Wheat jumps on Black Sea disruptions, corn eases
DBA•Chicago wheat rose 0.9% to $6.89 a bushel as Black Sea shipping disruptions supported prices. Corn fell 0.2% to $4.97-1/4 a bushel on pressure from US inventories, while soybeans edged up 0.2% to $12.80-1/4.
1. Grain futures diverge
Chicago wheat rose almost 1% on Monday, recovering from a multi-week low as efforts to restore Black Sea supplies showed no progress. A Singapore-based wheat trader said cargoes were still not moving out.
2. Exports and harvests
Sovecon cut its forecast for Russia's 2026/27 grain exports to 44.7 million metric tons from 49.4 million, and warned that Azov and Black Sea ports will remain shut until 2027. Corn faced pressure after the U.S. Department of Agriculture reported that U.S. farmers and grain handlers had 35% more corn in storage on September 1 than a year earlier.
3. US crop estimates
Traders are awaiting U.S. Department of Agriculture crop production and supply-and-demand reports. StoneX lowered its estimate of the average 2026 U.S. corn yield to 182.1 bushels per acre from 182.9, while raising its soybean yield forecast to 54.1 bushels per acre from 53.0.
