Wheat futures fall as US corn and soybean contracts gain on export demand
Wheat futures declined across major US exchanges on August 21, while Chicago corn and soybean contracts advanced. Strong old-crop corn sales and new soybean business, including 712,000 tonnes for China, supported oilseed and feed-grain prices.
Wheat weakens across US and European markets
Global grain and oilseed futures diverged on Friday, August 21, as wheat declined across the three main US wheat exchanges while Chicago corn and soybean contracts gained. Zol.ru reported that September Chicago soft red winter wheat settled at $6.81-1/2 per bushel, down 1 1/4 cents, while the December contract slipped 3/4 cent to $6.99-1/4.
Hard red winter wheat recorded the sharpest US losses. September Kansas City futures fell 6 cents to $7.56-1/4, and December declined 4 cents to $7.72-1/2. In Minneapolis, September spring wheat eased 2 1/2 cents to $6.98-1/4, while December lost 3 1/4 cents to $7.25-1/2. On a per-tonne basis, September contracts were valued at $250.40 in Chicago, $277.87 in Kansas City and $256.56 in Minneapolis.
US wheat export demand remained behind earlier benchmarks. According to the US Department of Agriculture data cited by Zol.ru, new-crop wheat sales reached 7.936 million tonnes, 31% below the previous marketing year. Commitments represented 38% of the USDA export projection, compared with 49% a year earlier and a 45% average.
Russian harvest adds supply while duties rise
Black Sea supply indicators reinforced the pressure on wheat. SovEcon estimated Russia’s 2026 wheat crop at 88.2 million tonnes, although that was 0.3 million tonnes below its previous forecast. Russia’s Agriculture Ministry reported that 75 million tonnes had been harvested by August 21, 9 million tonnes more than at the same point last year.
Russia will raise its wheat export duty from 721.1 rubles per tonne to 1,012.1 rubles per tonne from August 26. The corn duty will increase from 285 rubles to 607.3 rubles per tonne. The NTB CPT Novorossiysk Russian wheat index stood at 11,000 rubles per tonne excluding VAT on August 21. Ukraine’s grain exports in August were forecast at 1.33 million tonnes, down 54% from July.
European prices also weakened. September milling wheat on Paris MATIF fell to €223.50 per tonne, or $261.00, while December settled at €238.25, equivalent to $278.23. November Paris corn declined to €261.00 per tonne, or $304.80, showing that the corn rally was concentrated in Chicago rather than shared across all markets.
Corn and soybeans draw support from US sales
Chicago corn futures rose 5 cents for both September and December, closing at $4.83-3/4 and $5.08-1/2 per bushel respectively. March gained 5 1/4 cents to $5.23-1/2. The USDA also reported a weekly sale of 205,000 tonnes of US corn to undisclosed destinations.
Old-crop corn purchases totaled 87.74 million tonnes, 24% more than in the previous marketing year and equal to 102% of the USDA forecast, according to the sales data. New-crop commitments, however, stood at 11.391 million tonnes, 21.7% below the previous year. That contrast points to firm immediate demand but weaker forward coverage.
Soybeans also advanced. September futures rose 4 1/4 cents to $12.25 per bushel, November added 3 cents to $12.39-1/2, and January gained 2 1/4 cents to $12.53-3/4. The USDA reported 712,000 tonnes of 2026/27 new-crop soybeans for China. New-crop purchases reached 11.85 million tonnes, twice the volume recorded in the comparable week last year and the highest in four years. Sinograin is scheduled to auction 290,000 tonnes of imported soybeans on August 26, adding a near-term test of Chinese domestic demand.
