Grain Market Shows Mixed Sentiment Amid Weather and Geopolitics
The grain market is showing mixed sentiment on the Chicago Board of Trade (CBOT), as wheat prices were mixed amid weather and geopolitical issues. Statistics Canada released its latest principal field crop report, which showed a decrease in all wheat production for 2026-27 to 36.1 million tonnes, below the average trade estimate of 38.3 million and down from 40.6 million last year.
Spring wheat production was down 3.2 million tonnes at 26.5 million, while durum wheat declined by 888,000 tonnes at 6.4 million. Ukraine's agriculture ministry projected a decrease in winter wheat for 2027 to 4.5 million hectares, down from last year.
Corn prices were also negative, ending a two-day rally. Statistics Canada estimated corn production at a record 16.5 million tonnes for 2026-27, compared to 14.9 million last year. The U.S. Energy Information Administration reported daily average ethanol production for the week ended September 11 at 1.099 million barrels, steady with the previous week but 4.2% above the same week last year.