Wheat, corn and soybeans rise in Chicago on Friday

Wheat, corn and soybean futures ended Friday, August 28, higher in Chicago. Wheat posted the strongest gains, with prices reaching their highest levels in three years amid geopolitical tensions and growing risks to supplies from the Black Sea region.

December SRW wheat futures on CBOT rose 3.06% to $288.07/ton. In Kansas City, December HRW wheat climbed to $310.20/ton, while Minneapolis spring wheat reached $282.65/ton. Disruptions and restrictions affecting Black Sea exports are adding a further risk premium to wheat prices.

Chicago corn also moved higher, although gains were considerably more modest. December futures rose 0.56% to settle at $211.22/ton. Meanwhile, Safras & Mercado raised its forecast for Brazil’s 2026/27 corn crop to 145.6 mln tons, well above the USDA’s current estimate of 139 mln tons.

Soybean futures gained 1.58%, with the November contract closing at $478.25/ton. Strong export demand is supporting the market, with cumulative US new-crop soybean sales for 2026/27 reaching 14.334 mln tons, almost double the volume recorded at the same point last year.

European grain markets also ended Friday higher. On MATIF, December wheat rose 1.36% to €251/ton ($292.47/ton), while November corn gained 1.83% to €271.25/ton ($316.06/ton). The end-of-week rally therefore extended across major grain and oilseed contracts in both the US and European markets.

Tags: wheat, futures, Chicago, global market, corn, prices, soybean