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

Meanwhile, wheat futures firmed on concerns about global stocks as fighting between 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. Export news helped to limit selling of corn and soybean futures, analysts said. 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. Agricultural product prices are often influenced by energy markets, given the rapidly growing use of farm goods in biofuel production. On Wednesday, the U.S. Department of Agriculture confirmed private sales of 120,000 metric tons of U.S. corn for delivery to Mexico, with 30,000 metric tons for delivery during the 2026/2027 marketing year and 90,000 metric 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. Chicago Board of Trade corn and soybean futures slipped for a second consecutive session on Wednesday on expectations of timely rains across the U.S. Midwest and commodity group StoneX releasing a hefty U.S. corn yield forecast, market analysts said. 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 U.S. 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." The most-active soybean contract Sv1 on the Chicago Board of Trade was down 0.62% to $11.70-1/2 a bushel at 10:40 a.m. CDT (1540 GMT). Corn Cv1 declined 1.34% to $4.59-1/4 a bushel while wheat Wv1 was up 0.74% to $6.43-1/4 a bushel.

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

Wheat firms on Black Sea supply concerns

Oil volatility and USDA export sales add to price moves

Corn and soybeans slip on Midwest rain and StoneX yield forecast

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