U.S. grains: Corn, soybeans higher in technical bounce; wheat firms

Chicago | Reuters – Chicago corn futures rose modestly on Thursday on chart-based buying, firm cash markets and reminders of brisk export demand for U.S. supplies, analysts said.

Soybean and wheat futures followed the firm trend, shrugging off pressure from larger-than-expected estimates of Canada’s wheat and canola harvests.

Chicago Board of Trade March corn futures CH26 settled up 3-3/4 cents at $4.47-1/4 per bushel, bouncing after a dip to $4.41-3/4, a one-week low.

CBOT January soybeans SF26 ended up 3-3/4 cents at $11.19-1/2 a bushel, rebounding after hitting a two-week low at $11.14. March wheat WH26 settled up 2 cents at $5.40-1/4 a bushel.

Corn futures found light support from news that the U.S. Department of Agriculture confirmed sales of 392,500 metric tons of U.S. corn to Mexico and another 100,800 tons to Colombia.

However, the benchmark March corn contract retreated and fell to session lows after the USDA’s announcement, only to rally again in choppy trade.

“It does seem fairly thin,” Ted Seifried, chief market strategist for Zaner Ag Hedge, said of Thursday’s trading volume. “The way (corn and soybean futures) both got within a penny of support levels, and bounced, it seems like it might be technical in nature,” he added.

Soybeans rallied as traders awaited more indications about Chinese purchases of American soy. U.S. Treasury Secretary Scott Bessent on Wednesday said China was poised to complete its commitments under a U.S.-China trade agreement, including the purchase of 12 million metric tons of soybeans, which the Treasury chief said would be finished by the end of February 2026.

In a backdated weekly report, the USDA reported net export sales of U.S. soybeans in the week ended October 30 at 1,248,500 metric tons, in line with analyst estimates. The tally included 232,000 tons sold to China, the country’s first purchases of the 2025 harvest. EXP/SOY

Wheat futures inched higher, following the trend in corn and soybeans, despite a reminder of Canada’s large wheat crop.

Statistics Canada reported the country’s total wheat production at nearly 40 million tons, versus an average of trade expectations for 38.5 million tons. The government agency pegged canola production at 21.8 million metric tons, above the average trade estimate of 21.25 million.

– Reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing.