Corn Futures Fall as U.S.-China Summit Yields Little News — Daily Grain Highlights

By Kirk Maltais

--Corn for December delivery fell 0.5% to $5.26 1/2 a bushel on the Chicago Board of Trade Thursday, with grain traders not getting much in the way of news out of the meeting between President Trump and China's President Xi in Washington.

--Wheat for December delivery fell 0.4% to $7.05 3/4 a bushel.

--Soybeans for November fell 0.1% to $13.16 1/2 a bushel.

HIGHLIGHTS

Slow Flow: CBOT grains were down throughout the day. "I think the lack of actionable news out of the U.S.-China trade summit has led to somewhat of a 'buyers strike' through the morning," said Oliver Sloup of Blue Line Futures. Sloup added that rumors of discussions between the U.S. and Iran to reopen the Strait of Hormuz are also a factor in trading, but the effect of these discussions on futures movements may be small. "It seems to be setting up for a 'boy that cried wolf' scenario, where we keep getting these headlines and they don't amount to much."

Cold Front: The NOAA's Climate Prediction Center said that cooler-than-average temperatures and higher-than-average rainfall are moving through the U.S. Corn Belt during the next two weeks. This is seen as being good for winter wheat being planted, although potentially less beneficial for farmers in the process of harvesting corn and soybeans. "The latest overnight outlook shifts meaningful rain back into the central and southern Plains wheat belt, improving prospects for hard red winter wheat establishment after September heat," said Jim Wiesemeyer of Ag Bull in a note.

Flying High: Treasury yields remained elevated amid interest-rate anxiety. Yields rose with the 10-year at 5.161%, up from a 19-year high of 5.149% reached overnight. Rising yields are being reflected with a stronger U.S. dollar, which is typically a source of pressure for CBOT grain futures.

INSIGHT

Boosted Basis: Obstacles for farmers harvesting crops are supporting crop basis prices, said Brian Hoops of Midwest Market Solutions. "Harvest activity remains limited due to wet conditions and rainfall across the Midwest, which support basis levels," Hoops said. Crop basis, the amount over or under futures prices buyers of grains are paying in different regions, is elevated versus this time last year for both corn and soybeans, according to data from StoneX.

Slack Sales: Export sales of U.S. soybeans landed on the low side of analyst forecasts. The USDA said that for the week ended Sept. 17, soybean export sales for the 2026/27 marketing year totaled 582,400 metric tons. Analysts surveyed by The Wall Street Journal this week had forecast sales to land between 500,000 tons and 2 million tons. Corn and wheat sales for the week were on the lower end of analyst forecasts for the week.

AHEAD

--The USDA will release its monthly Cold Storage report at 3 p.m. ET Friday.

--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

--The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.

--The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.

Paulo Trevisani contributed to this article.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

September 24, 2026 15:45 ET (19:45 GMT)