Corn, wheat and soybean futures finished higher in post-USDA trade on Friday, with wheat posting the largest gains as traders reacted to tighter U.S. supply estimates and renewed concerns about Black Sea exports.
Wheat climbed after the USDA lowered 2026-27 U.S. ending stocks by 22 million bu to 722 million. Production was cut 7 million bu to 1.536 billion bu, the smallest American wheat crop since 1970–71, as a reduction in winter wheat more than offset stronger-than-expected spring wheat output. Prices also drew support from concerns that Ukrainian drone attacks could disrupt Russian shipping and curb wheat exports from the Black Sea region. Reports today said Russia is considering restricting export flows through the Sea of Azov. Nearly a quarter of Russia’s wheat shipments exit the region. September Chicago wheat climbed 20 ½ cents to $6.40 ¼, and September Kansas City gained 22 cents to $6.76 ¼. September Hard Red Spring jumped 25 cents to $6.57 ½, and September Minneapolis was up 13 ½ cents at $6.52 ½.
Corn was boosted as the USDA cut its 2026–27 ending stocks forecast to 1.79 billion bu from 1.96 billion in June. The reduction was larger than traders expected and reflected tighter beginning supplies and a 50-million bu increase in projected exports. Old-crop stocks were also reduced by 125 million bushels to 2.02 billion after feed and residual use was raised from last month. September was 8 cents higher at $4.39 ½, and December added 9 cents to $4.61.
For soybeans, the USDA left 2026–27 ending stocks unchanged at 310 million bushels. Production was raised by 40 million bu to 4.475 billion following an increase in planted and harvested area, but projected exports were raised by 30 million bu, largely absorbing the additional supply. The unchanged carryout was below pre-report expectations, while old-crop stocks were lowered to 330 million bu, adding modest support. August beans gained 14 cents to $11.91 ¾, and November was up 9 ¼ cents to $11.90 ¾.
