Wheat and soybeans fall, while corn rises in Chicago on Wednesday

Wheat and soybean futures declined on the Chicago Board of Trade (CBOT) on Wednesday, October 28, while corn ended the session higher. December soft red winter (SRW) wheat futures fell 1.84% to $220.09/t ($5.99 per bushel). December hard red winter (HRW) wheat futures in Kansas City declined to $236.26/t, while spring wheat futures in Minneapolis dropped to $227.72/t. Reports of renewed grain vessel traffic through the Kerch Strait added pressure to the wheat market.

Meanwhile, Chicago corn prices rose amid increased US ethanol production. December futures gained 0.67% to $177.85/t ($4.52 per bushel), while March contracts climbed to $4.65 per bushel. According to the US Energy Information Administration (EIA), ethanol production increased by 24 thsd barrels per day to 1.118 mln barrels per day in the week ending October 23. Ethanol stocks, meanwhile, declined to 24.523 mln barrels.

Soybean futures also closed lower. January contracts fell 0.4% to $454.88/t ($12.38 per bushel), while November futures declined to $12.24 per bushel. Meanwhile, USDA reported a private export sale of 120 thsd tons of US soybeans from the 2026/27 crop to undisclosed destinations. In China, state-owned Sinograin sold 172.24 thsd tons of imported soybeans at an auction out of 512 thsd tons offered, with another sale of 402 thsd tons scheduled for November 3.

European markets also saw wheat prices decline and corn futures rise on Wednesday. On the Paris-based MATIF exchange, December milling wheat futures fell 1.08% to €227/t ($252.56/t), while March contracts declined to €225.75/t. Meanwhile, November corn futures gained 1.24% to €288/t ($320.43/t), while March contracts slipped to €259.50/t.

Market participants are awaiting new USDA data on US grain and oilseed export sales. According to a Reuters survey, wheat sales for the week ending October 22 are expected at 200–500 thsd tons, corn sales for the 2026/27 marketing year at 0.8–1.6 mln tons, and soybean sales at 1.8–3 mln tons.

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