Chicago Close: Profit Taking Undermines Wheat 

Wheat futures posted double-digit losses on Wednesday, while corn was higher and soybeans mixed. 

After rising a day earlier on a slowdown in Ukraine shipments through the Black Sea grain corridor, wheat futures were pressured by profit taking amid still ample supplies in Russia and a general lack of demand for American product. “There has not been any demand,” Scott Harms, agricultural risk specialist at Archer Financial Services told Reuters. “We just do not have a home for US wheat.” July Chicago wheat fell 16 cents to $6.06 ¼, July Kansas City lost 29 ¼ cents to $8.12 ¼, and July Minneapolis ended 21 ¾ cents lower at $7.99. 

Corn managed gains on cash market strength. Advances in new-crop December were pared by updated forecasts calling for rain in parts of the Midwest. July corn added 9 ¾ cents to $5.87 ¼, and December was up 3 ¼ cents at $5.20. 

Technical support boosted nearby soybeans, while the deferred contracts eased on demand worries. July beans gained 2 cents to $13.24 ½, and November fell 2 ¾ cents to $11.85. 

Source: DePutter Publishing Ltd.

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