Wheat futures led the downside, posting losses across all three U.S. exchanges. Chicago SRW, Kansas City HRW, and Minneapolis spring wheat all closed lower as export shipment data disappointed on a week-on-week basis and global competition intensified. Although cumulative U.S. wheat shipments remain well ahead of last year, the slowdown in weekly inspections and the continued dominance of Black Sea and Argentine offers weighed on sentiment.

Export inspection data showed 351,001 MT of wheat shipped during the week ending January 22, a notable decline from the prior week and well below last year’s pace. South Korea, Japan, and Mexico remained the top destinations, but the softer weekly flow reminded traders that demand remains uneven despite strong cumulative commitments. This kept wheat rallies fragile, particularly with EU exporters struggling to compete against lower-priced origins.

Corn futures also faded, giving back part of Friday’s gains. March corn settled lower as traders balanced solid export shipments against falling domestic prices and rising South American production estimates. The national average cash corn price weakened, reflecting ample interior supply and buyers stepping back after aggressive recent coverage.

USDA data showed corn export shipments of 1.51 MMT for the week, slightly above the prior week and more than 20% higher year-on-year. Mexico, Japan, and Spain led purchases, keeping the broader demand narrative constructive. However, Brazil’s AgRural raised its national corn production estimate to 136.6 MMT and reported steady progress in first-crop harvesting, reinforcing expectations of heavy global supply later in the season.

Soybeans extended losses into the close, pressured by weaker product markets and accelerating Brazilian harvest progress. March soybeans finished lower as soymeal fell sharply and soy oil failed to provide enough offsetting support. Cash soybean prices also declined, signaling near-term pressure at the farm gate.

Export inspections showed soybean shipments of 1.324 MMT for the week, down slightly from the prior week but nearly 80% above the same week last year, with China accounting for the bulk of demand. Marketing-year shipments remain strong, yet export sales commitments continue to trail last year’s pace, adding to trader caution. Meanwhile, Brazil’s soybean harvest advanced to nearly 5% complete, with production estimates lifted to around 181 MMT, keeping forward supply pressure firmly in focus.

Vegetable oil and macro-linked headlines added further complexity. Indonesia reported a sharp month-on-month increase in palm oil exports during December, boosting global veg-oil availability and weighing on soybean oil prices. At the same time, a weaker U.S. dollar and mixed livestock and dairy data had little immediate impact on grain markets, as crop fundamentals dominated trading decisions.

Weather developments in South America remained a key swing factor but failed to spark buying interest. Persistent rains across central and southeastern Brazil supported crop development but raised flooding risks, while dry and hot conditions in Argentina continued to stress late-stage corn and soybeans. Despite these risks, overall production prospects remain large, limiting weather-driven upside.

Wheat: Mar ’26 CBOT wheat closed at $5.22 1/2, down 7 cents. Losses reflected weaker weekly export shipments and heavy global competition, despite cumulative exports running well ahead of last year.

Corn: Mar ’26 CBOT corn finished at $4.28 1/4, down 2 1/4 cents. Strong export shipments and commitments were offset by falling cash prices and rising Brazilian production estimates.

Soybeans: Mar ’26 CBOT soybeans settled at $10.61 3/4, down 6 cents. Accelerating Brazilian harvest progress, weaker soymeal prices, and ample global supply outweighed strong year-on-year export shipments.