Wheat prices mixed, corn and soybeans fall in Chicago on Wednesday

US wheat futures ended mixed on September 2, while corn and soybean prices declined. December SRW wheat in Chicago fell 1.08% to $284.39/t, while Kansas City HRW wheat declined to $306.53/t. Meanwhile, December spring wheat in Minneapolis rose to $287.33/t.

Wheat traders continue to assess developments affecting Black Sea supplies. Russia has suspended export duties on wheat, barley and corn through the end of 2026 amid disruptions to export logistics. Meanwhile, Russian wheat exports in September are forecast at just 1.6–2 mln tons.

Chicago corn futures also moved lower, with the December contract falling 0.46% to $213.98/t. Allendale estimates the average US corn yield at 178.7 bushels per acre, below the USDA forecast of 180.7 bushels per acre. US farmers have already sold around 29% of the new corn crop, the highest share for this time of year since 2022.

Soybeans also declined on Wednesday, with November futures settling at $481.43/t, down 0.57%. Export demand continued to provide some support, however, as USDA reported a sale of 202 thsd tons of new-crop soybeans to China. Analysts expect weekly US new-crop soybean export sales at 1.4–2.5 mln tons.

European markets performed better. December wheat on MATIF gained 1.06% to €256.75/t ($297.62/t), while November corn rose 0.88% to €277.25/t ($321.39/t). Unlike Chicago, where grain and oilseed futures mostly declined, European contracts ended the session higher.