Chicago | Reuters — U.S. corn and wheat futures firmed on Thursday, supported by brisk export sales and a softer dollar, which tends to make U.S. grains more competitive globally, analysts said. Soybean futures clung to modest gains.
Chicago Board of Trade March corn CH26 closed up 2-1/4 cents at $4.46-1/2 per bushel, staying inside the prior day’s trading range.
CBOT March wheat WH26 gained 4 cents at $5.33-1/2 a bushel and January soybeans SF26 gained 2-1/4 cents at $10.93-1/2 a bushel.
Corn got a boost after the U.S. Department of Agriculture reported net export sales of corn in the week ended November 13 at 2.38 million metric tons, topping a range of trade estimates for 800,000 to 2.0 million tons.
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In addition, under daily reporting rules, the government confirmed private sales of 186,000 tons of U.S. corn to unknown destinations.
“A sliding dollar is further benefiting a scorching 2025/26 U.S. corn export campaign,” StoneX analyst Matt Zeller wrote in a note to clients.
A weaker dollar makes U.S. crops cheaper for buyers with other currencies and can boost demand. The greenback extended declines from Wednesday, when the Federal Reserve cut interest rates but gave a less hawkish outlook than expected.
Still, rallies were capped by ample global supplies of corn and wheat.
“We expect wheat prices to settle into a range,” said Tobin Gorey, founder of consultants Cornucopia.
Gorey said investor positioning had become more neutral in recent weeks, and that because the Ukraine-Russia war was not impeding grain exports, any moves towards peace were unlikely to significantly move prices.
Soybeans inched higher as traders continued to monitor Chinese purchases. The USDA confirmed daily sales of 264,000 tons of U.S. soybeans to China and another 226,000 to unknown destinations.
Meanwhile, Brazilian crop agency Conab lowered its forecast of the country’s 2025/26 soybean crop by around 550,000 metric tons to 177.12 million tons, still a record if the projection is confirmed.
— Additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris.
