Grain Market Update

Justin N

Corn • Soybeans • SRW Wheat

As harvest moves well past the halfway point, eyes shift toward 2027 marketing plans and grain markets continue to trade a tug-of-war between comfortable U.S. supplies and improving global demand. Recent USDA data has provided support in corn, while soybeans have benefitted from renewed export interest. Wheat remains the weakest of the major row crop markets, though values have stabilized near multi-month lows.

Corn

December Corn futures closed near $4.46/bu. The market tested lows previously made in July and closed the week up a nickel. USDA lowered yield estimates and projected ending stocks on the latest WASDE earlier this week. Export demand remains respectable, particularly from Mexico, helping provide support underneath the market. However, large South American production expectations continue to cap rallies.

Where Corn Stands:

  • Current Futures: $4.48

  • 52-Week High: $5.50

  • 52-WeekLow: $4.26

Merchandiser's Take: Corn has found support but remains well below values seen during late-summer weather concerns. Opportunities to reward rallies and maintain disciplined sales targets remain important.

Soybean

January Soybean futures closed near $12.32/bu, attempting to continue a strong recovery from harvest lows. Export sales to China and tightening South American weather forecasts have helped improve market sentiment. Crush demand remains solid, supporting the soybean complex.

Where Soybeans Stand:

  • Current Futures: $12.32

  • 52-Week High: $13.50

  • 52-Week Low: $10.66

Merchandiser's Take: Soybeans currently have the strongest technical position among the major grains. Weather developments in Brazil and Argentina will likely remain the primary driver through the winter months.

SRW Wheat Market

Chicago SRW Wheat futures closed near $5.94/bu. Wheat continues to battle abundant world supplies and aggressive export competition from the Black Sea region. While export demand has improved at times, the market remains pressured by large global inventories.

Where Wheat Stands:

  • Current Futures: $5.94

  • 52-Week High: $7.95

  • 52-Wek Low: $5.57

Merchandiser's Take: Wheat remains the weakest of the grain markets. Prices are trading much closer to annual lows than highs, but global weather risks and geopolitical developments could quickly change the outlook.

Key Drivers to Watch

✓ South American growing conditions
✓ U.S. export pace and competitiveness
✓ USDA supply and demand revisions
✓ Fund positioning and outside-market volatility
✓ Global weather and Black Sea developments

Marketing Perspective

Corn and wheat remain much closer to their annual lows than highs, while soybeans have regained a larger portion of their harvest decline. Current market conditions continue to favor having a disciplined marketing strategy, maintaining target orders, and evaluating opportunities created by weather scares, export demand surges, and seasonal rallies.

Contact our grain marketing team to discuss cash sales, basis opportunities, futures strategies, and customized marketing plans for your operation.