Corn and Wheat Futures Experience Uptick

Chicago saw an increase in corn and wheat futures on Thursday, recovering from earlier declines this week. Corn benefited from robust U.S. export demand, while wheat saw gains due to bargain-buying activity.

Soybeans saw a slight decrease as substantial South American harvests and limited Chinese demand for U.S. crops placed downward pressure on prices.

Markets across numerous European and Asian countries are observing public holidays, including China, the world’s leading crop importer, which remains closed until Tuesday.

Market Sentiment

According to a source at a prominent Australian grain trading firm, the outlook for corn supply appears abundant, with demand insufficient to drive price increases at this time.

“Market sentiment suggests that Brazil’s safrinha corn crop is at least as large as, if not larger than, previously anticipated,” the source stated.

The most active corn contract on the Chicago Board of Trade (CBOT) increased by 0.5% to reach $4.77-3/4 a bushel as of 0718 GMT. CBOT wheat rose by 0.4% to $5.33 a bushel, while soybeans declined by 0.2% to $10.42-3/4 a bushel.

Last year, all three contracts declined to their lowest levels since 2020. Since then, corn has risen by approximately 20%, and soybeans by about 10%, but wheat prices have remained relatively stable.

The U.S. Department of Agriculture (USDA) reported on Wednesday that unidentified purchasers had acquired 120,000 metric tons of U.S. corn, following recent acquisitions by Spain and Mexico.

The USDA will release weekly grain and soybean export sales data on Thursday. Analysts anticipate U.S. corn sales to range between 700,000 and 1.5 million tons.

The Korea Feed Association in South Korea is also believed to have procured roughly 65,000 tons of animal feed corn, expected to originate from the United States, according to European traders.

Turkey has allocated a 1 million ton zero tariff import quota for corn, according to the Turkish trade ministry.

Regarding wheat, analysts indicate that European crops are generally in good condition. Rainfall has been beneficial for wheat crops in the U.S. Plains, with additional showers forecasted.

Argentina’s projected wheat production for 2025/26 is estimated at 20.5 million tons, an increase from 18.6 million tons in 2024/25 and the second-highest on record, as reported by the Buenos Aires Grains Exchange.