Wheat Futures Lower on Overseas Focus — Daily Grain Highlights

By Kirk Maltais

-- Wheat for December delivery fell 1.9% to $6.42 3/4 a bushel on the Chicago Board of Trade Tuesday, leading the complex lower as attention was focused on an increasing sentiment of peace in both the Black Sea and Middle East conflicts.

-- Corn for December delivery fell 1.2% to $4.61 1/2 a bushel.

-- Soybeans for November delivery fell 0.5% to 12.47 1/2 a bushel.

HIGHLIGHTS

Potential for Peace: Energy prices slid after a report from Al-Araby Al-Jadeed that said peace talks between the U.S. and Iran could begin again. Wheat fell the most after the report as traders seemingly decreased the amount of risk premium seen on the futures contract. This and the current status of the Black Sea conflict continues to weigh on wheat.

Game of Catch-Up: The weekly USDA crop progress was also a pressure point for grains, as the agency said farmers have increasingly been able to get into the fields to harvest their crops. The U.S. soybean harvest is now 64% complete, versus the five-year average of 65%. Corn remains behind the five-year pace, with 44% of the harvest complete, versus the five-year average of 52%.

"The corn harvest continues to lag expectations but should pick up this week thanks to dry Midwest weather," said Matt Zeller of StoneX in a note. "Yield anecdotes and expectations remain mostly strong here in the heart of the belt."

Demand Prospects: Soybean futures generally had more support throughout the day than corn or wheat, partially because the USDA confirmed another flash sale of U.S. soybean exports to China, with 612,000 metric tons for delivery in the 2026-27 marketing year.

"China is estimated to have bought more than 60% of the 25 mmt of purchases that were agreed to last year," said Doug Bergman of RCM Alternatives in a note.

INSIGHT

Sellers Market: The retreat seen in CBOT grain futures is slowing down the amount of harvest farmers are bringing to market.

"New sales across the scales are limited, and few farmers are willing to sell a lower-yielding corn crop," said AgResource in a note. "Soybean cash sales are noted, with yields matching last year's record, but cash selling from U.S. farmers will subside after this week."

Longer-Term Outlook: U.S. agricultural futures have been sliding in recent trading, but remain poised for more upside heading into next year, said analysts with Goldman Sachs in a note. "Recent declines in agricultural and grain prices don't imply that agricultural risks have faded," said the firm.

Instead, the ongoing wars in the Black Sea and Middle East are seen as a continuing risk factor to input costs -- costs for things such as fuel and fertilizer.

AHEAD

-- The USDA is scheduled to release its weekly export sales report at 8:30 a.m. EDT Thursday.

-- The USDA is due to release its monthly Cattle on Feed Report at 3 p.m. EDT Friday.

-- The USDA is scheduled to release its monthly Cold Storage Report at 3 p.m. EDT Friday.

-- The CFTC is due to release its weekly Commitments of Traders Report at 3:30 p.m. EDT Friday.

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

(END) Dow Jones Newswires

October 20, 2026 15:59 ET (19:59 GMT)