Key Takeaways
- Wheat futures steady to down 2 cents per bushel.
- Corn prices down 3 to 5 cents per bushel ahead of key USDA report.
- Soybeans mixed, with some gains amid Chinese demand talk.
Chicago Board of Trade grain and soy complex trading opened on Thursday with a mix of price movements as traders awaited the release of key reports from the U.S. Department of Agriculture (USDA).
Wheat futures experienced a steady to down trend, with prices dropping by 1-1/4 cents per bushel for CBOT September soft red winter wheat and 1 cent lower for K.C. September hard red winter wheat. Minneapolis September spring wheat saw a slight decrease of half a cent.
Corn prices fell across the board, down 3 to 5 cents per bushel as traders awaited the USDA’s supply and demand report. The report is expected to include updated figures on corn stocks and planting acreage, which could impact market sentiment.
Soybeans showed mixed performance, with CBOT November soybeans down by 6-3/4 cents at $11.85-1/2 per bushel. Analysts noted that the price movement was influenced by traders’ anticipation of further direction from U.S. government crop data and renewed talk of Chinese demand.
The USDA reported net weekly export sales for wheat, corn, and soybeans on July 2. For wheat, exports reached 313,100 metric tons; for corn, the figure was 967,500 metric tons; and for soybeans, it stood at 462,600 metric tons.
Argentina’s 2026/27 harvest is projected to reach 20.5 million metric tons, an upward revision of 0.5 million tons due to favorable rainfall and lower fertilizer costs that expanded the planting area. This information was released by the Rosario Grains Exchange on Wednesday.
The USDA’s report indicated that weather forecasts in the U.S. Midwest were less threatening than previously thought, which alleviated some concerns among traders regarding potential impacts on crop yields.
