Wheat, corn and soybeans declined in Chicago on Thursday

On Thursday, November 12, wheat futures on US exchanges fell sharply as the US dollar strengthened to a 19-month high, weakening the competitiveness of American grain in international markets. December soft red winter (SRW) wheat futures on the Chicago Board of Trade (CBOT) lost 15.25 cents to close at $5.8425 per bushel ($214.67/t). March contracts declined by 15 cents to $5.9925 per bushel. Overall, December wheat futures in Chicago fell by 2.54%.

Wheat prices also declined on other US exchanges. In Kansas City, December hard red winter (HRW) wheat futures lost 17.25 cents to $6.2225 per bushel, while March contracts fell to $6.3225 per bushel. In Minneapolis, December spring wheat futures dropped by 12.75 cents to $6.2275 per bushel, while March contracts declined by 13 cents to $6.3775. Additional pressure came from an upward revision to Argentina’s wheat production forecast by 500 thsd tons to 24.3 mln tons. Meanwhile, traders expect weekly US wheat export sales to range between 350 and 650 thsd tons.

Corn futures also ended the session lower. December CBOT contracts lost 5.5 cents to close at $4.425 per bushel ($174.21/t), representing a decline of 1.23%. March futures fell by 5.5 cents to $4.5475 per bushel, while May contracts dropped to $4.6275. According to the US Energy Information Administration (EIA), ethanol production declined by 13 thsd barrels per day to 1.13 mln barrels per day in the week ending November 6. Ethanol stocks decreased by 89 thsd barrels to 24.345 mln barrels. Meanwhile, weekly US corn export sales are expected to reach 2–3 mln tons.

Soybean futures also came under selling pressure. November soybean contracts in Chicago declined by 2 cents to $12.27 per bushel. January futures lost 11.75 cents to close at $12.19 per bushel ($447.90/t), down 0.96% from the previous settlement. March contracts fell by 13 cents to $12.25 per bushel. Meanwhile, the USDA reported a private export sale of 136 thsd tons of US soybeans from the 2026/27 crop to China. Additional competition is coming from Brazil, where ANEC raised its November soybean export forecast to 4.37 mln tons.

On the European MATIF exchange in Paris, wheat prices also declined on Thursday. December milling wheat futures fell by 2.24% to close at €232.50/t, while March contracts dropped to €230.50/t. Meanwhile, corn futures posted modest gains, with March contracts rising to €258.25/t and June futures increasing to €254.25/t.

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