Wheat drops 2% on the Chicago Stock Exchange as the US harvest advances

Wheat futures contracts closed lower again this session on the Chicago Stock Exchange. July maturity fell 2.16% and closed the day at US$ 6.1050 per bushel.

Granar pointed out that the market was pressured by the cancellation of sales of the 2025/2026 harvest in the United States and the advance of the winter wheat harvest in the country, still concentrated in the southern states, but which should gain pace and advance to important producing regions in the coming days.

In addition, the geopolitical scenario also contributed to the downward pressure. The announcement of an agreement between the United States and Iran to stop the conflict in the Middle East and reopen the Strait of Hormuz reduced some of the market's concerns and kept investors positioned for sale. Despite this, international analysts continue to assess the truce as fragile given the instability involving the two countries.

The favorable weather conditions for the harvest in Russia have raised the country's production expectations for the 2026/2027 season, with private consultancies already estimating a harvest close to 90 million tons.

Andrey Sizov, CEO of consultancy SovEcon, highlighted that conditions for spring planting have improved significantly in Siberia, the main producing region of the variety. According to him, delays in planting have practically ceased to be a concern for the market.

SOY

Soy futures prices ended this Friday's session (29) lower on the Chicago Stock Exchange. The deadline for delivery in July fell 0.65% and was quoted at US$ 11.8675 per bushel.

Export sales data were released this morning, with a total of 299,899 thousand tons of old crop soybeans sold in the week of May 21, falling between estimates of 150,000 and 400,000 tons.

According to Granar, this volume represents a drop compared to the previous week, but is still more than double the same week last year.

Sales of the new harvest totaled 137,708 tons, falling between expectations of 0 to 300,000 tons. This volume also fell compared to last week, but is still the second largest of the harvest.

For derivatives, sales of soybean meal were recorded at 303,974 thousand tons for 2025/26 and 137,242 tons for 2026/27, falling between estimates of 250,000 and 800,000 tons.

Soybean oil sales reached 3,374 tons, within the expectation of a net reduction of 5,000 to net sales of 16,000 tons.

Corn

Corn futures contracts ended this Friday's session higher on the Chicago Stock Exchange. The month for July advanced 0.72% and closed at US$4.5575 per bushel.

Despite the appreciation on the day, the market accumulated losses throughout the week, pressured by the fall in oil prices following the announcement of an agreement between the United States and Iran to extend the ceasefire in the Middle East and guarantee the reopening of the Strait of Hormuz.

Another pressure factor came from the lack of progress, in the American Senate, on the proposal that would allow the sale of E-15 fuel throughout the year in the United States, a measure considered important to increase the demand for ethanol and, consequently, for corn.

In addition, weather conditions favorable to the final progress of planting continue to contribute to the market's bearish bias. However, analysts are monitoring the weather in the American Midwest and Central Great Plains, where water deficits could intensify in the coming weeks.

In the state of Nebraska, for example, almost 90% of the territory is already facing some level of drought, a scenario that could cause concern for the market and limit losses in the short term.

Source: CNN