Corn and soybean futures also moved higher on bargain buying after the benchmark Chicago Board of Trade corn contract hit a multi-month low and soybeans touched a seven-week low earlier this week.

A setback in the dollar lent support, in theory making U.S. grains more attractive to those holding other currencies.

CBOT July wheat was up 7-1/4 cents at $5.42 per bushel. July corn was up 1/4 cent at $4.38-3/4 a bushel and July soybeans were up 4-1/4 cents, or 0.4 per cent, at $10.45 a bushel.

Wheat drew support from news that parts of China’s wheat belt in Shaanxi and Henan provinces have been hit by hot, dry weather that could reduce harvests, though it was unclear if this would prompt more imports given large Chinese stocks.

Traders also cited concern over Black Sea grain trade as Ukraine has stepped up attacks on Russian targets. Russian President Vladimir Putin told U.S. President Donald Trump in a telephone conversation on Wednesday that Moscow would have to respond to the attacks, according to Trump.

Commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market open to bouts of short-covering.

Corn and soybeans followed the higher trend but rallies were capped as weather is seen as mostly favorable in the Midwest crop belt, where planting is winding down.

“I don’t see anything in the weather outlook that is particularly threatening,” said Terry Linn, an analyst with Linn and Associates in Chicago.

On the trade front, Trump and Chinese counterpart Xi Jinping are set to speak this week, the White House said on Monday, boosting hopes about negotiations after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.

Vietnamese firms, meanwhile, have signed memorandums of understanding to buy $2 billion worth of American farm produce, including corn, wheat and soymeal as part of efforts to seal a new trade deal between the two countries.

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Corn futures bounced after dipping to multi-month lows overnight while wheat futures declined on improving U.S. crop ratings and a firmer dollar, which tends to make U.S. grains less competitive.

Chicago Board of Trade July soybean futures were up 7-1/4 cents at $10.40-3/4 per bushel and July soyoil, a key feedstock for biodiesel fuel, was up 0.53 cents, or about 1.2 per cent, at 46.81 cents per pound. CBOT July corn was up 1/4 cent at $4.38-1/2 a bushel while July wheat was down 3 cents at $5.36 a bushel.

U.S. crude oil prices were up nearly two per cent, lifting the CBOT soy complex as well as corn, given both crops’ role in production of biofuels. Energy traders cited geopolitical tensions between Russia and Ukraine as well as the U.S. and Iran.

“The higher crude oil trade over the past couple of days has finally given a little bit of life to soybean oil, which is in turn underpinning and creating a little bit of short covering in beans,” said Terry Reilly, senior agricultural strategist for Marex.

On the trade front, President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Worries about demand for U.S. soybeans from the world’s biggest oilseed consumer have hung over soybean futures.

Meanwhile, Reilly noted, generally favorable U.S. crop weather has bolstered production prospects in the Corn Belt, keeping a lid on rallies. “The weather looks pretty good over the next couple of weeks, so I’m looking for a choppy trade going forward,” Reilly said.

The U.S. Department of Agriculture on Monday rated 67 per cent of U.S. soybeans in good to excellent condition in its initial ratings of the 2025 soy crop, while for corn, the agency’s rating improved to 69 per cent good-to-excellent, up one percentage point from the previous week. Rains were crossing portions of eastern Kansas, Nebraska, Iowa, Minnesota and Wisconsin on Tuesday.

Wheat futures turned lower after the USDA’s weekly ratings for the U.S. winter and spring wheat crops came in above most trade expectations. The market had firmed in early moves on news that Ukraine had hit the road and rail bridge linking Russia and the Crimean peninsula, as well as also knocking out power in parts of other Russian-held territory in southern Ukraine, later revived concerns about a hardening conflict between the two grain exporting countries.

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Corn futures followed soybeans lower. But wheat futures rose on short-covering as a Ukrainian drone attack in Russia shifted attention back on the war between the two grain exporters, and as the U.S. dollar declined.

