Wheat, corn and soybean prices surge on Chicago after US-China trade deal announcement

Grain markets rallied sharply on Monday, May 18, 2026, after the White House released details of new trade agreements between United States and China. July futures for soft red winter wheat on the Chicago Board of Trade (CBOT) jumped to $244.16 per tonne, while Kansas City hard red winter wheat futures climbed to $258.58 per tonne. Minneapolis spring wheat futures also surged to $258.40 per tonne as traders reacted to expectations of stronger U.S. agricultural exports to China.

Chicago July SRW wheat futures settled at $6.64-1/2 per bushel, up 28¾ cents, while September contracts rose 28 cents to $6.77-3/4. Kansas City July HRW wheat closed at $7.03-3/4, gaining 15¾ cents, and Minneapolis spring wheat futures added 18 cents to finish at $7.03-1/4 per bushel. According to U.S. export inspection data, 223,972 tonnes of American wheat were shipped during the week ending May 14. The Philippines purchased 65,999 tonnes, Mexico imported 65,465 tonnes, and Japan bought 34,808 tonnes. Total U.S. wheat exports for the current marketing year reached 23.1 million tonnes, up 11.3% from last year.

The rally accelerated after the White House confirmed that China would purchase at least $17 billion worth of U.S. agricultural products annually, in addition to earlier soybean commitments agreed in October 2025. The announcement triggered renewed buying interest across grain markets, although investment funds that had accumulated record-long positions in agricultural commodities also began taking profits amid heightened volatility.

Corn futures also posted strong gains on Monday. July corn futures closed at $4.77 per bushel, up 21¼ cents, while September contracts gained 19¼ cents to $4.82-1/4. Export inspections showed that the U.S. shipped 1.379 million tonnes of corn during the week ending May 14. Japan remained the largest buyer with 440,975 tonnes, followed by Mexico with 377,217 tonnes and Taiwan with 84,814 tonnes. Total U.S. corn exports since September 1 reached 58.57 million tonnes, marking a 28.5% increase from the previous season.

Soybean futures also reacted to the US-China developments, despite mixed export data. July soybean futures settled at $11.77 per bushel, while November new-crop contracts closed at $11.70-3/4. China purchased 203,387 tonnes of U.S. soybeans during the latest reporting week, helping support market sentiment. Meanwhile, the U.S. soybean planting pace remained ahead of normal, with 67% of planned acreage seeded by May 17, compared with the five-year average of 53%. European grain markets followed Chicago higher, with milling wheat futures on the Euronext MATIF exchange in Paris rising to €213.25 per tonne.

Tags: wheat, corn, prices, soybean