Grains: Wheat, Corn and Soybeans Daily — 2026-10-31
Chicago grain futures closed the week of October 24–31 with mixed results, as wheat struggled through a ninth consecutive weekly loss due to strong Russian export prospects, while soybeans faced downward pressure from record U.S. harvests and stable Chinese demand. Corn prices remained volatile, hovering near four-month lows as Midwest harvest progress accelerated and export sales data showed a decline in weekly net sales.
Grains: Wheat, Corn and Soybeans Daily — 2026-10-31
Top developments
Wheat faces ninth weekly loss amid Black Sea competition
CBOT wheat futures edged lower on Friday, October 30, marking a ninth consecutive weekly loss. Prices were pressured by expectations of increased Russian wheat exports, which offset strong U.S. export sales data. The most-traded wheat contract was quoted at $6.06-3/4 a bushel on Friday, reflecting the market's sensitivity to global supply dynamics.
Soybeans extend losses despite strong export sales
Soybean futures extended losses on October 29, closing at $12.22-1/4 per bushel for November delivery. Despite the USDA reporting net sales of 2.576 million tonnes for the 2026/27 crop—a figure above analyst expectations—prices fell due to advancing harvest progress in the U.S. and competitive pressure from Brazilian soybeans.
Corn holding steady near four-month lows
December corn closed up 3 cents at $4.51¾ per bushel on October 28, rebounding slightly after hitting near four-month lows. The market is balancing ample new-crop supplies against steady export demand, with basis levels showing mixed trends across Midwest elevators.
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Russian wheat exports surge via Baltic routes
Russian wheat exports for July–October 2026/27 are projected to reach 10.3 million tonnes, with up to 65% of shipments routed through Baltic ports. This shift is driven by logistical constraints in the Black Sea region, where recent attacks on infrastructure have hindered traditional export paths.
Local view
Brazil: Brazilian corn prices fell in most regions during the week of October 19–23, pressured by lower international benchmarks and export volumes 12.1% below the daily average of October 2025. Conab’s weekly analysis highlights the disconnect between domestic supply strength and weak global demand.
Argentina: In Argentina, the Rosario grains market saw soybean prices drop by US$10,000 per tonne over the week ending October 30, while wheat offers improved. The Bolsa de Comercio de Rosario projects record corn exports for the 2025/26 campaign at 45 million tonnes, driven by competitiveness and Black Sea disruptions.
Context & numbers
- USDA Export Sales (Oct 16–22): Wheat net sales hit a marketing-year high of 849,800 metric tons, while corn sales fell 15% and soybean sales declined 9%. Soybean exports to China jumped 18%.
- China’s Soybean Commitment: China has purchased approximately 16.6–17 million tonnes of U.S. soybeans since early July, nearing 70% of its commitment. However, near-term crush margins for importing Brazilian and U.S. soybeans remain in negative territory.
On the radar
- Black Sea Logistics: Russian grain exports via the Sea of Azov resumed on October 28 after a three-month paralysis, potentially easing some pressure on Black Sea routes but not fully resolving logistical bottlenecks.
- U.S. Harvest Progress: Traders are closely monitoring the final stages of the U.S. corn and soybean harvest, with weather patterns in the Midwest remaining a key driver for basis levels and short-term price volatility.
- Argentine Corn Exports: October corn exports from Argentina are projected to set a new record, driven by high competitiveness and supply gaps in other major exporting regions.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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