Corn, wheat and soybean futures all ended weaker on Thursday, as disappointing U.S. export sales and a lack of fresh agricultural commitments from the Trump-Xi summit outweighed support from sharply higher crude oil.
Soybeans slipped modestly after trading higher earlier in the session. The USDA reported 2026-27 soybean export sales of just 582,400 tonnes for the week ended Sept. 17, well below trade expectations of 1.5 million to 2 million. China did purchase another 120,000 tonnes of U.S. soybeans, but the meeting between President Donald Trump and Chinese President Xi Jinping produced no new news on agricultural purchases. The two countries instead extended their trade truce for another two months. November beans eased a ½ cent to $13.17 ½, and March was down 2 ¾ cents at $13.39 ¾.
For corn, weekly export sales of 838,300 tonnes were barely inside the bottom of trade expectations ranging from 800,000 to 1.4 million tonnes, offering little fresh support. December dipped 1 ½ cents to $5.27 ½, and March lost 2 cents to $5.41 ½.
Wheat sustained the largest losses. U.S. wheat export sales came in at only 267,600 tonnes, well below trade expectations of 350,000 to 600,000 tonnes. Forecast rainfall across the central and southern Plains also weighed on prices, with 2 to 4 inches expected in some areas from the Texas Panhandle into Nebraska. The moisture should improve conditions for newly planted winter wheat, even as it temporarily slows fieldwork. A firmer U.S. dollar was also negative for prices. December Chicago lost 1 ½ cents to $7.07, and December Kansas City fell 4 ¾ cents to $7.67. December Hard Red Spring was steady at $7.51 ¾, but December Minneapolis closed 8 ½ cents lower at $7.20 ¼.
