Corn and soybean futures ended lower on Thursday as traders took profits following sharp gains a day earlier, while a stronger U.S. dollar and declining crude oil prices added pressure. Wheat ended mainly lower.
Corn gave back part of Wednesday’s advance, which was driven largely by spillover support from a surge in wheat prices. The grain markets had rallied after escalating Russian and Ukrainian attacks against each other raised concerns about Black Sea export disruptions. September fell 6 cents to $4.41 ½, and December lost 5 ½ cents to $4.64.
Soybean futures followed corn lower, pressured by profit taking and weakness in outside markets. Lower crude oil reduced support for soybean oil and other vegetable oils. The stronger dollar provided an additional headwind for U.S. soybean export competitiveness. August beans lost 7 ¼ cents to $11.95, and November was down 6 ¾ cents at $11.95.
Wheat futures saw pressure from the stronger greenback and crude losses, although the situation in the Black Sea region offered support. September Chicago wheat slipped 2 ¾ cents to $6.74 ¾, and September Kansas City fell 3 ½ cents to $7.16 ½. September Hard Red Spring lost 3 ¾ cents to $6.88 ¼, and September Minneapolis managed a 2-cent gain to $6.85 ¼.