CBOT July soybean were down 8-1/4 cents at $10.33-1/2 per bushel after dipping to $10.32-1/2, the contract’s lowest since April 11. July corn was down 5-3/4 cents at $4.38-1/4 a bushel while CBOT July wheat was up five cents at $5.39 a bushel.

Pressure in soybeans stemmed from trade tensions with China, the world’s biggest soybean buyer, after President Donald Trump on Friday accused China of violating an agreement with the U.S. to mutually roll back tariffs. However, Trump and Chinese leader Xi Jinping will likely speak this week, the White House said on Monday.

Ample Brazilian soy supplies continue to hang over the market. Agribusiness consultancy AgRural raised its forecast for Brazil’s 2024/25 soybean crop by 1.3 million tons to 169 million tonnes, citing improved yields in several states.

Uncertainty over U.S. biofuel policy pressured CBOT soyoil futures, which also hit their lowest since mid-April.

“Soyoil and soybean prices continue the selloff started last week as chart signals turn negative, with little help from the China-U.S. trade talks that have broken down,” StoneX Chief Commodities Economist Arlan Suderman wrote in a client note.

Ahead of the U.S. Department of Agriculture’s weekly U.S. crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 68 per cent of the U.S. soybean crop as good to excellent in its initial ratings for the 2025 soy harvest, roughly on par with previous years.

For corn, analysts on average rated 69 per cent of the crop as good to excellent, up one percentage point from last week.

Most analysts expected the USDA to raise its ratings for the U.S. spring wheat crop after last week’s ratings fell well below trade expectations. U.S. winter wheat ratings were seen as steady as the harvest of that crop gets under way.

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Soybean futures fell on profit-taking a day after rising to a three-month high and after monthly U.S. soy crush data underscored strong production of soymeal. Wheat futures closed modestly higher after a choppy session.

Chicago Board of Trade March corn settled up 4-3/4 cents at $4.78-3/4 a bushel, hovering below a one-year top set on Tuesday at $4.79-3/4.

March CBOT soybeans ended down 4-3/4 cents at $10.40-3/4 per bushel and March wheat finished 3/4 cent higher at $5.47 a bushel.

Corn futures held firm as traders monitored forecasts for crop areas of Argentina that have struggled with hot and dry weather. Some forecasts called for weekend rains that should offer a measure of relief, but dry conditions could rebuild later this month, the Commodity Weather Group said in a client note.

“We are really watching Argentine weather very closely… The uncertainty there is continuing to put a little pressure to the upside (on corn futures),” said Don Roose, president of Iowa-based U.S. Commodities. Argentina is the world’s No. 3 corn producer and the top exporter of soy products.

Meanwhile, the futures market is still digesting last week’s USDA reports in which the government lowered estimates of the 2024 U.S. corn and soybean crops and tightened its forecasts of ending stocks for both crops.

“We are continuing to adjust to the report and trying to push (prices) high enough to where the producer sells enough or demand slows down,” Roose said.

However, he noted, both corn and soybean futures appeared to be near technical resistance levels, with corn and soybeans staying below the multi-month highs set on Tuesday.

CBOT soymeal futures sagged, pressured by reminders of an active U.S. soybean crush pace that has generated ample supplies of the feed ingredient. The National Oilseed Processors Association reported that its members crushed a record-high 206.6 million bushels of soybeans in December, above an average of trade expectations and up 5.8% from the year-ago crush.

Soybean futures were also under pressure from the start of what is widely forecast to be a record soy harvest in Brazil.

Wheat prices firmed but rallies were capped by a backdrop of strong global competition for tepid export demand.

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Corn and wheat traded on both sides of unchanged but ended well below session highs on pressure from ample global grain supplies.

Concerns about a slumping agriculture sector were overhanging grains markets after Cargill said it plans to lay off five per cent of its staff amid slumping revenues, ADM warned of a challenging 2025 and Tyson announced another meat plant closure.

Chicago Board of Trade January soybeans ended up 6-1/2 cents at $9.91-3/4 a bushel, March corn was down 1/4 cent at $4.32-1/4 a bushel and CBOT March wheat was up 1/4 cent at $5.47-1/2 a bushel.

