Wheat, corn and soybean futures end week higher across major exchanges
Wheat, corn and soybean futures advanced on July 17, supported by Black Sea supply risks, US export demand and weaker crop indicators in Europe and Argentina. Wheat posted the strongest gains, while large projected harvests in Brazil could limit longer-term pressure on corn and soybean supplies.
Wheat leads gains on supply concerns
Wheat futures rose across Chicago, Kansas City and Minneapolis on Friday, July 17, ending the week higher on all three US exchanges. According to ZOL.ru, September soft red winter wheat on CBOT reached $250.86 per tonne, September hard red winter wheat on KCBT rose to $269.05 per tonne, and September spring wheat in Minneapolis climbed to $254.17 per tonne.
September CBOT wheat settled at $6.82¾ per bushel, up 8 cents, while the December contract gained 8¾ cents to $6.99¾. Kansas City September wheat increased 15¾ cents to $7.32¼, and Minneapolis September wheat added 6½ cents to $6.91¾. In Paris, September milling wheat rose 2.35% to €234.75 per tonne, equivalent to $269.33.
Black Sea shipping risks were a central market concern. ZOL.ru reported that escalation around the Black Sea and the Strait of Hormuz could lead to lower export estimates for Russia and Ukraine. Prices in Romania and Bulgaria rose another 10.59% to their highest levels since June 2024, reflecting premiums for safer routes. The gap between the Constanța–Varna–Burgas market and Russian and Ukrainian wheat widened to about $25 per tonne.
Export demand supports US markets
US Department of Agriculture data showed new-crop wheat export sales of 2.057 million tonnes as of July 9. The figure represented 10% of the USDA export projection, ahead of the five-year average pace of 9%. FranceAgriMer rated 65% of French wheat good or excellent, unchanged from the previous week, while harvesting was 92% complete by July 13.
Corn futures also advanced. September CBOT corn closed at $4.44¾ per bushel, up 3¼ cents, while December gained 3½ cents to $4.67½. US old-crop corn sales were reported at 86.279 million tonnes, and actual export shipments had reached 87% of the USDA projection of 73.058 million tonnes. New-crop sales totaled 6.859 million tonnes, 14.5% above the corresponding year-earlier level.
Crop indicators remained mixed outside the United States. FranceAgriMer rated only 41% of French corn good or excellent, down 6 percentage points in a week and far below 72% a year earlier. The Buenos Aires Grain Exchange said Argentina had harvested 62% of its corn crop, compared with 80% a year earlier. Safras & Mercado projected Brazil’s 2026/27 corn harvest at 144.96 million tonnes, up 4.59 million tonnes year on year.
Soybeans rise after new export deals
Soybean futures finished higher following three USDA-announced new-crop export transactions: 340,000 tonnes for China, 256,634 tonnes for Mexico and 110,000 tonnes for undisclosed destinations. August soybeans gained 9½ cents to $12.04½ per bushel, September rose 8¼ cents to $11.93½, and November added 8 cents to $12.03.
US old-crop soybean commitments, including shipments and outstanding sales, totaled 41.324 million tonnes, matching the USDA export forecast; shipments accounted for 38.18 million tonnes. New-crop sales stood at 4.598 million tonnes. Meanwhile, Safras & Mercado forecast Brazil’s 2026/27 soybean crop at 180.1 million tonnes, 1.8 million tonnes above the previous season, providing a substantial prospective supply counterweight to near-term export-driven gains.
