CANBERRA - Chicago wheat futures fell on Friday and were headed for their biggest weekly drop ‍since June, as abundant ‍global supply drove prices towards their lowest since 2020.

Soybean futures declined for ​a sixth day, reaching their lowest since October 24, as speculators reduced their net long position due to ⁠ample supply and questions over Chinese demand for U.S. beans. Corn dipped after two days of gains ⁠that were ‌driven by strong U.S. exports.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.4% at $5.05-3/4 a bushel at 0604 GMT and on track to ⁠end the week 4.4% lower.

CBOT soybeans slipped 0.2% to $10.50-1/2 a bushel and were down 2.4% from last Friday's close.

Corn declined 0.2% to $4.43-3/4 a bushel but was still set for a 0.7% weekly gain. Wheat crashed below its 50-day moving average on Monday and hit an eight-week ⁠low of $5.04 on Wednesday before ​steadying.

Both CBOT wheat and soybeans have fallen around 10% from highs last month, while corn held near six-month highs. ‍2025 was a year of abundance for grains, with large harvests keeping prices in check. Big ongoing wheat harvests in ​Argentina and Australia are pouring new supply onto the market. Top exporter Russia expects a bumper 90-million-metric-ton crop next year, officials said on Thursday.

U.S. sales of 132,000 tons of wheat to China were

cancelled

this week. It is not known why, but Argentine wheat was available at lower prices, according to traders.

That said, many analysts doubt that prices can move much lower, and speculators who are net short CBOT wheat have begun to cover short positions. Funds were net buyers of wheat on Thursday for the first time in a week, traders said.

"Open interest has ⁠increased over the last few sessions as the price has ‌steadied at lower values," StoneX analyst Bevan Everett wrote in a note to clients.

"Whether the wheat market can rebound will be dictated by short covering going forward."

Consultancy Expana said on ‌Thursday it ⁠expects EU soft wheat production to decline 6.2% to 128.3 million tons in 2026/27 following this season's ⁠bumper crop.