Wheat futures fell for the first time in five sessions on Thursday, while corn and soybeans ended weaker as well.
Wheat traded higher overnight after it was reported that Russian fired an intercontinental ballistic missile at Ukraine – the first time such a weapon has been used in the ongoing conflict. Gains this week in wheat have been linked to rising tensions in the Black Sea region and worries that grain shipments could be impacted. However, the overnight gains fell back and turned to losses during the day as Russian wheat prices failed to react to the upside in the wake of the missile attack. December Chicago wheat lost 3 ¾ cents to $5.48 ¾, December Kansas City fell 6 ¼ cents to $5.55 ½, and December Minneapolis dropped 4 cents to $5.88.
Soybeans remained under pressure from good conditions for soybean crops in Brazil and Argentina. Worry about the potential for a renewed trade war with China under incoming US President-elect Donald Trump and a lack of Chinese buying added to the downside. January beans dropped 12 ¾ cents to $9.77 ¾, and March lost 14 cents to $9.85 ¼.
Good weather in South American also weighed on corn, as did US farmer selling. December slipped 3 ½ cents to $4.26 ¾, and March was 3 ¾ cents lower at $4.36 ¼.
