US Grain Markets Open October with Split Between Prices and Export Demand
The US grain markets kicked off October with a notable split between prices and export demand. December corn futures rose by 2.5 cents to $5.0325 per bushel, while November soybeans slipped 5 cents to $12.88. Wheat futures also traded higher across Chicago, Kansas City, and Minneapolis.
The USDA released its Weekly Export Sales report for the week ended September 24, providing insights into overseas demand early in the 2026/27 marketing year. The corn market received limited support from the latest export figures, with net sales of 536,000 metric tons, near the low end of trade expectations cited by The Brock Report.
Cumulative export commitments for US corn were significantly behind last season's levels, at 330 million bushels, or 31%, lower. They also trailed the five-year average by 19 million bushels, or 3%. Soybean exports, on the other hand, presented a sharply different demand picture.
The USDA reported net sales for soybeans reaching 1.0335 million metric tons, exceeding trade expectations of 850,000 to 1 million tons. Cumulative US soybean export commitments were 385 million bushels, or 89%, above the previous year and 82 million bushels, or 11%, ahead of the five-year average.
The wheat market remained relatively soft, with net sales totaling 289,300 metric tons, near the lower end of trade expectations. Cumulative US wheat export commitments were 158 million bushels, or 31%, below the previous year and 59 million bushels, or 14%, below the five-year average.