Wheat, corn and soybeans rise in Chicago on Thursday
Wheat, corn and soybean futures on the Chicago market ended higher on Thursday, September 10. December wheat rose by 1.71% to $272.36/t, corn gained 1.13% to $210.14/t, while November soybean futures increased by 1.74% to $489.51/t.
The wheat market found support ahead of updated USDA balance sheets and expectations of lower global stocks. Market participants expect world wheat inventories to decline by around 0.3 mln tons to 273 mln tons. At the same time, Expana raised its forecast for EU soft wheat exports in 2026/27 to 29.5 mln tons, increasing competition on the global market.
Corn prices rose ahead of the September WASDE report. According to the average estimate of traders surveyed by Bloomberg, USDA may cut its US corn yield forecast by 2.6 bushels/acre to 178.1 bushels/acre and reduce production by 236 mln bushels to 15.777 bln bushels. New-crop corn stocks are expected at 1.511 bln bushels.
Soybeans received additional support from new export sales. USDA reported private sales of 272 thsd tons of new-crop soybeans to China and another 206.5 thsd tons to unknown destinations. The market also expects USDA to lower its soybean yield forecast to 52.4 bushels/acre and production to 4.492 bln bushels.
European grain markets also ended Thursday mostly higher. On MATIF, December wheat rose by 0.27% to €245.25/t, while November corn increased to €265.25/t. Market participants continue to assess global crop and export prospects ahead of updated USDA forecasts.
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