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US corn and soybean futures fell to multi-month lows as large domestic harvests continued to weigh on prices, with corn approaching a four-month low and soybeans hitting a 2-1/2-month low.
December corn closed down 4.25 cents at $4.40 per bushel, while January soybeans dropped 14 cents to $11.88¼; analysts expect the USDA to report a record-large soybean harvest next week.
Rising US crop supplies could maintain downward pressure on corn and soybean prices, while wheat may remain sensitive to developments surrounding Black Sea shipping access.
CBOT wheat futures edged higher on Thursday, recovering slightly after hitting a four-month low in the previous session as technical buying supported prices.
Markets are monitoring planned Russia-Ukraine-US peace talks in Abu Dhabi on November 10-11, while increasing Russian and Ukrainian exports through alternative routes add to global supply prospects.
Potential progress toward a peace deal and renewed Black Sea shipments could increase export competition and pressure wheat prices.
European wheat futures fell 0.6% to €222.75 per ton as hopes for renewed Black Sea grain exports and a stronger euro weighed on prices.
Traders are watching upcoming Russia-Ukraine talks in Abu Dhabi, while Russian wheat exports reached an estimated 3.1–3.2 million tons in October and Ukrainian rail grain exports climbed 26% month-on-month to 1.08 million tons.
A potential resumption of Black Sea shipments could intensify downside pressure on wheat prices, although ongoing attacks on ships and ports continue to provide a geopolitical risk premium.
Slowing farmer grain sales could provide support for local cash prices and offer some underlying strength to grain futures.
Weekly export sales were at the upper end of estimates, while CBOT corn fell 0.7% and wheat gained 0.4%.
Reduced farmer selling could help stabilize or lift grain prices, although seasonal weakness and limited fundamental support could cap rallies.
US Midwest hard red winter wheat basis bids remained unchanged as farmer selling stayed slow amid limited available supplies.
USDA reported that 83% of winter wheat had been planted, while only 44% of the crop was rated good-to-excellent, below the 50% analyst estimate.
Slower planting and weaker crop conditions could support wheat prices, while potential Black Sea shipping disruptions easing through peace talks may limit further upside.
Wheat, corn and soybeans are expected to open higher at the Chicago Board of Trade, with projected gains of 3-4 cents, 1-2 cents and 3-5 cents per bushel, respectively.
A weaker US dollar supported wheat competitiveness, while USDA weekly export sales reached 538,000 metric tons for wheat, 1,294,600 tons for corn and 1,456,100 tons for soybeans.
Improved Black Sea export prospects and larger US harvest estimates could limit further upside across the grain complex.
U.S. wheat export sales reached 538,000 metric tons for the week ended October 29, exceeding analyst estimates of 300,000 to 500,000 tons despite declining 37% from the previous week. Corn sales totaled 1.29 million tons, while soybean sales fell 44% to 1.46 million tons and landed below their previous four-week average. Stronger-than-expected wheat demand could provide modest bullish support for U.S. wheat prices, although the weekly decline highlights some cooling in sales momentum.
USDA export data showed mixed commodity demand, with soybean exports reaching a marketing-year high of 2.53 million metric tons while wheat, cotton and soybean sales delivered contrasting signals.
China accounted for 1.59 million metric tons of soybean exports, while corn exports surged 86% week over week to 1.03 million metric tons; soybean net sales fell 44% and wheat exports hit a marketing-year low.
Strong soybean and corn shipments could support agricultural commodity demand, although weaker sales across several products may create pressure on individual futures markets.
USDA export sales for the 2026-27 marketing year show net wheat sales of 538,000 tons, with an additional 19,200 tons reported for 2027-28.
The bulk of reported export commitments is concentrated in the 2026-27 marketing year.
The export demand could provide support for wheat market sentiment and strengthen expectations for future shipments.
Chicago wheat futures gained 0.8% as a weaker US dollar boosted the competitiveness of American agricultural exports, while expectations of stronger Black Sea grain shipments limited the recovery.
Corn rose 0.6% and soybeans gained 0.3%, while Ukraine's grain export transportation increased 26% month-on-month to 1.08 million metric tons in October.
