Chicago wheat futures declined 8.5 cents, or 1.1%, to settle at $7.74 per bushel on Wednesday, reversing overnight gains that had pushed prices to their highest level in 3.5 years.
Corn and soybeans also retreated, with corn down 2.5 cents to $5.435 per bushel and soybeans falling 7.5 cents to $13.1025 per bushel. The declines followed profit-taking after overnight trading saw contracts reach multi-year peaks.
Market participants cited ongoing risks to Black Sea grain exports, where Ukrainian authorities reported Russian attacks on port infrastructure and a border checkpoint in the Odessa region overnight. The Ukrainian Agrarian Confederation (UAC) warned exporters that deep-water ports were unlikely to resume operations soon, urging traders to seek alternative routes.
Turkish President Recep Tayyip Erdogan emphasized the need for a permanent security mechanism to safeguard commercial shipping in the Black Sea, warning that the grain crisis could worsen without such measures. Moscow’s rejection of a proposed moratorium on attacks in the region added to supply concerns.
Darin Fessler, senior hedge consultant at Lakefront Futures, noted the volatility across grain markets, stating that while prices were easing, fundamental support remained strong. "All these markets — corn, soybeans and wheat — have seen significant swings and none have paused," Fessler said. "They are pulling back, but they aren’t breaking. There’s a strong fundamental reason for these markets to keep rising."
