Wheat and corn prices fall, while soybeans rise in Chicago on Thursday

On Thursday, October 22, trading on the Chicago Board of Trade (CBOT) ended with wheat and corn futures declining, while soybean prices increased. December wheat futures fell by 0.56% to $229.55/t, while corn declined by 0.59% to $181.30/t. Meanwhile, November soybean contracts gained 0.62% to $460.39/t. The mixed performance reflects differences in supply and demand conditions across global grain and oilseed markets.

Wheat prices came under additional pressure amid expectations of a possible easing of geopolitical tensions in the Black Sea region, which could facilitate a recovery in Russian grain shipments. Another bearish factor was an upward revision to Argentina’s wheat production forecast. According to the Rosario Grain Exchange, wheat production in the MY 2026/27 could reach 23.8 mln tons, up 2.8 mln tons from the previous forecast. Meanwhile, US wheat export sales totaled only 239.6 thsd tons in the week ending October 15, further limiting price support.

Corn futures in Chicago resumed their decline after gains in the previous trading session. December contracts lost 2.75 cents per bushel, closing at $4.605 per bushel. However, export demand for US corn remains relatively strong, with sales of the 2026/27 crop reaching 1.527 mln tons in the week ending October 15. The largest buyers were Mexico, which purchased 477.7 thsd tons, and Japan, with purchases of 285.4 thsd tons. In addition, a South Korean importer purchased another 55 thsd tons of corn in a tender.

Unlike grains, soybeans received support from strong Chinese demand. November futures rose by 7.75 cents per bushel to $12.53. According to USDA, US soybean export sales totaled 2.841 mln tons in the week ending October 15, of which 2.179 mln tons were purchased by China. In addition, US exporters reported a separate sale of 202 thsd tons of soybeans to Chinese buyers for delivery in the 2026/27 MY. Strong purchases supported soybean futures despite overall weakness in the grain market.

Price movements were mixed in the European market. On the Paris-based MATIF exchange, December milling wheat futures rose by 0.71% to €234.25/t, while November corn contracts declined by 2.09% to €285/t.

Tags: soybean, oilseeds, wheat, global market, corn