Potential progress toward reopening Black Sea shipping lanes and expectations of large Russian and Ukrainian exports could continue pressuring wheat prices despite weaker-dollar support.
CBOT December wheat may retest resistance at $6.05 per bushel after rebounding from support near $5.90-3/4, with technical signals pointing to a potential trend reversal.
Hourly MACD bullish divergences support the rebound, while immediate support stands at $5.99-1/2 and a stronger resistance target lies at $6.13-1/4.
A sustained move above $6.13-1/4 could signal a broader reversal of the downtrend from $7.06-1/2, while a break below immediate support may renew downside pressure.
Wheat rebounded to $6 per bushel as worsening Russian export prospects heightened concerns over global grain supplies.
IKAR cut its 2026–27 Russian wheat export forecast from 42 million to 39.5 million metric tons, while alternative Black Sea shipping routes face capacity constraints.
Continued logistical disruptions could tighten global wheat supplies and support prices, although progress in upcoming Russia-Ukraine peace talks could ease trade concerns.
Chicago wheat futures gained 0.5% as a weakening US dollar improved the competitiveness of American agricultural exports, while expectations of stronger Black Sea supplies limited gains.
Corn futures rose 0.4% and soybeans added 0.1%, but wheat remains near four-month lows after falling approximately 25% from its early September highs.
Potential reopening of Black Sea shipping lanes and expectations of large US harvests could continue pressuring grain prices, although concrete progress on port access may shift market sentiment.
Chicago wheat futures rose 0.5% to $6.01-3/4 per bushel as a weakening US dollar improved the competitiveness of American grain exports. Corn gained 0.4% and soybeans advanced 0.2%, but wheat remains near four-month lows after falling around 25% from its September highs, with expectations of increased Black Sea exports weighing on prices. A weaker dollar could provide further support to agricultural commodities, although potential Black Sea shipping reopening and record US crop production could limit gains.
Australia's 2026-27 grain and oilseed harvest is forecast to reach 63 million metric tons, exceeding earlier expectations despite remaining 8% below last year's strong crop. Rabobank expects improved global grain supply to pressure prices, while ASX January 2027 and 2028 grain contract prices have already declined, though less than CBOT prices. The stronger supply outlook could intensify downside pressure across global agricultural commodity markets.
Reuters analyst Wang Tao published intraday technical targets and key support and resistance levels across major commodity markets, including oil, precious metals, industrial metals, and agricultural products. Brent oil faces resistance at $95.48, $97.22, and $98.97, while spot gold has support at $4,095, $4,071, and $4,056; WTI resistance stands at $88.68 and $90.76. These technical levels could guide short-term trading decisions, but the analysis does not establish a broader directional catalyst for commodities.
Corn futures rebounded on Wednesday after hitting a four-month low, supported by bargain buying and technical buying as the market recovered from oversold conditions.
December corn gained 1-3/4 cents to $4.44-1/4 per bushel, while wheat and soybeans remained under pressure amid expectations for large US harvests.
The upcoming USDA crop estimates and export sales data could drive further volatility in grain markets as traders assess supply conditions and export demand.
CBOT wheat futures touched a four-month low on Wednesday as traders assessed the possibility of a Russia-Ukraine peace deal and increased Black Sea grain shipments.
Kyiv and Moscow confirmed they will join U.S.-brokered peace talks in Abu Dhabi on November 10-11, while December CBOT wheat finished just 1¼ cents lower at $5.98½ per bushel.
Progress toward peace and stronger export flows could add further pressure to wheat prices, although a weaker U.S. dollar may help support export demand.
CBOT corn and wheat futures rebounded on Wednesday from four-month lows as bargain buying and technical buying lifted prices after recent heavy selling.
Corn gained 3.25 cents to $4.45¾ per bushel, while wheat rose 2.5 cents to $6.02¼; soybeans fell 9 cents to $12.05 after touching an 11-week low.
The rebound could extend if oversold conditions and slower harvest-related cash sales continue easing pressure, although record-large crop expectations may limit upside.
European wheat futures extended their decline to a 3.5-month low as a stronger euro and expectations of progress in Russia-Ukraine peace talks increased pressure on prices.
