Wheat Jumps on Geopolitical Tensions as Corn and Soybeans See Mixed Trade

Corn futures saw a slight decline on Wednesday, with December corn falling half a cent to $4.97 1/4, marking a six-week low. The U.S. dollar index's rally to a 1.5-year high limited upward momentum in corn futures. The USDA reported daily U.S. corn sales of 129,540 metric tons to Mexico for the 2026-27 marketing year, while weekly export inspections totaled 1.368 MMT, down from the previous week but within analysts' expectations.

In Brazil, first corn plantings in the center-south region reached 38% completion, slightly behind last year's pace. Traders are awaiting the USDA's weekly crop progress report, with expectations for 57% of the corn crop rated good to excellent and 25% harvested as of Sunday. World Weather Inc. forecast dry conditions across the Midwest, facilitating rapid corn harvesting but requiring additional drying time in wetter areas.

Soybean futures rose marginally, with November soybeans gaining 2 1/2 cents to $12.80 3/4. The USDA reported daily soybean sales of 104,000 MT to unknown destinations for 2026-27, but gains were capped by the strong U.S. dollar. Weekly export inspections totaled 1.138 MMT, near the low end of expectations. Brazilian farmers had planted 7.3% of the expected 2026-27 soybean crop as of last Thursday.

Wheat futures surged on geopolitical concerns, with December SRW wheat rising 9 1/4 cents to $6.92 1/4. The rally was driven by short-covering and reports of Russian airstrikes targeting infrastructure in Ukraine's Odessa region. The USDA reported weekly wheat export inspections of 302,356 MT, topping analysts' estimates. World Weather Inc. predicted improved U.S. winter wheat planting conditions due to recent rain and favorable weather forecasts.