Wheat rises while corn and soybeans decline in Chicago on Thursday

On Thursday, November 5, 2026, wheat futures on the Chicago Board of Trade (CBOT) ended the session slightly higher, while corn and soybean prices declined. December soft red winter (SRW) wheat futures gained 0.12% to $220.18/t, or $5.99¼ per bushel. Meanwhile, December corn futures fell 0.96% to $173.23/t, while January soybean contracts declined 1.16% to $436.60/t.

Wheat prices were supported by export sales and expectations ahead of the upcoming USDA report. During the week ended October 29, US wheat export sales totaled 538 thsd tons, including 119 thsd tons purchased by the Philippines and 100 thsd tons by South Korea. In Kansas City, December hard red winter (HRW) wheat futures rose to $6.35¾ per bushel, while spring wheat contracts in Minneapolis increased to $6.20 per bushel. Ahead of the November 10 WASDE report, analysts expect the forecast for US wheat ending stocks to rise by 4 mln bushels to 744 mln bushels.

Bearish sentiment prevailed in the corn market despite relatively strong export sales. December futures lost 4¼ cents to close at $4.40 per bushel, while March contracts declined by 3¾ cents to $4.54½. According to USDA data, weekly US corn export sales for the 2026/27 marketing year reached 1.295 mln tons, including 381.3 thsd tons purchased by Mexico. Meanwhile, market participants expect USDA to lower its corn yield forecast to 180.6 bushels per acre and its production estimate to 15.98 bln bushels.

Soybean futures also ended Thursday’s session lower. January contracts fell by 14 cents to $11.88¼ per bushel, while March futures lost 14 cents to settle at $11.96¼. US soybean export sales for the week totaled 1.456 mln tons, including 873.9 thsd tons purchased by China and 132 thsd tons by Algeria. Prices were pressured by expectations that USDA will raise its US soybean yield forecast to 53.5 bushels per acre and increase its production estimate to 4.596 bln bushels.

A further negative factor for the oilseed complex was the decline in soybean oil prices. December CBOT soybean oil futures dropped 2% to 62.24 cents per pound, reaching their lowest level since April 17. European markets also showed a downward trend, with December milling wheat futures on Euronext Paris (MATIF) falling to €223/t and March corn contracts declining to €246/t. Further price movements will largely depend on updated grain and oilseed production and stock forecasts in the USDA report scheduled for November 10.

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