Wheat, corn and soybeans decline on Monday as commodity markets retreat

Wheat, corn and soybean futures closed lower on the Chicago Board of Trade (CBOT) on Monday, July 27, following a broad sell-off across commodity markets. Wheat came under pressure alongside energy and oilseed markets after Brent crude prices fell sharply as geopolitical tensions in the Middle East eased. September CBOT soft red winter wheat settled at $242.50/t, while Kansas City hard red winter wheat and Minneapolis spring wheat futures also ended the session lower.

The decline came despite steady progress in the U.S. wheat harvest. According to the USDA’s National Agricultural Statistics Service (NASS), 81% of the U.S. winter wheat crop had been harvested by July 26, two percentage points ahead of the five-year average. Spring wheat was 92% headed, while crop condition ratings remained unchanged. Weekly U.S. wheat export inspections totaled 394,785 tons, with Bangladesh, Japan and Mexico among the leading destinations. However, cumulative exports for the current marketing year remain 23.2% below the same period last season.

Corn futures also posted notable losses, with September contracts closing at $177.85/t, down 2.66% on the day. Although U.S. crop development remains ahead of normal, crop condition ratings weakened, with 63% of the crop rated good or excellent, down four percentage points from the previous week. Weekly export inspections reached 1.49 mln tons, up strongly year-on-year, while Brazil’s second corn crop harvest advanced to 60% completion in the Center-South region, behind last year’s pace. Brazilian exporters are expected to ship about 3.7 mln tons of corn in July, according to ANEC.

Soybean futures experienced the steepest decline among the major crops, with November contracts falling 3.17% to $445.97/t. U.S. soybean development continues to outpace historical averages, with 80% of the crop flowering and 47% setting pods by July 26. Nevertheless, crop condition ratings slipped to 63% good or excellent. Weekly export inspections totaled 348,850 tons, while cumulative U.S. soybean exports for the current marketing year remain 17.5% below last year’s level.

European grain markets also weakened. September milling wheat futures on Euronext (MATIF) fell to €229.25/t, while corn contracts also moved lower. Additional pressure came after the European Commission’s MARS crop monitoring service cut its 2026 yield forecasts across major crops. Soft wheat yield was reduced to 5.88 t/ha from 6.00 t/ha, grain corn to 6.93 t/ha from 7.38 t/ha, sunflower to 1.94 t/ha, and rapeseed to 3.14 t/ha. The July MARS report is widely seen as the first clear indication of a smaller EU harvest in the 2026/27 season.

By the close of trading, CBOT September wheat settled at $242.50/t (-2.66%), September corn at $177.85/t (-2.66%), November soybeans at $445.97/t (-3.17%), September rice at $668.54/t (-2.36%), while November ICE canola fell 4.09% to CAD 791.20/t. The broad-based decline reflected weaker energy prices, improving harvest progress in North America and continued expectations of ample global grain supplies despite lower production prospects in Europe.