Wheat futures closed lower Monday, as traders took profits following last week’s surge and reacted to reports that Turkey is seeking to establish a new grain corridor in the Black Sea. Corn and soybeans were little changed.
Wheat had rallied to multi-year highs late last week as renewed Russian and Ukrainian attacks on port infrastructure raised concerns about grain exports from the region. However, Turkey is reportedly pushing for a new Black Sea shipping corridor to help restore the flow of grains, which have been limited. December Chicago fell a dime to $7.74, and December Kansas City lost 6 ¼ cents to $8.38. December Hard Red Spring dropped 22 ½ cents to $7.73 ½, and December Minneapolis was down 6 ¼ cents at $7.63.
Corn futures managed modest gains as the market consolidated near three-year highs. Recent declines in U.S. crop condition ratings, concerns about late-season heat and strong speculative buying have continued to provide underlying support. December inched up 1 ¼ cents to $5.37 ¾, and March was a penny higher at $5.52 ¼.
Soybeans also pushed slightly higher, helped by continued export demand and optimism surrounding Chinese buying. The USDA announced Monday morning that unknown destinations purchased 159,000 tonnes of U.S. soybeans for delivery during the 2026-27 marketing year. November was steady at $12.88, while March gained 2 ½ cents to $13.09.
