Wheat heads for fourth straight weekly loss on Black Sea export hopes
WEAT•Chicago wheat futures fell 2.2% to $6.91¾ a bushel and were down 3.1% for the week, heading for a fourth consecutive weekly loss as traders anticipated renewed Black Sea exports and a stronger US dollar weighed on competitiveness.
1. Wheat extends declines
The most-traded Chicago wheat contract was down 2.2% at $6.91¾ a bushel on Friday, its lowest level in a month. Prices had fallen 3.1% so far this week, retreating from a 3½-year high of $7.95 at the start of September.
2. Black Sea export hopes
Traders focused on renewed diplomatic efforts to end the Ukraine war and restore the Black Sea grain export corridor. Turkey said it was stepping up efforts, while Russian and Ukrainian attacks on grain shipments had hampered exports and lifted global prices. Russian Grain Union chief analyst Yelena Tyurina estimated Russia would export 1 million metric tons of wheat in September, compared with 5.7 million tons in September 2025.
3. Other crop markets
Corn fell 1.2% to $5.21 a bushel, its lowest in a month, and was down 1.3% for the week. Soybeans slipped 0.7% to $13.08¼ a bushel but were up 0.3% from the prior week's close. Corn and soybean traders were watching for potential Chinese commitments to buy US agricultural goods at a US-China summit.
