Wheat prices rise in Chicago on Thursday, while corn and soybeans trade mixed

Wheat futures on the Chicago Board of Trade (CBOT) rose on Thursday, October 29, 2026, supported by stronger export demand and reports of potential Chinese purchases of US wheat. Meanwhile, corn and soybean futures showed mixed performance amid ample new-crop supplies and uncertainty over demand prospects. By the close, December wheat futures gained 0.79% to $221.84/t, corn declined 0.11% to $177.66/t, while January soybean contracts lost 0.26% to $453.69/t.

The wheat market was supported by reports that Chinese state-owned company COFCO was considering imports of US soft red winter wheat (SRW). December SRW futures in Chicago rose 4.75 cents to $6.0375/bushel. Meanwhile, hard red winter wheat (HRW) in Kansas City increased to $237.08/t, while spring wheat futures in Minneapolis reached $229.46/t. Additional support came from USDA export sales data showing US wheat sales of 846.77 thsd tons for the week ended October 22. The largest buyers were the Philippines (212.63 thsd tons), South Korea (154 thsd tons) and Indonesia (140 thsd tons).

Corn futures on CBOT ended the session mostly slightly lower. December contracts declined 0.5 cent to $4.5125/bushel, March futures lost 0.25 cent to $4.6475/bushel, while May contracts gained 0.25 cent to $4.73/bushel. Large volumes of newly harvested US corn continued to weigh on the market. However, export demand remained active, with USDA reporting US corn export sales of 1.304 mln tons for the week ended October 22. Unknown buyers booked 411.8 thsd tons, Mexico purchased 318.9 thsd tons, and Japan bought 251 thsd tons.

Soybean futures also showed mixed movements. November contracts fell 4.75 cents to $12.1975/bushel, January futures declined 3.25 cents to $12.3475/bushel, and March contracts lost 2.5 cents to $12.435/bushel. Meanwhile, substantial export sales provided some support to market sentiment. According to USDA, US soybean export sales for MY 2026/27 reached 2.576 mln tons, including 1.627 mln tons sold to China. Spain purchased another 225 thsd tons, while unknown buyers booked 153.3 thsd tons.

High vegetable oil and energy prices continued to influence oilseed markets. CBOT soybean oil futures increased by approximately 0.1% to $1,447/t, while Brent crude oil traded near $115.5/barrel, supporting interest in feedstocks for biofuel production. However, ample new-crop soybean supplies in the US continued to limit upside potential.

European grain futures on Euronext (MATIF) in Paris also showed mixed performance. December milling wheat futures remained unchanged at €227/t ($253.26/t), while March contracts edged higher to €226/t ($252.15/t). In the corn market, November futures jumped 7.5% to €308.75/t ($344.47/t). Meanwhile, March corn futures declined to €259.25/t ($289.25/t).

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