Wheat, corn and soybean prices fall in Chicago on Thursday

Wheat, corn and soybean futures on the Chicago Board of Trade (CBOT) closed lower on Thursday, October 15. December soft red winter wheat futures declined by 0.48% to $246.18/t, while December corn futures fell by 0.57% to $188.19/t. Soybeans recorded the sharpest decline, with November futures losing 1.12% to $464.07/t. Market sentiment was influenced by updated grain and oilseed production forecasts, as well as expectations of new export demand data.

US wheat markets ended the session mostly lower. December hard red winter wheat futures in Kansas City declined to $261.98/t, while December hard red spring wheat futures in Minneapolis fell to $252.06/t. Traders are awaiting the USDA export sales report to assess whether the recent decline in US wheat prices has stimulated demand. According to a Reuters survey, analysts expect weekly wheat export sales of 300–600 thsd tons. Meanwhile, the EU wheat production forecast remains unchanged at 126.1 mln tons.

Corn prices declined following the release of a new Brazilian production forecast. Brazil’s National Supply Company (Conab) estimated corn production in the 2026/27 marketing year at 148 mln tons, up 2.4% year-on-year and significantly above the USDA forecast of 139 mln tons. In particular, first-crop corn production could increase by 8.9% to 32.1 mln tons, supported by an approximately 10.7% expansion in planted area. Meanwhile, US market participants expect corn export sales for the week ended October 8 to reach 0.5–1.2 mln tons.

Soybean futures also declined despite additional purchases of US supplies by China. The USDA confirmed sales of 330 thsd tons of soybeans to Chinese buyers for the 2026/27 marketing year, along with another 283.45 thsd tons to undisclosed destinations. Meanwhile, Conab forecasts a record Brazilian soybean harvest of 181.6 mln tons, up 0.7% year-on-year but below the USDA estimate of 186 mln tons. Brazil’s soybean planted area increased by just 1.43% to 49.3 mln ha, indicating a significant slowdown in acreage expansion.

European grain markets also recorded lower prices on Thursday. December milling wheat futures on the Paris-based MATIF exchange fell by 1.21% to €246.25/t, or $274.64/t. November corn futures declined by 0.99% to €301.25/t, or $335.98/t. Further global price movements will depend on harvest results, updated production estimates and actual export demand. Market participants will be particularly focused on the USDA report on US grain and soybean export sales, scheduled for release on October 16.

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