Corn, wheat, and soybean futures all posted solid gains on Thursday as traders positioned ahead of Friday’s USDA supply-and-demand report, while fresh export demand and another sharp jump in crude oil added support.
Corn was lifted by expectations that USDA will trim its U.S. yield and production forecasts. The trade is generally looking for a national yield near 178 bu/acre, down from USDA’s August estimate of 180.7 bu. Meanwhile, Brent crude surged more than 6% Thursday to settle above US$107/barrel, while U.S. crude climbed above US$102 amid escalating attacks on Middle Eastern shipping. December and March corn each closed 6 cents higher at $5.33 ¾, and $5.49 ¼.
Soybeans found added support from renewed Chinese buying. Reports today said China purchased roughly 1 million tonnes of U.S. soybeans this week, while USDA this morning confirmed sales of 272,000 tonnes of soybeans to China for 2026-27 and 206,500 to unknown destinations. Traders anticipate relatively modest changes to USDA’s soybean balance sheet Friday. November beans jumped 22 ¾ cents to $13.32 ¼, and March added 21 cents to $13.52 ¾.
Wheat also moved higher as geopolitical risk remained elevated, particularly around Black Sea trade and broader shipping disruptions. December Chicago was up 12 ½ cents at $7.41 ¼, and December Kansas City gained 12 ½ cents to $8.18 ¾. December Hard Red Spring climbed 19 ¾ cents to $7.71, and December Minneapolis closed 14 ½ cents higher at $7.62 ½.
