Wheat futures ended higher on Friday, rebounding from sharp losses the previous session as ongoing Black Sea export disruptions and bargain buying helped support prices. Corn and soybean futures also finished higher.
Wheat had suffered double-digit losses Thursday, pressured by a stronger U.S. dollar, expectations of large crops in Australia and Argentina, and hopes for progress in Russia-Ukraine peace negotiations. However, renewed concerns about Black Sea shipping helped underpin Friday's recovery. Russian consultancy SovEcon recently lowered its 2026-27 Russian wheat export forecast, citing expectations that shipping disruptions may continue into spring. December Chicago added 9 cents to $5.93 ¼, December Kansas City was up 6 ½ cents at $6.28 ¾, and December Minneapolis gained 4 cents to $6.26 ¾.
Meanwhile, corn and soybeans continued to draw support from Tuesday's USDA November supply-demand report, which featured lower-than-expected U.S. production and ending stocks estimates for both crops.
Soybeans also benefited from continued Chinese buying interest, with the USDA reporting an export sale of 136,000 tonnes on Thursday. However, favourable growing conditions in Brazil and prospects for a large South American harvest limited the advances. January was up 12 ½ cents at $12.31 ½, and new-crop November gained 11 ¼ cents to $11.87 ¼.
Corn found additional support from expectations of strong export and ethanol demand. December corn was 3 cents higher at $4.45 ½, and March added 2 cents to $4.56 ¾.
