Wheat, corn and soybeans surge in Chicago on Wednesday
Wheat, corn and soybean futures on the Chicago Board of Trade (CBOT) rose sharply on Wednesday, August 26. Wheat posted the strongest gains, with the September contract jumping 6.57% to $275.53/t amid growing risks to grain supplies from the Black Sea region.
The wheat market was supported by limited export capacity at Ukrainian and Russian Black Sea ports due to shipping disruptions and damage to port infrastructure. Russia’s NKHP terminal in Novorossiysk suspended grain export shipments following the August 12 attack, while repairs could take between one and four months. Wheat also advanced in Kansas City and Minneapolis to $291.01/t and $265.10/t, respectively.
Chicago corn climbed to a three-year high. September futures gained 2.7% to $202.36/t, supported by the rally in wheat and concerns over U.S. crop supplies. Meanwhile, EU corn imports since the start of the 2026/27 season reached 2.57 mln tons by August 23, up 44% year-on-year, with Ukraine and the United States emerging as the largest suppliers.
Soybeans also reached new highs, with November futures rising 2.28% to $465.17/t. Additional support came from fresh Chinese demand after USDA reported a private sale of 333 thsd tons of new-crop U.S. soybeans for delivery in 2026/27. The market is also expecting weekly new-crop soybean export sales of 1.5–3 mln tons.
The Chicago rally also supported European prices. On Euronext Paris, September wheat futures rose 3.83% to €236/t, while November corn climbed to €262.5/t. Restrictions on Black Sea supplies, concerns over crop availability and strong Chinese soybean demand were the main drivers behind Wednesday’s sharp gains across grain and oilseed markets.
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon