Corn retreats on profit-taking after prior-day rally on USDA data

Chicago Board of Trade December corn CZ26 was down 8-3/4 cents at $4.72 a bushel by 12:45 p.m. CDT (1745 GMT), while November soybeans SX26 rose 1/2 cent to $11.83-3/4 a bushel. CBOT September wheat WU26 was 1/2 cent higher at $6.53-1/4 a bushel.

Strong export demand supported the soybean market after a strong week of sales last week and continued new-crop buying by top importer China.

Large global supplies of corn and soy kept a lid on both markets following crop production updates from major exporters Brazil and Argentina.

U.S. corn futures fell on Thursday in a profit-taking retreat following sharp gains a day earlier and as beneficial rains were forecast for the core of the Midwest crop belt over the next week.

Soybeans firmed on strong demand and technical support, although futures remained below prior-session highs. Wheat futures were narrowly mixed after shedding early-session gains that were triggered by the threat of prolonged disruptions to Black Sea exports.

Grain markets adjusted following volatile price moves a day earlier after the U.S. Department of Agriculture increased its 2026 U.S. corn and soybean plantings estimates while lowering its outlook for average yields in a monthly report.

"We're getting a little bit of a pull-back after the report took us up big yesterday. I'd call it a shocker on the yield and the acres," said Don Roose, president of U.S. Commodities.

Traders are turning their attention to a major field tour next week that will give another indication of yield prospects for U.S. corn and soybeans, with forecasts for rain this week tempering some yield concerns.

Wheat markets continued to monitor hostilities between Russia and Ukraine, where attacks on grain infrastructure have accelerated and reduced shipments.