Wheat rose 0.9% to $6.89 a bushel on the Chicago Board of Trade as the lack of progress in restoring Black Sea supplies heightened supply concerns. Corn fell 0.2% to $4.9725 a bushel, and soybeans rose 0.2% to $12.8025 a bushel. All three markets are affected by the ongoing harvest in the United States.
“There were hopes that exports via the Black Sea would resume, but nothing seems to have happened and cargoes are still not leaving,“ a Singapore-based trader was quoted as saying by Reuters.
Russian export forecast downgraded
The market is also pressured by the lack of diplomatic progress to restore normal shipping in the Black Sea. According to Reuters, Russian President Vladimir Putin has rejected proposals to end attacks in the region.
Consulting company SovEcon has reduced its forecast for Russian grain exports in the 2026/2027 season to 44.7 million metric tons from a previous estimate of 49.4 million tons. The company expects ports in the Azov and Black Seas to remain closed until 2027.
The corn market remains under pressure due to US stocks. The US Department of Agriculture reported that as of September 1, farmers and grain operators had 35% more corn on hand compared to the same month the previous year.
Traders await the new data from the US Department of Agriculture on corn and soybean production and stocks. StoneX lowered its forecast for the average US corn yield in 2026 to 182.1 bushels per acre from 182.9 bushels in its previous estimate. At the same time, the company raised its forecast for soybean yield to 54.1 bushels per acre from 53 bushels a month earlier.