Chicago wheat rises on Wednesday while corn and soybeans close lower

Wheat futures on the Chicago Board of Trade (CBOT) ended higher on August 5, while corn and soybean contracts closed in negative territory. September soft red winter (SRW) wheat gained 0.59% to $235.96/mt, and hard red winter wheat futures in Kansas City also moved higher. Meanwhile, spring wheat futures in Minneapolis posted a slight decline.

Wheat prices continued to draw support from concerns over grain exports from the Black Sea region amid escalating attacks on vessels and port infrastructure. Additional support came from Algeria’s purchase of about 720 thsd tons of wheat in an international tender at around $289/mt C&F. Jordan also announced a new tender to buy 120 thsd tons of wheat.

Market participants are now awaiting the USDA’s weekly export sales report. Analysts expect U.S. new-crop wheat sales for the week ended July 30 to range between 250 thsd and 450 thsd tons, which could influence the next direction of wheat prices.

Corn futures remained under pressure, with the September CBOT contract falling 1.24% to $171.95/mt. Favorable weather forecasts continue to weigh on prices, as NOAA expects widespread rainfall across key U.S. Corn Belt states over the coming week, improving crop prospects. At the same time, the USDA reported a private sale of 120 thsd tons of U.S. corn to Mexico, including 30 thsd tons from the 2026/27 crop and 90 thsd tons from the 2027/28 crop.

Soybean futures also ended lower, with the November contract slipping 0.25% to $431.64/mt. Traders are awaiting fresh USDA export sales data, with new-crop soybean sales expected at 0.9–1.55 mln tons. Meanwhile, China’s state-owned Sinograin sold 334 thsd tons of imported soybeans at its latest auction out of 501 thsd tons offered.

European grain markets, however, posted gains. September milling wheat futures on Euronext (MATIF) rose 1.12% to €222.50/mt ($256.59/mt), while November corn futures climbed 1.84%. At the same time, the European Commission estimates EU soft wheat exports for the 2026/27 season at just 0.7 mln tons, down 61% year-on-year, while its soft wheat production forecast has been lowered to 124.4 mln tons.

Tags: corn, prices, soybean, wheat