Soybeans remained locked in a narrow range as traders weighed a recent rise in U.S. export sales against heavy global supplies and concerns about the incoming Trump administration’s hawkish approach to trade with top soy importer China.

“We’re still in a narrow band of trading in soybeans, waiting on some further confirmation of tariffs and trade policy,” said Rich Nelson, chief strategist at brokerage Allendale.

A government report showing a stronger-than-expected October U.S. soy crush underpinned soybeans, but news that Biden administration officials will not finalize guidelines on new clean fuel tax credits hammered soyoil prices at midsession.

Brazilian soybean growers are expected to reap an enormous crop, while rains across Argentina’s agricultural heartland have brought much-needed moisture to the soil as farmers are planting.

Meanwhile, U.S. wheat futures have hovered near contract lows as large global harvests and recent dollar strength dented U.S. export prospects.

Australia raised its national wheat harvest estimate on Tuesday, with good yields in the east and west forecast to compensate for losses in the south.

– Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris

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Corn futures were narrowly mixed on South American weather and light spillover pressure from soybeans, while wheat was mostly lower amid ample global supplies.

A firmer U.S. dollar anchored grain markets in general as a stronger greenback makes dollar-denominated commodities costlier for those holding other currencies.

Chicago Board of Trade January soybeans ended down 4-1/4 cents at $9.85-1/4 a bushel and March corn was down 1/2 cent at $4.32-1/2 a bushel. CBOT March wheat fell to a three-month low but ended down 3/4 cent at $5.47-1/4 a bushel.

Soybean futures were pressured by abundant U.S. supplies and by updated Brazilian crop harvest forecasts suggesting the upcoming harvest there will shatter previous records.

Brazil’s Agroconsult on Thursday raised its harvest outlook to 172.2 million metric tons, nearly 10 million tons above the 2022/23 season record. Agribusiness consultancies Celeres and StoneX also raised their crop estimates to fresh records on Monday.

“There’s no shortage of beans in the U.S. or in South America, with a crop coming at us,” said Don Roose, president of U.S. Commodities.

Traders shrugged off another U.S. Department of Agriculture announcement of soybean sales to China on Monday, the latest in a string of purchases by the top importer. The recent deals were seen as routine U.S. soy purchases ahead of Brazil’s peak export season.

U.S. wheat remained under pressure as competition from cheap Argentine and Black Sea wheat outweighed a decision by Russia to cut its 2025 wheat export quota by two-thirds and raise wheat export duties. Most deferred-month contracts posted fresh lows on Monday.

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Corn and soybean futures tipped down as investors adjusted positions before a U.S. Department of Agriculture supply-demand report on Friday that will feature new estimates of the U.S. corn and soybean harvests.

“The futures market usually sees significant moves in the October report,” said Brian Basting, analyst at Advance Trading. “People are waiting to see if they should go long or short.”

The most-active wheat contract on the Chicago Board of Trade Wv1settled up 4-3/4 cents at $6.03-3/4 a bushel, rising for a fourth consecutive session.

Russia remained the focus in wheat markets as participants grappled with signs that harsh weather is reducing wheat production in major export zones.

Ukrainian officials also said a Russian missile attack in the Odesa region that killed six people on Wednesday damaged a container ship, the latest vessel to be hit in recent days as Moscow intensifies strikes on Ukraine’s ports.

“There’s uncertainty around the world and a lot of uncertainty about the Black Sea shipping situation,” Basting said. “It’s unsettled.”

Drought has slowed winter wheat sowing in Russia, while in Argentina the Rosario grains exchange on Wednesday trimmed its estimate for the 2024/25 wheat harvest due to insufficient rainfall.

CBOT soybeans Sv1 settled down 5-1/2 cents at $10.14-3/4 a bushel and CBOT corn Cv1settled down 2-1/2 cents at $4.18-1/2 a bushel.

The U.S. Department of Agriculture’s monthly crop report on Friday will show whether the agency still expects record yields for both crops despite a dry end to the season.

