Corn and soybean futures closed modestly higher on Thursday, August 6, while winter wheat futures moved sharply lower as traders digested the latest USDA export sales report and monitored weather forecasts across the U.S. Midwest. The session was driven by technical buying in corn and soybeans, fresh soybean demand from China and expectations ahead of next week's Crop Production and WASDE reports. The market reaction matters because it provides fresh signals for producers making marketing decisions during the final stretch of the growing season.

Grain markets remained largely rangebound after the USDA's weekly export sales report delivered few surprises. Old-crop export commitments continued to fade as the 2025/26 marketing year approaches its conclusion, while most commercial activity shifted toward new-crop business. Analysts noted that technical buying rather than fundamental demand accounted for much of Thursday's strength in corn and soybeans. Meanwhile, forecasts from NOAA continued to call for above-normal rainfall across Iowa, Illinois and Indiana, with additional wet conditions expected into mid-August, reinforcing expectations for favorable crop development across much of the Corn Belt.

Biologicals innovation

Next-Generation Biologicals: Why Moving From Lab to Field Is Still a Major Challenge

Corn Advances on Technical Buying Despite Average Export Demand

Corn futures recovered part of Wednesday's losses as bargain hunters entered the market. September futures gained 2.25 cents to $4.39 per bushel, while December futures settled 2 cents higher at $4.62. USDA data showed 4.6 million bushels of old-crop export sales and 40.4 million bushels of new-crop sales, totaling 45.0 million bushels, a figure that landed near the middle of analysts' expectations. Export shipments improved to 75.8 million bushels, with Mexico, South Korea, Colombia, Japan and Spain leading purchases. Market participants are now increasingly focused on next week's USDA reports, which could significantly reshape price expectations for the remainder of the season.

Source: USDA Export Sales Report.

Newsletter Sign Up.

Email:

Subscribe

Soybeans Gain on Fresh Chinese Demand

Soybean futures also finished in positive territory after USDA confirmed a flash sale of 4.5 million bushels to China for delivery during the 2026/27 marketing year. September futures rose 3.5 cents to $11.60, while November contracts added 3 cents to $11.7775 per bushel. Although total weekly export sales reached 34.4 million bushels, the figure still came in below market expectations. Shipments totaled 12.7 million bushels, with Indonesia, Mexico, the Netherlands, Egypt and Taiwan ranking among the leading destinations. The latest Chinese purchase provided a psychological boost to traders, helping offset otherwise disappointing export statistics.

Source:  USDA Export Sales Report.

Wheat Drops Despite Higher Energy Prices

Unlike corn and soybeans, winter wheat futures failed to benefit from rising crude oil prices, as traders continued focusing on harvest progress and global supply prospects. September Chicago SRW wheat futures declined 11 cents to $6.3125, while Kansas City HRW contracts fell 13.75 cents to $6.9975. Weekly wheat export sales totaled 10.9 million bushels, while shipments climbed to 15.4 million bushels, exceeding the recent four-week average. At the same time, market intelligence firm Expana reduced its estimate for European Union wheat production by approximately 55 million bushels, reflecting crop stress caused by excessive summer heat. Additional international demand emerged after Algeria and South Korea completed new wheat purchases, although those developments failed to reverse bearish market sentiment.

Source: USDA Export Sales Report.