Chicago wheat falls on selling pressure after recent highs

Chicago Board of Trade most active wheat Wv1 settled 10 cents lower at $7.74 per bushel.

Corn and soybeans also slipped from life-of-contract highs hit earlier on Monday on profit-taking and spillover weakness from falling wheat futures, though both were supported by bullish fundamentals.

Corn Cv1 settled 1-1/4 cents higher at $5.37-3/4 per bushel after earlier hitting a new life-of-contract high of $5.42, its highest since summer 2023. Soybeans Sv1 settled unchanged at $12.88 per bushel after also earlier touching a high of $12.94-1/2 per bushel.

Continued export demand for U.S. soybeans and rising crude oil prices helped soybean futures hit contract highs.

Oil prices gained more than 2% on Monday after a resumption of military action between the U.S. and Iran rekindled market concerns about global supply disruption, as the conflict extended into its sixth month O/R. Soybean futures often follow movements in crude oil as the oilseed is commonly used as a feedstock for biofuel.

For corn, expectations for a poor yield from the U.S. corn belt have continued to propel prices higher.