Wheat futures were strongly lower on Monday, undermined by easing fears about Black Sea supplies. Corn and soybeans posted modest declines.
The wheat market was supported last week by reports of a Russian missile strike on a civilian grain vessel in neutral waters in the Black Sea – the first such incident since Russia launched its invasion of Ukraine in February 2022. However, the damaged vessel continued sailing, and shipments from the Black Sea region have remained resilient overall. Profit taking and farmer selling added to the downside. December Chicago lost 16 ¼ cents to $5.78 ½, December Kansas City fell 19 ½ cents to $5.80 ½, and December Minneapolis closed 15 ¾ cents lower at $6.19 ½.
The losses in wheat spilled over to weigh on corn, which was also buffeted by harvest pressure. This afternoon’s crop progress report is expected to show the US corn harvest at about 10% complete as of Sunday, up from 5% a week earlier. Weather over the weekend in the eastern Corn Belt was excellent for fieldwork. December corn dipped 2 ½ cents to $4.10 ¾, and March lost 1 ¾ cents to $4.29 ¼.
Harvest pressure also weighed on soybeans, with the crop progress report expected to show the American harvest at around 4% done versus 5% last year. November beans were down 1 ¾ cents to $10.04 ½, and January dropped 1 ¼ cents to $10.23 ½.
