Wheat Futures Falls as Traders Dump Long Positions — Daily Grain Highlights
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Wheat futures fell 1.4% to $5.98 a bushel as traders exited long positions following Iran's announcement that the Strait of Hormuz is open. Corn dropped 0.2% to $4.57, while soybeans rose 0.1% to $11.81. The market is cautious ahead of the weekend, with traders reacting to geopolitical developments. Weather forecasts indicate increased rainfall in drought-affected areas of the U.S., which may impact planting. The USDA will release key reports on grain exports and crop progress on Monday.
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