Wheat and soybean prices rise as US corn futures weaken
Wheat futures advanced amid Black Sea supply risks, while strong new-crop US soybean sales supported oilseed prices. Chicago corn weakened despite sales of 1.066 million tonnes for the new crop, with cumulative 2026/27 bookings down 33.6% year on year.
Wheat reaches three-year high
Global grain and oilseed markets diverged on Thursday, August 27, 2026, as wheat and soybean prices rose while Chicago corn futures retreated. ZOL reported that geopolitical tension around the Black Sea continued to support wheat, with exports from Russia and Ukraine facing disruption just as the next four months normally mark the peak season for agricultural shipments.
December soft red winter wheat on the Chicago Board of Trade reached $279.52 per tonne, while December hard red winter wheat in Kansas City rose to $302.03 per tonne and Minneapolis hard red spring wheat reached $278.42 per tonne. The source said winter-wheat exchange prices were at a three-year high. September Minneapolis spring wheat posted the strongest move, gaining 38 3/4 cents to $7.32 3/4 per bushel.
US new-crop wheat export sales for the 2026/27 season totaled 402,531 tonnes. Mexico bought 78,500 tonnes, Japan took 71,900 tonnes and Vietnam purchased 65,000 tonnes. Supply expectations also tightened in Europe: the European Commission estimated EU wheat production at 124.2 million tonnes, 0.2 million tonnes below its July forecast. End-August stocks were assessed at 11.3 million tonnes, down 1.6 million tonnes from the July estimate.
Corn retreats despite new-crop business
Chicago corn futures weakened after gains earlier in the week. September closed at $5.10 1/4 per bushel, down 3 3/4 cents, while December lost 3 cents to $5.33 1/2. March declined 3 1/2 cents to $5.47 1/4.
For the week ended August 20, old-crop US corn sales were reported at 31,220 tonnes. The same report listed purchases of 100,560 tonnes by the Netherlands and 84,200 tonnes by Japan, while 277,500 tonnes went to undisclosed buyers. New-crop corn sales reached 1.066 million tonnes, including 438,000 tonnes to undisclosed buyers, 208,800 tonnes to Mexico and 92,500 tonnes to Honduras.
The larger signal for traders was the pace of forward coverage. Total US corn sales for 2026/27 stood at 12.458 million tonnes, 33.6% below the comparable point of the previous season. That year-on-year deficit outweighed the latest weekly bookings and helped separate corn’s performance from the rally in wheat.
China anchors soybean demand
Soybean futures finished modestly higher. September gained 2 1/4 cents to $12.56 1/2 per bushel, November added 2 cents to $12.68 and January rose 2 1/4 cents to $12.83. Old-crop 2025/26 sales totaled 73,913 tonnes. Egypt bought 105,000 tonnes and Indonesia took 66,300 tonnes, while undisclosed buyers cancelled 169,500 tonnes, most of which was reassigned to another buyer.
US new-crop soybean sales were substantially larger at 2.478 million tonnes. China purchased 1.1 million tonnes and 1.046 million tonnes were booked for undisclosed destinations, taking cumulative 2026/27 sales to 14.334 million tonnes. Soybean meal sales totaled 427,480 tonnes. Soybean oil sales were only 360 tonnes for 2025/26 and zero for 2026/27.
European demand added another supportive indicator. European Commission data showed EU soybean imports for 2026/27 at 14.5 million tonnes as of August 26, an increase of 0.6 million tonnes from July. The combination of Chinese buying, large undisclosed bookings and higher EU imports gave soybeans a firmer demand base than corn, while wheat remained driven primarily by Black Sea risk and reduced European supply estimates.
