Wheat, corn and soybeans fall as broad commodity selloff reaches grain markets
Wheat, corn and soybean futures declined on July 27 as a 10.63% fall in Brent crude weighed on grains and vegetable oils. US crop progress and export data, Brazil’s corn harvest and lower EU yield forecasts added competing supply signals.
Grain futures retreat with oil
Wheat, corn and soybean futures fell on Monday, July 27, as a wider commodity selloff reached agricultural markets. Zol.ru reported that Brent crude dropped 10.63% after US strikes on Iran were suspended, putting pressure on vegetable oils and grains.
September Chicago soft red winter wheat closed at $6.60 per bushel, down 18 cents, while December wheat settled at $6.77-1/2, also 18 cents lower. September Kansas City hard red winter wheat ended at $7.29, down 16 1/4 cents. September Minneapolis spring wheat closed at $7.06-1/4, down 8 cents.
On a per-tonne basis, September CBOT wheat fell 2.66% to $242.50. September corn declined 2.66% to $177.85 per tonne, while November soybeans lost 3.17% to $445.97 per tonne. The simultaneous decline across all three contracts showed that pressure was not confined to a single crop.
US crops advance as export performance diverges
National Agricultural Statistics Service data showed that 81% of the US winter wheat crop had been harvested by July 26, 2% ahead of the normal pace. Spring wheat was 92% mature, 1% behind its five-year average, while crop condition ratings remained stable.
US wheat export inspections reached 394,785 tonnes in the week ended July 23. Cumulative marketing-year shipments stood at 2.543 million tonnes, 23.21% below the same point in the previous season.
Corn futures also weakened. September corn closed at $4.51-3/4 per bushel, down 12 1/2 cents, and December corn settled at $4.74, down 13 1/2 cents. By July 26, 78% of the US crop was silking, 4 percentage points ahead of the five-year average, while 25% had reached the milk stage. The good-to-excellent rating fell by 4 percentage points to 63%.
Weekly US corn exports totaled 1.488 million tonnes. Marketing-year 2025/26 shipments reached 75.324 million tonnes, 24.81% above the comparable level a year earlier. Soybean inspections were 348,850 tonnes, while cumulative shipments of 38.97 million tonnes were 17.5% lower year on year. US soybean development remained advanced: 80% of the crop was blooming and 47% was setting pods, although the good-to-excellent rating declined by 3 percentage points to 63%.
Brazil and Europe send mixed supply signals
AgRural estimated that Brazil had harvested 60% of its second corn crop in the central-southern region, behind 68% a year earlier. ANEC projected Brazilian corn exports of 3.7 million tonnes in July.
European prices followed Chicago lower. September milling wheat on Euronext Paris fell to €229.25 per tonne, equivalent to $260.61, while August corn declined to €255.50 per tonne, or $290.45.
The European Commission’s MARS crop-monitoring service cut its 2026 EU yield forecasts. Soft wheat yield was reduced to 5.88 tonnes per hectare from 6.00 tonnes per hectare in June. Grain corn was cut to 6.93 tonnes per hectare from 7.38, sunflower to 1.94 from 2.08 and rapeseed to 3.14 from 3.18. These reductions indicate tighter European production prospects, but they were insufficient to prevent the day’s broad price decline.
