Chicago wheat, corn soybeans fall on selling pressure after recent highs

Chicago wheat fell on Monday on selling pressure, after hitting three-year highs in the previous session, weighed down by fears that fighting will cause long-term disruption to Russian and Ukrainian grain exports.

Corn and soybeans also slipped after hitting multi-year life-of-contract highs earlier on Monday, supported partly by rising crude oil.

Chicago Board of Trade most active wheat Wv1 fell 1.3% to $7.73-1/4 a bushel at 1031 GMT.

Corn Cv1 fell 0.05% to $5.36-3/4 a bushel after earlier hitting a new life-of-contract high of $5.42, its highest since summer 2023. Soybeans Sv1 fell 0.2% to $12.84-1/2 a bushel after also earlier touching a high of $12.94-1/2.

Wheat hit three-year highs on Friday after a report Russia could step up missile strikes on Ukraine, reducing prospects for a resumption of Russia’s and Ukraine’s shipments after recent attacks brought loadings at Russian and Ukrainian Black Sea ports to a virtual halt.

“Wheat, corn and soybeans are seeing some selling pressure today after their recent highs,” said Matt Ammermann, commodity risk manager at StoneX. “The weekend saw no substantial new bullish news and some may be starting to regard markets as overbought.”

Russian grain exporters are rerouting shipments to the Baltic Sea, including ports in the Baltic states, after Ukrainian drone attacks in the Black Sea and the Sea of Azov forced them to seek alternative routes.

Traders are monitoring a shift in demand away from Russia and Ukraine, with some importers turning to EU countries including Romania, France and Poland.

“However, wheat, corn and soybeans remain well supported, wheat by the continued interruption to Black Sea exports by ship from Russia and Ukraine as drone attacks on various targets continue,” Ammermann said.