Market overview

The day’s tone was mixed. Wheat was pressured by softer pricing signals, Russian export expectations, and Indian auctions, while Black Sea shipping risks offered partial support. Corn and soybeans mostly faced seasonal U.S. harvest pressure, although localized delays and a reported U.S. soybean sale to China provided limited offsets.

During the week of October 26 to November 1, global grain and oilseed markets stayed mixed. Wheat was supported by Black Sea logistics risk and selective export-demand signals, but that support was repeatedly offset by talk of corridors, ceasefires, and alternative export routes. Corn remained mostly under pressure from the U.S. harvest, softer export values, and improved Brazilian weather, although European crop losses and Ukrainian delays limited the downside. Soybeans were weak for much of the week on record U.S. supply and better South American prospects, then improved late on strong meal demand and a large Chinese purchase of U.S. beans. Sunflower was relatively resilient, while barley mostly tracked Black Sea logistics and softer feed values.

The October WASDE for 2026/27 reads as moderately bearish overall for grains and soybeans: U.S. wheat, corn, and soybean supplies and ending stocks were raised, while world corn stocks also moved higher. Wheat is less straightforward because global ending stocks were trimmed slightly and Russia’s exports were cut amid Black Sea logistical disruptions.