Wheat solidly higher on Friday as futures rallied on fund and technical buying while traders monitored global grain movement and lingering Black Sea disruptions.
Soybeans finished higher, supported by fund activity and technical strength that produced a higher weekly close. Forecasters continue to see generally favorable crop weather, though pockets of concern remain ahead of August, the key month for soybean development. The Department of Agriculture trimmed its yield projection this week, but raised overall production on an upward revision to planted acreage. The weekly crop progress and condition report is due Monday afternoon.
Before the open, China purchased 136,000 tons of new-crop U.S. soybeans. It was the fourth straight day of announced 2026/27 U.S. soybean sales to China, bringing the running total to 641,000 tons.
Those deals align with recent trade chatter, and additional purchases could follow. China continues to source some soybeans from Brazil as well. Soybean meal and soybean oil futures tracked the gains in soybeans, with additional support for soybeans and bean oil coming from stronger crude oil.
Corn advanced on fund and technical buying, extending weekly gains. Traders are watching development weather, with expectations for improved rain coverage in parts of the Corn Belt during the second half of the month.
Pollination is largely complete, but better moisture would aid kernel fill in key areas. Market participants are weighing whether yields can return to trendline levels and whether acreage figures might shift further.
Weather problems in Europe and slower grain movement out of Ukraine could lift U.S. export demand. Old-crop 2025/26 sales are expected to coast into the marketing year’s end, while new-crop sales lag some historical measures.
Europe has likely lost significant corn to hot, dry conditions, and Ukraine remains a major supplier. Brazil may offset part of the shortfall, though the country is also prioritizing its domestic biofuels program. The USDA will update supply, demand, and production on September 11, while Brazil’s CONAB provides its next crop outlook on September 15.
France’s AgriMer rated 29% of corn good to excellent, down two points on the week and less than half the level of a year ago. The Buenos Aires Grain Exchange reported Argentina’s corn harvest at 77% complete.
The wheat complex ended higher on fund and technical buying. Chicago and Kansas City posted sharp weekly gains, while Minneapolis finished lower week over week.
Ongoing war continues to restrict grain shipments from the Black Sea region for both Russia and Ukraine, which together account for roughly a third of global wheat trade. Rail alternatives are likely insufficient and have also been targeted, which could eventually improve prospects for U.S. wheat exports.
Domestically, traders are watching the final stages of the winter wheat harvest and conditions ahead of 2027 planting, along with progress in the spring wheat harvest.
Globally, attention remains fixed on crop prospects in Argentina, Australia, Canada, Europe, India, Russia, and Ukraine.
Wheat solidly higher amid Black Sea risks
Market focus remains on conflict-related supply constraints, export competitiveness, and evolving weather that could reshape yield potential across key producing regions.
The Department of Agriculture trimmed its yield projection this week, but raised overall production on an upward revision to planted acreage. The weekly crop progress and condition report is due Monday afternoon.
Weather problems in Europe and slower grain movement out of Ukraine could lift U.S. export demand. Old-crop 2025/26 sales are expected to coast into the marketing year’s end, while new-crop sales lag some historical measures.
France’s AgriMer rated 29% of corn good to excellent, down two points on the week and less than half the level of a year ago. The Buenos Aires Grain Exchange reported Argentina’s corn harvest at 77% complete.
Domestically, traders are watching the final stages of the winter wheat harvest and conditions ahead of 2027 planting, along with progress in the spring wheat harvest. Globally, attention remains fixed on crop prospects in Argentina, Australia, Canada, Europe, India, Russia, and Ukraine, as well as how producers are managing risk in volatile markets.