On Friday, the Chicago Board of Trade saw wheat futures for September delivery fall by 3.8%, settling at $6.38 per bushel, as traders opted to lock in profits on the last trading day of the month rather than betting on the ongoing conflict between Ukraine and Russia.

Corn futures for December delivery declined 1% to $4.63 3/4 per bushel.

Soybean futures for November delivery were largely unchanged, trading at $11.88 1/4 per bushel.

A Turning Point Approaches? Wheat futures led the decline in the grain sector on Friday at the Chicago Board of Trade, interpreted as month-end profit-taking by grain traders. This followed a sharp rise in wheat futures earlier in the week, driven by the escalating Russia-Ukraine conflict. Shipping through the Kerch Strait was blocked, preventing wheat cargoes from leaving the Sea of Azov.

Timely Relief According to the latest daily forecast from the U.S. Department of Agriculture, rain is moving through the Midwest and into the eastern Corn Belt. While the Great Plains region is experiencing hot temperatures, the precipitation is alleviating heat stress on crops. This, combined with month-end technical corrections, is putting pressure on the grain sector. Cory Bratland of AgMarket.net noted in a report: "In a bull market, we need fresh news for the bulls every day, or there's a risk of a pullback. In my view, there is still significant volatility ahead."

Conservative Estimates Jim Wismeyer of Ag Bull stated in a report that despite the ongoing conflict in Ukraine and Russia, the lower futures prices may reflect a shift in how traders assess the risks to Black Sea grain. "This sell-off doesn't mean the bullish logic is wrong," Wismeyer said. "It indicates that traders are no longer paying a premium for it in advance." He added that if evidence emerges showing how much wheat is backlogged within Russia, wheat prices could surge again.

Staying Ahead Compared to soybean meal or soybean oil, the main soybean contract appeared more resilient, not being significantly affected by the overall downward pressure in the agricultural sector. Charlie Sernatinger of Marex said in a midday report: "It feels like the month-end liquidation is over." Meanwhile, corn and wheat dominated the month-end pressure for the day.

Icing on the Cake The USDA announced a new flash sale of soybeans on Friday morning, with 252,000 metric tons sold for delivery to an unknown destination in the 2026-27 marketing year. This followed a new sale notice to China released on Thursday. "Unknown destination" is a commonly used alias by Chinese buyers, though it is not exclusively used by them.