Chicago wheat slips as harvest pressure sets in; soybeans set for weekly gain

BEIJING - Chicago wheat futures pulled back on Friday after a pre-holiday short-covering rally in the U.S., as harvest pressure looms in Europe and the Black Sea region.
The most-active wheat contract dropped 0.59% to $5.87 a bushel, as of 0211 GMT, but remains near a four-month high and is set for a weekly gain.
Wheat found some support in the previous trading session, as weather concerns in parts of the U.S. and Europe prompted speculators to cover short positions.
"We think that most of the rally will be given back over the next week due to harvest pressure just about to come along in EU and Black Sea," said Ole Houe, head of advisory services at IKON Commodities in Sydney.
Soybeans rose 0.02% to $10.75 per bushel and remained on course for a third consecutive weekly gain.
Strength in the energy market this week, driven by heightened tensions between Israel and Iran, has lent support to agricultural commodities like soybeans and corn. Higher crude oil prices enhance the appeal of soyoil and corn as biofuel feedstocks.
Corn eased 0.17% to $4.32-6/8 a bushel, with prices hovering near their lowest level of 2025. Corn is poised to end the week lower.
"Corn is holding the line as no real news and the Israel attacks are not enough to keep any enthusiasm in the face of a 400 million metric tons of U.S. corn crop," Houe said.
In Argentina, corn yields are exceeding initial expectations in some areas for the 2024/25 crop, the Buenos Aires Grains Exchange said on Thursday, though it maintained its overall harvest forecast at 49 million metric tons as excessive moisture slowed fieldwork.
Traders are awaiting market direction from the U.S. Department of Agriculture's weekly export sales report, which will be released later on Friday.

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