CBOT Wheat Futures Retreat from Two-Year High on Profit-Taking

U.S. wheat futures are poised to open lower on Monday, pulling back from a two-year high as traders take profits from last week's rally. The market is weighing the technical sell-off against persistent geopolitical tensions in the Black Sea region that continue to threaten global grain supplies.

Pre-Market Indications

Chicago Board of Trade (CBOT) wheat is expected to open down 3 to 5 cents per bushel when trading resumes, according to market analysts. The move follows a session on Friday where CBOT wheat reached its highest price in two years. A decline in crude oil prices is also adding modest pressure to the agricultural commodity complex.

Early indications for specific contracts on Monday were:

• CBOT September soft red winter wheat was last down 3 cents at $6.75 per bushel.
• Kansas City September hard red winter wheat was 4 cents lower at $7.41-1/4 per bushel.
• Minneapolis September spring wheat was down 5 cents to $7.09-1/4 per bushel.

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Black Sea Tensions Underpin Market

Despite the anticipated lower open, concerns over global grain supplies remain elevated, limiting the potential for a steeper decline. The market continues to monitor hostilities between Russia and Ukraine in the Black Sea and Sea of Azov, critical arteries for global grain shipments.

Regional authorities reported on Monday that Ukrainian air attacks in the southern Russian cities of Rostov-on-Don and Belgorod killed two people and wounded 17. The attack on Rostov-on-Don is particularly significant for grain markets, as the city is a major export hub near the Sea of Azov. The developments come ahead of a scheduled meeting in Washington on Tuesday between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy.