CBOT wheat Wv1 climbed to a fresh two-year peak on short covering and follow-through buying after strong gains in the previous session. Concerns about tightening global supplies and shipping disruptions due to escalating hostilities between Russia and Ukraine supporting wheat.
Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, stepping up hostilities in a zone vital for grain exports.
Two of Ukraine's three Black Sea ports are operating normally as of Thursday morning while the port of Chornomorsk has sharply reduced its grain intake, the Ukrainian state railway Ukrzaliznytsia said on Thursday.
The U.S. Department of Agriculture reported U.S. wheat export sales in the week ended July 9 at a net 235,102 metric tons, below trade estimates for 250,000 to 600,000 tons.
CBOT September soft red winter wheat WU26 was last up 1/4 cent at $6.77-3/4 per bushel. K.C. September hard red winter wheat KWU26 was down 2-3/4 cents at $7.17-1/4 per bushel, and Minneapolis September spring wheat MWEU26 was last down 1 cent at $6.82-1/4 per bushel.
Soybeans down 2 to 4 cents per bushel
Soybean futures Sv1 weaker as forecasts for milder U.S. Midwest crop weather and increased rains later this month eased concerns about hot, dry weather this week.
The USDA reported net U.S. soybean export sales totaling 188,274 metric tons last week for shipment in the 2025/26 season, in line with trade estimates for 100,000 to 500,000 tons. Net new-crop sales of 1,769,617 tons were above expectations of 900,000 to 1,700,000 tons.
The National Oilseed Processors Association said on Wednesday that its members crushed 214.340 million bushels of soybeans in June, topping all analyst estimates as the daily processing rate rose to a three-month high.
CBOT November soybeans SX26 were last down 2-3/4 cents at $11.99 per bushel.
Corn steady to down 2 cents per bushel
Corn futures Cv1 ease as forecasts for milder Midwest weather and improved rains later this month lessened concerns about crop-damaging heat and dryness this week. Spillover support from stronger wheat futures limiting declines.
Much of the corn crop was in its critical pollination stage of development, a period when stressful weather can dent yield potential.
The USDA reported net U.S. corn export sales last week totaling 314,962 metric tons for shipment in the 2025/26 season, below trade estimates for 500,000 to 1,100,000 tons. Net new-crop sales of 311,222 tons were at the low end of a range of analyst estimates of 300,000 to 1,100,000 tons.
CBOT December corn CZ26 was last down 1 cent at $4.68-1/2 per bushel.
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