Overview
- Wheat futures climbed to three‑year highs on Friday after reports of escalating Russia–Ukraine activity and attacks on vessels and port infrastructure in the Black Sea raised near‑term export disruption risk.
- Corn has rallied toward multi‑year highs after the USDA’s August supply revisions and Pro Farmer field checks reduced U.S. yield expectations and left visible domestic supplies tighter.
- Official USDA export‑sales data showed 402,531 metric tons of 2026/27 wheat booked in the week of Aug. 20 and the agency recorded large private soybean sales to China, including a 333,000‑ton deal.
- CFTC Commitment of Traders data show managed‑money funds have sharply increased long positions, adding 46,592 soybean contracts and lifting corn longs by roughly 126,000 contracts, which has amplified price moves.
- Unconfirmed reports that the White House and EPA are weighing changes to 2027 ethanol blending quotas add demand uncertainty for corn and raise the risk that higher grain prices will translate into higher feed and food costs for buyers and livestock producers.