December Euronext wheat settled 0.6% lower at €224 per metric ton after touching €222.75, while traders reported offers for more than 160,000 tons of Russian wheat for Baltic shipment.
Potential progress toward a Black Sea shipping agreement and rising Russian export volumes could intensify competition for European wheat and keep prices under pressure, although strong French export demand may limit the downside.
US hard red winter wheat basis bids remained steady as farmer selling virtually disappeared amid low futures prices and limited available supplies.
USDA reported winter wheat planting was 83% complete, slightly behind the five-year average, while only 44% of the crop was rated good to excellent, below the 50% analyst expectation.
Limited farmer selling and weaker crop conditions could support wheat prices, although progress toward resolving the Ukraine and Iran conflicts could ease commodity supply disruption concerns.
CBOT grain markets show a mixed outlook, with wheat holding near unchanged, corn slightly weaker, and soybeans facing a 6–9 cent decline amid harvest and supply pressure.
U.S. soybean and corn harvests are 88% and 74% complete, respectively, while StoneX raised its estimates for this year's U.S. crops and traders remain disappointed with Chinese soybean demand.
Large crop prospects and export competition could continue pressuring soybean and corn futures, while wheat may find support from a weaker dollar.
CBOT December wheat may find a bottom in the $5.85-1/4 to $5.90-3/4 support zone, potentially setting up a strong rebound.
Bullish divergences on the hourly MACD support a possible reversal, while a break above $6.05 would confirm the trend shift.
A successful reversal could end the decline from $7.06-1/2, although the longer-term trend from $7.95 remains uncertain.
Reuters publishes intraday technical targets and key support and resistance levels across major commodity markets.
The analysis covers Brent and WTI crude, spot gold, copper, aluminium, palm oil, soybeans, corn, wheat, coffee and cocoa, with multiple price levels identified for each contract.
These technical levels could help traders identify potential intraday turning points and breakout zones across commodity markets.
CBOT wheat futures closed lower as traders weighed upcoming Russia-Ukraine peace talks that could ease concerns over Black Sea grain export disruptions.
Russia confirmed it will participate in three-way talks with Ukraine and the United States in Abu Dhabi on November 10-11, while US winter wheat conditions came in weaker than expected, with 44% rated good-to-excellent versus a 50% analyst estimate.
Progress toward a peace agreement could further pressure wheat prices by reducing supply disruption concerns, although weaker US crop conditions may limit downside.
US hard red winter wheat basis bids remained unchanged across the Plains on Tuesday as farmer selling stayed slow and planting of the 2027 crop neared completion.
The USDA reported 83% of winter wheat planted, slightly below the five-year average, while only 44% of the crop was rated good to excellent, below analyst expectations of 50%.
Below-expected crop conditions could support wheat prices, although progress in Russia-Ukraine peace talks could add downward pressure.
Wheat prices are under pressure, falling 1.5% on CBOT to $5.97 1/2 per bushel as improving Southern Hemisphere crop prospects weigh against geopolitical supply uncertainty.
Argentina's Rosario exchange raised its wheat production estimate, while Australia's harvest is gathering pace, with Black Sea developments remaining a key supply variable.
Continued harvest progress and competitive export supplies could maintain pressure on wheat prices, although geopolitical disruptions could introduce renewed upside risk.
U.S. wheat, corn and soybean futures faced modest pressure as grain traders weighed harvest progress, export demand and geopolitical developments.
Wheat fell as planned Russia-Ukraine peace talks and rising Russian exports eased concerns over Black Sea supply disruptions, while the U.S. corn harvest reached 74% completion and soybean sales to China continued.
Further harvest progress and uncertainty around export demand could keep pressure on grain prices, although diplomatic developments and trade flows may shift supply expectations.
CBOT December wheat faces downside pressure, with a break below $5.99-1/2 potentially confirming a bearish continuation pattern.
The technical outlook points to a downside target of $5.90-3/4 to $5.96-1/4, while the daily chart has already broken its rising trendline.
Further weakness could extend toward $5.89-1/2 unless wheat recovers above the $6.13-1/4 level that would trigger a reassessment of the bearish outlook.