Chicago wheat prices head for ninth straight weekly decline on prospects of higher Russian exports

Chicago Board of Trade (CBOT) wheat futures continued to decline on October 30 and were heading for a ninth consecutive weekly loss amid expectations of increased Russian grain exports. At 13:05 GMT, the most active contract was down 0.1% at $6.03 per bushel, bringing its weekly decline to 3.5%. On Wednesday, prices fell to $5.93 per bushel, their lowest level since July 1. Wheat futures have dropped nearly 25% from their September highs, Reuters reported.

The main pressure on the market came from prospects of resumed grain shipments through the Sea of Azov. According to Reuters sources, Russian authorities have allowed grain export vessels to leave Azov Sea ports for the first time since July 10. This has raised expectations of increased wheat supplies from Russia, although war-related risks in the Black Sea region remain high. In particular, a Greek container ship was reported sunk following an attack on October 29.

Meanwhile, demand for US wheat remains strong. According to USDA data, US net wheat export sales for the week ended October 22 reached 849.8 thsd tons, the highest level of the current 2026/27 marketing year. Bloomberg also reported that Chinese buyers had started seeking offers for US soft red winter wheat.

Lower corn prices are adding pressure to wheat futures, as the two grains compete in the feed market. Commerzbank analysts also cited declining corn prices as one of the factors weighing on wheat. As of October 30, CBOT corn futures had fallen 0.4% to $4.49 per bushel, down 1.5% for the week.

Chicago soybean futures also declined by 0.2% to $12.33 per bushel, bringing their weekly loss to 1.9%. Corn was heading for its fifth consecutive weekly decline, while soybeans were on track for a third straight weekly loss. The ongoing US harvest continued to weigh on both markets by increasing grain and oilseed supplies.

Tags: soybean, wheat, corn, prices