Corn Futures Rise as Wheat Prices Fall Sharply Amid Export Demand
US corn futures rose modestly on August 31, while wheat prices fell sharply and soybean futures remained nearly unchanged. The divergence in market trends is significant for US farmers, who are facing a critical period for farm income, crop marketing, and 2026 harvest margins. High energy and input costs threaten to squeeze profitability, even if grain prices remain supported.
The strong demand for corn was driven by export numbers, which exceeded expectations. The USDA reported that US corn exports reached 58.9 million bushels in the week ended August 27, a 13% increase from the previous week and above analysts' forecasts of 45.3 to 49.2 million bushels.
However, soybean futures were less convincing, with September prices slipping one cent to $12.7525 per bushel. The market was under pressure due to weaker export numbers, which fell nearly 42% week over week and below trade expectations ranging from 14.7 to 22 million bushels.
The wheat market delivered the clearest bearish move, with September Chicago soft red winter wheat falling 10.5 cents to $7.5650 per bushel. Technical selling and profit-taking pressured futures despite a relatively solid weekly export number.