US Grain Market Sees Rangebound Trading as Wheat Exports Rise

The US grain and oilseed market saw some movement on Thursday, with wheat prices easing off but remaining rangebound. December contracts for all three major US varieties stayed within a narrow band.

The USDA reported that 325,900 tonnes of 2026-27 wheat were sold for export during the week ended September 10, up 68% from the previous week but unchanged from the four-week average. This figure was in line with trade expectations.

Hard red winter wheat growing areas are expected to receive rain over the next week, while there is a chance of rain in western and central Kansas today. Meanwhile, SovEcon estimated combined exports of Russian and Ukrainian wheat from July to September at eight million tonnes, down from 16.4 million in the same period last year.

Soybeans were neutral, continuing to trade rangebound. Export sales of new crop US soybeans totalled 1.702 million tonnes last week, in line with trade expectations. Of that total, 875,300 tonnes were going to China and 218,900 more were earmarked for unknown destinations.

Corn declined but the December contract stayed within $5.25 to $5.40 per bushel for the fourth-straight session. The USDA reported 1.027 million tonnes of corn were sold for export last week, near the lower end of trade expectations.