Chicago soybeans fell for a third consecutive session on Thursday, but ended the month higher as recent export activity and fears that dry weather damaged crops lent support.
Wheat ended lower after trading both sides of even, pressured by plentiful global supplies.
Corn ended the day and the month lower after well-timed rains earlier in the season aided US crops.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 18 cents to $13.68-3/4 a bushel, the biggest daily decline since Aug. 15. For the month, the most-active soybean contract added 2.68%, its biggest monthly gain since June 2023.
CBOT wheat Wv1 lost 5 cents to $6.02 a bushel after falling to $5.93-1/2, the lowest for a most-active contract since June 1. For the month, the most-active wheat contract fell 9.69%, its biggest monthly decline since November 2022.
CBOT corn Cv1 dropped 2-1/2 cents to $4.78-1/4 a bushel, falling 6.58% for the month, the biggest decline since June 2023.
Black Sea Exports
Ample supplies of Russian wheat have weighed on US wheat futures, though Black Sea wheat exports have been stifled by the war in Ukraine. Russia denies its export issues have contributed to food shortages in Africa.
Russia's foreign ministry said the Russian and Turkish foreign ministers would discuss a Russian proposal for an alternative to the Black Sea grain deal this week.
"The long-term fundamental story in wheat is actually not terrible," said Joe Vaclavik, president of Standard Grain. "Global supplies, compared to demand, it's a fairly tight situation."
Recent soybean exports, combined with hot, dry weather in the United States pushed soybean futures to a one-month high of $14.10 on Monday.
But headwinds remain.
US government data on Monday showed that soybeans had suffered less damage from recent hot, dry conditions than feared, while low water levels on the Mississippi River have hampered export enthusiasm.
"This last week we've seen some selling pressure," said Dan Hussey, senior market strategist at Zaner Group. "But I think there is still an underlying uptrend in the soybeans that hasn't been invalidated."
Soybean losses have been muted by five consecutive trading days of daily soybean sales notices from the U.S. Department of Agriculture (USDA).
The agency confirmed private sales of 132,000 metric tons of U.S. new-crop soybeans to China on Thursday.
For the week ended Aug. 24, soybean export sales of 1.073 million metric tons were in line with trade expectations.
Corn export sales of 1.063 million metric tons and wheat export sales of 344,100 metric tons were also in line with trade expectations.