Chicago grains closed lower Wednesday, led by renewed selling in wheat as the market positioned ahead of Thursday’s USDA Export Sales report and Statistics Canada planting intentions data. Corn and soybeans also posted modest losses, while flat crude oil failed to provide the spillover support seen earlier in the week.

The wheat complex weakened across all three exchanges. Chicago SRW futures fell 5 to 6 cents, Kansas City HRW declined 5 to 7 cents, and Minneapolis spring wheat slipped 2 to 4 cents in midweek trade. The pullback reflects caution ahead of export data, with traders expecting net old crop sales between 200,000 and 500,000 MT for the week ending February 26, and limited new crop activity.

Attention is also turning to Canadian planting intentions due Thursday. Reuters surveys indicate total wheat acres may decline to 26.4 million, down from 26.9 million last year, while spring wheat is expected near 18.8 million acres, steady year-on-year if realized. The acreage outlook could influence global supply expectations for the 2026 crop cycle.

Corn futures posted losses of 2 to 3 cents across most contracts, with May ’26 settling at $4.43 3/4, down 2 3/4 cents. Crude oil traded flat through much of the session, removing a supportive macro driver for ethanol-linked demand.

The national average cash corn price slipped 3 1/2 cents to $4.02 1/4, reflecting softer futures and steady farmer movement. USDA reported a private export sale of 125,000 MT of corn to unknown destinations Wednesday morning, reinforcing baseline demand even as the market awaits broader weekly sales figures.

Export Sales expectations for corn range from 0.6 to 1.6 MMT for old crop, with limited new crop business projected. Traders are also factoring in last week’s private sale of 154,000 MT of 2026/27 corn to Japan, which underscores forward demand visibility.

EIA data showed ethanol production at 1.095 million barrels per day for the week ending February 27, down 18,000 bpd week-on-week. Ethanol stocks rose by 691,000 barrels to 26.337 million barrels, while exports increased and refiner inputs declined slightly. The softer production figure and rising stocks temper bullish enthusiasm for corn despite steady export interest.

Soybeans closed fractionally to 1 1/4 cents lower, with May ’26 ending at $11.69 1/2, down 1 cent. The national average cash bean price slipped 1 3/4 cents to $10.97 3/4, while additional deliveries overnight added short-term supply pressure in nearby contracts.

Soymeal futures fell $2.20 to $4.80 on the day, while soybean oil futures gained 20 to 82 points in front months, reflecting ongoing divergence within the complex. The oil strength partially offsets weaker meal, but overall soybean trade remains subdued ahead of Thursday’s USDA Export Sales report.

Analysts expect weekly soybean sales between 0.3 and 1 MMT for old crop, with modest new crop activity. Soybean meal sales are projected at 200,000 to 550,000 MT, while bean oil is expected to show anything from small net reductions to modest net sales. These figures will be critical for near-term direction.

May ’26 CBOT Wheat closed at $5.68 1/4, down 5 3/4 cents, pressured by pre-report positioning and softer sentiment across global wheat markets.

May ’26 Corn closed at $4.43 3/4, down 2 3/4 cents, as flat crude oil and softer ethanol production data offset private export sales.

May ’26 Soybeans closed at $11.69 1/2, down 1 cent, with mixed product performance and cautious positioning ahead of USDA sales data defining Wednesday’s tone.