Ceasefire headlines, export sales delays, and a softer wheat balance kept the grain market split on Thursday, while soybeans drew support from meal and oil strength.
Thursday finished with a mixed tone across the grain complex: wheat extended losses, corn edged higher, and soybeans posted the strongest gains of the day. The session was shaped by a modest rebound in crude, delayed export sales data, South Korean buying in corn, and a steadier soybean crush story.
Crude oil was only up 27 cents at midday as reports of a US/Iran ceasefire extension pulled the market off the highs. That limited the energy-led boost to grains and kept the macro tone cautious rather than strongly bullish.
The export sales release was pushed to Friday because of the Monday holiday, leaving traders to position ahead of fresh demand data rather than trade around it. Analysts were looking for a light old crop wheat sales number and moderate bean and wheat new crop interest, so the delay kept attention on price action and weather instead.
Corn found support from a combination of lower prices earlier in the week and ongoing export demand, with a South Korean importer buying 133,000 MT overnight. That demand helped offset weaker cash prices and softer ethanol data, giving corn a modest recovery into the close.
Ethanol data were a mixed influence. Production fell to 1.089 million barrels per day, stocks rose to 24.968 million barrels, and exports slipped, but refiner inputs improved slightly. The numbers were not bullish enough to spark a rally, but they did not derail corn’s ability to finish firmer.
Soybeans were the standout on Thursday, supported by a stronger product complex and a firmer crush margin tone. Meal gained $3.20 to $3.50 and soybean oil rose 88 to 97 points, keeping the bean market in the leadership role even with crude only modestly higher.
Weather and global supply trends remained an important background factor. The central, northern, and eastern Midwest stayed mostly dry in the forecast, while western Europe remained hot and dry through the weekend, and wheat areas in Argentina and Brazil were expected to stay dry over the next week to 10 days. Those patterns were supportive for some crops, but they also kept traders focused on whether stress would eventually translate into firmer prices.
Wheat: Jul ’26 CBOT wheat closed at $6.20 1/2, down 2 cents. Chicago wheat traded weaker through the day, with SRW down 2 to 3 cents, KC HRW down 7 to 8 cents, and MPLS spring wheat off 3 to 4 cents, as higher production estimates in Russia and India and weak seasonal tendencies weighed on sentiment.
Corn: Jul ’26 CBOT corn closed at $4.54 1/4, up 1 3/4 cents. Corn recovered from earlier weakness as export demand improved at lower price levels and a South Korean tender for 133,000 MT added support, even as ethanol data and a softer cash market kept gains contained.
Soybeans: Jul ’26 CBOT soybeans closed at $11.92 1/2, up 7 1/4 cents. Beans led the market higher on Thursday, powered by stronger meal and soy oil values, with product strength outweighing the modestly softer macro backdrop and helping the complex finish as the session’s clear winner.