Wheat futures remained under pressure Friday, even after pulling back from their weakest levels earlier in the session. The market was described as facing selling tied to traders taking money off the table ahead of the weekend following news related to the Black Sea region.
By midday, Chicago soft red winter wheat contracts were down roughly 18 to 20 cents. Kansas City hard red winter wheat futures were lower by about 17 to 18 cents, while Minneapolis spring wheat contracts were also retreating by around 17 cents.
The declines across all three major U.S. wheat classes pointed to broad-based weakness rather than pressure isolated to one part of the market. Black Sea developments appeared to be a key factor in sentiment, with traders adjusting positions as the week came to a close.
Although prices managed to recover from the session's early lows, wheat was still firmly in negative territory by midday. That left the broader wheat complex under pressure heading into the weekend, with selling interest outweighing the modest rebound.
