Chicago wheat sinks 5.1% in a week as corn and soybeans slip
December corn lost 2.9% and November soybeans 1.5% between Oct. 20 and Oct. 27, while the U.S. corn harvest reached 60% complete, according to USDA data.
- December Chicago wheat closed at $6.1025 a bushel on Oct. 27, down 5.1% from Oct. 20 by our calculation.
- The U.S. corn harvest was 60% complete on Oct. 25, up from 44% on Oct. 18, according to USDA data.
- The FAO Food Price Index for October is due Nov. 6 and USDA's November WASDE report on Nov. 10.
Chicago wheat led grain markets lower in the week of Oct. 21-27, with December futures closing at $6.1025 a bushel on Oct. 27, according to GX94 Radio. Corn and soybeans also ended lower.
Wheat sinks 5.1% as Russia reviews Black Sea shipping proposals
December Chicago wheat fell from $6.4325 on Oct. 20, according to GX94 Radio's earlier report, to $6.1025 on Oct. 27. That is a drop of 5.1% by our calculation.
CBOT wheat touched its lowest level since early July on Oct. 26 after reports that Russia was reviewing proposals for safe Black Sea grain transport, according to Reuters coverage published by Business Recorder.
Alexander Alimov, Russia's deputy foreign minister, said on Oct. 26 that he did not see "any prospects for reviving the grain deal," according to Daily Sabah, citing Interfax.
Russia withdrew from the 2022 Black Sea Grain Initiative in 2023, according to Daily Sabah. Alimov's remark came as Moscow said it was in dialogue with Türkiye and other countries on grain shipping.
Ukrainian 11.5% wheat fell $2.50 to $191.50 a metric ton, free on board at the Danube, on Oct. 22, according to Fastmarkets. A drone attack near Romania on Oct. 23 reportedly sank a cargo ship.
U.S. wheat export inspections were 183,800 metric tons in the week ended Oct. 22, according to Ukragroconsult. Winter wheat planting was one point behind its five-year average on Oct. 25.
Corn harvest reaches 60% as soybeans move ahead of the average
The U.S. corn harvest was 60% complete on Oct. 25, up from 44% on Oct. 18, according to DTN's summary of USDA's Crop Progress report. The five-year average is 66%.
Our Oct. 21 review named the Oct. 26 Crop Progress report as a trigger, with the harvest at 44% on Oct. 18. The report is out, and corn remains six points behind the average pace.
Soybeans were 79% harvested against a five-year average of 77%, up from 64% on Oct. 18, DTN reported. Winter wheat planting stood at 76% against an average of 77%.
December corn closed at $4.4875 on Oct. 27, down from $4.62 on Oct. 20, a decline of 2.9%. Reuters tied the weakness to harvest pressure, according to Business Recorder.
The National Weather Service forecast 0.25 to 1.5 inches of rain for Nebraska, Iowa and South Dakota by Oct. 31, according to Farm Progress. The eastern Corn Belt should stay mostly dry, it reported.
China books more U.S. soybeans while November futures slip 1.5%
China has bought 16.6-17 million metric tons of U.S. soybeans since early July, close to 70% of its 25-million-ton commitment, according to Fastmarkets on Oct. 26.
USDA announced a private sale of 612,000 metric tons of U.S. soybeans to China on Oct. 20, according to Ukragroconsult.
Farm Progress put outstanding Chinese commitments at 13.45 million metric tons as of Oct. 15, or 54% of the 25-million-ton target. The two counts measure purchases and outstanding commitments separately.
November soybeans closed at $12.2925 on Oct. 27, down 1.5% from $12.4825 on Oct. 20. The contract fell 15.25 cents on Oct. 26 as Brazilian supplies competed, according to Ukragroconsult's market report.
Cumulative 2026/27 soybean exports are up 42.4% from a year earlier, while corn shipments are down 7.7%, according to the same Ukragroconsult report.
USDA's export sales report released Oct. 22 for the week ended Oct. 15 showed corn net sales of 1.527 million metric tons and wheat net sales of about 239,600 tons, according to Farm Progress and Lakefront Futures.
FAO index stood at 136.0 in September ahead of the Nov. 6 update
The FAO Food Price Index averaged 136.0 points in September, up 1.5% from August, according to the Food and Agriculture Organization. Its cereal index rose 5.1% to 122.8 points.
The October reading is due Nov. 6. That trigger from the Oct. 21 edition has not resolved, because the FAO published no new index in the window.
The week in numbers
| Contract | Close | Week change | Source |
|---|---|---|---|
| December corn, $ a bushel | $4.4875 | -2.9% | GX94 Radio |
| November soybeans, $ a bushel | $12.2925 | -1.5% | GX94 Radio |
| December Chicago wheat, $ a bushel | $6.1025 | -5.1% | GX94 Radio |
| U.S. corn harvested, USDA | 60% | +16 points | DTN |
| U.S. soybeans harvested, USDA | 79% | +15 points | DTN |
As of Oct. 27. Week change is our calculation from the closes on Oct. 20 and Oct. 27; harvest rows compare Oct. 18 with Oct. 25.
USDA and FAO releases on Oct. 29, Nov. 2, Nov. 6 and Nov. 10 set the checkpoints
- Oct. 29: USDA publishes weekly export sales for the week ended Oct. 22, normally on Thursdays at 8:30 a.m. ET.
- Nov. 2: USDA releases its next Crop Progress report, issued on Mondays, with corn at 60% and soybeans at 79% harvested as the starting point.
- Nov. 6: the FAO publishes the October Food Price Index; September stood at 136.0 points.
- Nov. 10: USDA releases the November WASDE report at 12:00 p.m. ET.
Harvest and export-sales figures come from trade-press summaries of USDA reports. Futures closes come from radio-station market reports.