Wheat drops in Chicago amid profit-taking

The futures contracts for wheat on the Chicago Commodity Exchange declined due to profit-taking related to the drop in global oil prices, amid ongoing concerns over disruptions to grain shipments through the Black Sea ports and a shortage of global harvests. The December-delivered winter red wheat contracts fell by 1.5 cents to reach $7.27 per bushel, while hard wheat contracts in Kansas City decreased by 1.25 cents to $7.95. Meanwhile, spring wheat in Minneapolis rose by 2.5 cents to $7.51. A Canadian survey forecasted a 10.9% decline in the country's wheat production, dropping to 36.1 million metric tons in 2026, which supported prices and mitigated the extent of losses.

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