Corn falls as US harvest advances, wheat nears 3.5-month low
Chicago corn and wheat futures slip as the US harvest speeds up and hopes grow for Black Sea grain exports, Reuters reports.
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what happened
Corn on the Chicago Board of Trade (CBOT) fell 0.3% to $4.53¾ a bushel, as of 0018 GMT. Wheat eased 0.3% to $6.14¼ a bushel, trading close to its lowest level since July 10. The drop in wheat followed a report on Monday that Russia was reviewing proposals to keep grain shipments safe across the Black Sea. Soybeans rose 0.2% to $12.44¼ a bushel after heavy losses in the previous session.
Reuters cited Interfax, which said Russian Deputy Foreign Minister Alexander Alimov confirmed Moscow is weighing various options and is in contact with Turkey. The US harvest is moving quickly: soybeans were 79% harvested and corn 60%, according to the US Department of Agriculture, with the corn figure ahead of analysts' expectations in a Reuters poll. The Brazilian real weakened around 12% against the dollar in spot trading after President Luiz Inacio Lula da Silva was re-elected, and the stock exchange halted trading through a circuit breaker.
why it matters
Two factors matter here. Large stocks and a fast US harvest add pressure on corn, while a weaker real makes Brazilian soybean exports cheaper and more competitive for buyers. Wheat still has support from questions about safe shipping in the Black Sea. Investors are also watching US durable goods orders and the consumer confidence index.
market impact
Grains: harvest pressure weighs on corn and wheat, Black Sea shipping news supports wheat; soy hit by weaker real
tags
instruments
sources
- Corn drops on US harvest pressure, wheat near 3-1/2-month low — Reuters, 27 October 2026 at 00:24 UTC
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