Wheat, corn and soybeans decline as lower crude oil prices weigh on global markets

Global futures for wheat, corn and soybeans moved lower on Tuesday, August 4, pressured by a sharp decline in crude oil prices, profit-taking by investors and favorable U.S. crop prospects. Wheat posted the steepest losses, while rapeseed was the only major agricultural commodity to finish the session higher.

The September CBOT soft red winter wheat contract fell 1.92% to $234.60/ton. Hard red winter wheat futures in Kansas City declined to $259.77/ton, while spring wheat futures in Minneapolis dropped to $251.51/ton. The market was also pressured by weak U.S. export data, with June wheat exports totaling just 1.473 mln tons, the lowest June volume in three years. Meanwhile, Australia’s ABARES cut its 2026/27 wheat export forecast to 19.3 mln tons.

Corn futures also ended the session lower. The September CBOT contract fell 1.56% to $174.11/ton as weaker crude oil prices weighed on sentiment. However, market fundamentals remained supportive. U.S. June corn exports reached a record 7.926 mln tons for the month, while StoneX projected the 2026 U.S. corn yield at 184.8 bushels per acre and production at 16.16 bln bushels.

Soybean futures also declined amid weaker energy markets and forecasts for wetter weather across the U.S. Midwest. November soybean futures lost 1.22%, closing at $432.74/ton. Despite the decline, the U.S. Department of Agriculture reported another sale of 132 thsd tons of new-crop soybeans to China. U.S. soybean crop conditions remained unchanged, with 63% rated good to excellent. StoneX forecasts U.S. soybean production at 4.47 bln bushels.

European grain markets also closed lower. September milling wheat futures on Euronext (MATIF) dropped 2.49% to €220.50/ton ($253.75/ton), while November corn futures fell to €246.25/ton. According to the European Commission, EU soft wheat exports since the start of the 2026/27 season have reached only 0.7 mln tons, down 61% year-on-year. Lithuania, Bulgaria and Germany remain the bloc’s leading exporters.

Russian wheat export prices continued to weaken. According to ProZerno, Black Sea FOB wheat prices declined to $227/ton, down $9 from the previous assessment. Russia’s wheat export duty for August 5–11 will stand at just 5.7 rubles per ton, although a weaker ruble could push the duty higher and further reduce exporters’ purchasing activity.

Rapeseed was the only major agricultural commodity to post gains during the session. November ICE rapeseed futures rose 0.33% to 760.7 Canadian dollars per ton, while the rest of the major grain and oilseed markets ended the day in negative territory.

Tags: corn, prices, soybean, wheat