Grains-CBOT wheat futures firm as corn, soybeans slip on rain forecast

Commodity brokerage StoneX on Tuesday projected U.S. 2026 corn production at 16.160 billion bushels, with an average yield of 184.8 bushels per acre, higher than the latest forecast from the Department of Agriculture. "Stonex put the yields very, very high and a lot of people pay attention to Stonex," said Jack Scoville, market analyst at The Price Futures Group. "When they put the corn yield that high, some people are going to sell." Chicago Board of Trade corn and soybean futures slipped for a second consecutive session on Wednesday on expectations of timely rains across the Midwest and commodity group StoneX releasing a hefty U.S. corn yield forecast, market analysts said. The most-active soybean contract Sv1 on the Chicago Board of Trade settled down 3 cents at $11.74-3/4 per bushel. Corn Cv1 ended 5-1/2 cents lower at $4.60 a bushel, while wheat Wv1 ended up 3-3/4 cents at $6.42-1/4 per bushel. Meanwhile, wheat futures firmed on concerns about global stocks as fighting between [Russia](https://www.reuters.com/world/russia/) and Ukraine disrupted grain exports from the Black Sea region, market analysts said. Markets also maintained their focus on potential risks to Black Sea grain exports from ongoing hostilities between Russia and Ukraine. Ukraine's agriculture minister said on Tuesday alternative export routes would not reach the necessary capacity until at least the end of August, and would handle only about half the volume normally shipped through Black Sea ports affected by Russian attacks. Grain and soy prices were also pressured by volatility in oil prices after Yemen's Iran-aligned Houthi rebels said they attacked a Saudi oil tanker in the Red Sea. Brent crude futures LCOc1 hit their lowest price in more than three weeks on Wednesday, but reversed losses later in the session on the Houthi rebels' statement. But by the end of the session, oil prices again edged lower on revived expectations of a de-escalation in [the U.S.-Israeli war on Iran](https://www.reuters.com/world/iran/) that could restore shipping traffic in the Strait of Hormuz and oil flows in [the Middle East](https://www.reuters.com/world/middle-east/). Agricultural product prices are often influenced by energy markets, given the rapidly growing use of farm goods in biofuel production. Export news helped to limit selling of corn and soybean futures, analysts said. On Wednesday, the U.S. Department of Agriculture confirmed private sales of 120,000 metric tons of U.S. corn for delivery to [Mexico](https://www.reuters.com/world/mexico/), with 30,000 tons for delivery during the 2026/2027 marketing year and 90,000 tons for delivery during the 2027/2028 marketing year. The sale followed Beijing's unusually large purchase of about 1 million tons of U.S. soybeans on Friday, Reuters reported, citing sources. The USDA confirmed part of the deal on Monday and Tuesday in its daily export sales notices.

Grains-CBOT wheat futures firm as corn, soybeans slip on rain forecast

StoneX forecast adds pressure

Corn and soybeans slip on rain forecasts

Wheat firms on Black Sea supply concerns

Oil volatility and export sales support the market

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