CBOT wheat ends mixed; nearby contracts dip on profit-taking
CHICAGO, July 16 (Reuters) - Chicago Board of Trade wheat futures ended mixed on Thursday, with the most-active contracts easing on a round of profit-taking, but values remained elevated due to hostilities between Russia and Ukraine, both major global wheat suppliers, traders said.
Benchmark CBOT September soft red winter wheat WU26 settled down 2-3/4 cents at $6.74-3/4 per bushel.
CBOT December WZ26 wheat ended down 1 cent at $6.91 a bushel but deferred contracts ended higher.
The CBOT September contract reached $6.98-1/4 during the trading session, but fell short of its life-of-contract high set on May 14 of $7.00, prompting traders to book profits.
K.C. September hard red winter wheat KWU26 ended down 3-1/2 cents at $7.16-1/2 a bushel, with cash dealers noting a pickup in farmer sales this week.
Minneapolis September spring wheat MWEU26 rose 2 cents to settle at $6.85-1/4 a bushel.
Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, the route for a quarter of Russia's grain exports, stepping up hostilities.
Wheat futures have surged this week on fears of disruptions to Black Sea exports at a time when wheat supplies are seen tightening in Europe and North America.
The International Grains Council left its 2026/27 world wheat production forecast at 821 million metric tons, unchanged from last month, but noted increased uncertainty in supplies from the Black Sea region.
Germany's 2026 wheat harvest is expected to fall 5.4% year on year to about 21.89 million metric tons, with crops suffering from a recent heatwave and scarce rain, said DRV, the country's association of farm cooperatives.
The U.S. Department of Agriculture reported net export sales of U.S. wheat in the week ended July 9 at 235,100 metric tons, below a range of trade expectations.
