Wheat futures continued to slide heavy global supplies on Thursday, while both corn and soybeans managed small gains.
Rising estimates for the Australian crop and an expected large export program out of Russia remained bearish factors for wheat. Improving moisture conditions on the southern Plains for the planting of the 2026 US winter wheat crop also weighed. Because of the Labour Day holiday, the USDA’s weekly export sales report has been pushed back to Friday. December Chicago wheat fell 2 ½ cents to $5.19 ½, and December Kansas City lost 4 cents to $5.06 ¼. September Hard Red Spring dropped 8 cents to $5.24 ¼, and December Minneapolis closed 2 ¾ cents lower at $5.70 ¼.
Technical buying supported both corn and soybeans, despite ongoing prediction of monster US crops this fall. Soybeans also remain anchored by the complete lack of Chinese export buying amid trade tensions between Washington and Beijing.
December corn was up 1 ¾ cents to $4.19 ¾, and march was 1 ½ cents higher at $4.37 ½. November and January soybeans each added 1 ½ cents to close at $10.33 and $10.51 ½.
