Chicago grain futures closed Thursday with mixed results, as soybeans surged on strong Chinese demand while corn and wheat prices declined. November soybean futures rose 7.5 cents to $12.53 per bushel, ending an eight-session losing streak. The rebound came despite seasonal harvest pressure and was driven by a significant increase in U.S. soybean export sales, particularly to China.
December corn futures fell 2.5 cents to $4.605 per bushel, reversing the previous session's gains. Despite stronger export bookings, broader market concerns about supply availability and speculative positioning weighed on prices. For U.S. corn producers, the weaker futures market underscored the need to monitor local basis levels and storage costs.
December Chicago soft red winter wheat futures traded near $6.25 per bushel, extending recent weakness. The decline was attributed to disappointing U.S. export sales and uncertainty surrounding potential negotiations between Russia and Ukraine, which could impact Black Sea grain shipments. Wheat prices remain sensitive to developments affecting regional export availability.
The USDA reported 2.84 million metric tons of U.S. soybean export sales for the week ending October 15, with China accounting for 2.18 million metric tons. This surge in demand helped explain the soybean recovery and reinforced the importance of Chinese import demand for U.S. agricultural trade. Corn export demand also improved, with weekly net sales reaching 1.53 million metric tons, but this was not enough to sustain futures price gains.