Soybean prices close 1.6% lower on profit-taking

Soybean futures fell at the Chicago Board of Trade by more than 1% to below $12 a bushel on profit-taking after a day of trading near two-month highs.

Conversely, wheat futures gained ground today while corn ended mostly flat after a volatile session.

Soybean prices fell after a two-session advance due to a variety of factors, including expectations of rainfall in the Iowa state during the weekend. Iowa is the largest corn and soybean producer in the US, and is currently suffering from drought in large swaths of the state. 

Otherwise, wheat prices rose amid renewed concerns about disruptions to Black Sea supplies due to mounting Russia-Ukraine tensions. 

The European Commission is currently considering imposing tariffs on grain imports from Russia and Belarus to prevent Moscow from distorting EU markets.  

However, traders noted that Russian shipments to the EU are minimal compared to Ukraine, so the tariffs are just symbolic. 

Corn

Corn May futures fell 0.3% to $4.39 a bushel.

Soybeans

Soybean futures due in May fell 1.6% to $11.92 a bushel. 

Wheat 

Wheat May futures fell 1.7% to $5.54 a bushel.