—Additional reporting for Reuters by Gus Trompiz in Paris and Naveen Thukral in Singapore

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Corn prices also extended gains to a fresh three-month peak, supported by wheat and strength in the oil market after an Iranian missile attack on Israel.

Soybean futures turned lower on outlooks for beneficial rains next week in northern Brazil’s soy belt and news that the European Commission proposed delaying new anti-deforestation rules that analysts said have helped bolster demand for U.S. soymeal over South American supplies in recent days.

The European Commission on Wednesday said it would propose delaying implementation of its policy to fight deforestation by a year, following calls from industries and countries to do so.

The most-active CBOT corn contract Cv1 settled up 3-1/2 cents at $4.32-1/2 a bushel after touching $4.34-1/4 a bushel, the highest since June 28.

CBOT soybeans Sv1 eased down 1-1/4 cents at $10.56 a bushel. Wheat Wv1 ended up 16-1/4 cents at $6.15-1/4 a bushel, after touching $6.17-1/4, the highest since June 14.

Russia’s weather forecast agency said on Wednesday that drought conditions for winter crops in some key producing regions were “worse than usual” in October.

While a western stretch of the Black Sea region has received significant rainfall, much of Russia’s winter wheat belt has stayed dry – fueling market talk that Russia may restrict its exports later this season.

Analysts also have downgraded expectations for Australia’s upcoming harvest by well over a million tons due to lack of rainfall and widespread frost.

“The wheat market is so fragile right now that all of these things are building up and the volatility is starting to really show in the market,” said Karl Setzer, partner at Consus Ag Consulting.

—Additional reporting by Julie Ingwersen in Chicago, Gus Trompiz in Paris and Peter Hobson in Canberra.

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Ryan Ettner of Allendale Inc. in McHenry, Ill. said the latest principal field crop report from Statistics Canada should have pressured U.S. wheat to move lower. StatCan pegged all wheat production for 2024/25 at 34.37 million tonnes, up from the 32.95 million taken off Canadian fields in 2023/24.

“I think that the story is overshadowed by another story. That France saw a sharp drop in its wheat quality,” Ettner stated, noting that French wheat production is also down.

Added to that has been short covering in U.S. wheat by the speculative funds. Ettner said the funds began adding to their short positions on Monday, continuing on Tuesday and Wednesday.

As for U.S. soybeans and corn, he suggested those commodities could continue to go lower given the size of this year’s crops.

“The trade is always looking ahead 30 days. They are already at these price levels when the [U.S. Department of Agriculture] will raise yields in September,” Ettner said.

He added that the trade barely flinched during last week’s Pro Farmer crop tour, having assumed yields are going to increase.

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During the week ended Jan. 11, there were declines in Minneapolis spring wheat, Kansas City and Chicago winter wheat.

Average CWRS (13.5%) prices were down C$3.40 to up C$3.00 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$310.50 per tonne in western Manitoba to C$334.10 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$53.30 to C$76.90 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting Canadian prices to United States dollars (C$1=US$0.7458), CWRS bids ranged from US$231.60 to US$249.20 per tonne. That would put the currency adjusted basis levels at about US$8.00 to US$25.70 below the futures.

Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$6.00 to C$19.10 below the futures.

Average CPRS (11.5%) wheat lost C$2.10 to gaining C$1.60 per tonne. Bids ranged from C$264.70 per tonne in southeastern Saskatchewan to C$290.60 per tonne in southern Alberta.

Average CWAD prices dipped by 40 cents to C$1.80 per tonne. Bids ranged from C$439.80 per tonne in northeastern Saskatchewan to C$447.20 per tonne in southern Alberta.

The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$7.000 per bushel on Jan. 11, giving up 11.25 cents on the week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$6.1600 per bushel on Jan. 11, losing 9.75 cents compared to a week ago.

The March Chicago Board of Trade soft wheat contract settled at US$6.0375 per bushel on Jan. 11, also falling 9.75 cents.

The Canadian dollar closed Jan. 11 at 74.58 U.S. cents, losing three-tenths during the week.

— Glen Hallick reports for MarketsFarm from Winnipeg. 

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