Wheat Leads Grain Markets Higher Despite Corn Pullback

Grain markets continued their rally into Thursday's session, although at a slower pace than Wednesday's sharp surge. Wheat led the complex higher for a second straight day, while soybeans consolidated their gains and corn pulled back by three cents.

Bryan Doherty, senior market advisor at Total Farm Marketing, attributed wheat's strength to geopolitical factors tied to the Russia-Ukraine war and fears of supply disruptions from the Black Sea region. He also noted that crop conditions have been uneven across growing regions, with some fields receiving timely rain while others did not.

Doherty pointed out that corn has gained roughly 60-65 cents since August, a turnaround from early-month uncertainty ahead of the August 12 USDA supply and demand report. While Thursday's pullback was modest, Doherty said it was not unexpected after the size of the run. He noted that prices are higher, prompting old-crop bushels to move out of bins ahead of harvest, while new-crop sales are picking up.