1/4 per bushel. Wheat led losses across the grain complex Friday in what was seen as month-end profit-taking by grain traders. Wheat futures had surged earlier in the week as the conflict between Russia and Ukraine continued to escalate. Shipping through the Kerch Strait was disrupted, preventing wheat cargoes from leaving the Sea of Azov. Rain is moving across the Midwest into the eastern Corn Belt, according to the U.S. Department of Agriculture's latest daily forecast. Temperatures are hot across the Great Plains, but rainfall is easing heat stress on crops. That, along with month-end technical selling, put additional pressure on the grain complex. “In a bull market, we need to give the longs fresh news every day, or there is a risk of a correction. In my view, there is still a lot of volatility ahead,” Corey Bratland of AgMarket.net said in a report. Jim Wiesemeyer of Ag Bull said in a report that the decline in futures prices, despite the continuing conflict between Ukraine and Russia, could indicate that traders are reassessing the risks to Black Sea grain supplies. “The selloff does not mean the bullish thesis was wrong,” Wiesemeyer said. “It means traders are no longer willing to pay for it in advance.” He added that wheat prices could surge again if evidence emerges showing how much wheat is being held up inside Russia. Compared with soybean meal or soybean oil, the actively traded soybean contract appeared more resilient and was not significantly affected by the broader decline in agricultural commodities. “It feels like the month-end liquidation is over,” Charlie Sernatinger of Marex said in a midday report. Corn and wheat led the day's month-end pressure. The USDA announced a new flash sale of 252,000 metric tons of soybeans Friday morning for delivery to an unknown destination during the 2026-27 marketing year. A sales announcement for China had been issued Thursday. “Unknown destination” is a commonly used alternative designation for Chinese buyers, although it is not necessarily used only by Chinese buyers.
December-delivery corn futures fell 1% to $4.63 3/4 per bushel. November-delivery soybean futures were little changed at $11.88 1/4 per bushel.
Wheat led losses across the grain complex Friday in what was seen as month-end profit-taking by grain traders. Wheat futures had surged earlier in the week as the conflict between Russia and Ukraine continued to escalate. Shipping through the Kerch Strait was disrupted, preventing wheat cargoes from leaving the Sea of Azov.
Rain is moving across the Midwest into the eastern Corn Belt, according to the U.S. Department of Agriculture's latest daily forecast. Temperatures are hot across the Great Plains, but rainfall is easing heat stress on crops. That, along with month-end technical selling, put additional pressure on the grain complex.
“In a bull market, we need to give the longs fresh news every day, or there is a risk of a correction. In my view, there is still a lot of volatility ahead,” Corey Bratland of AgMarket.net said in a report.
Jim Wiesemeyer of Ag Bull said in a report that the decline in futures prices, despite the continuing conflict between Ukraine and Russia, could indicate that traders are reassessing the risks to Black Sea grain supplies.
“The selloff does not mean the bullish thesis was wrong,” Wiesemeyer said. “It means traders are no longer willing to pay for it in advance.” He added that wheat prices could surge again if evidence emerges showing how much wheat is being held up inside Russia.
Compared with soybean meal or soybean oil, the actively traded soybean contract appeared more resilient and was not significantly affected by the broader decline in agricultural commodities.
“It feels like the month-end liquidation is over,” Charlie Sernatinger of Marex said in a midday report.
Corn and wheat led the day's month-end pressure.
The USDA announced a new flash sale of 252,000 metric tons of soybeans Friday morning for delivery to an unknown destination during the 2026-27 marketing year. A sales announcement for China had been issued Thursday. “Unknown destination” is a commonly used alternative designation for Chinese buyers, although it is not necessarily used only by Chinese buyers.