Global Grain and Oilseed Market Review: Corn and Soybeans Decline on Thursday

On Thursday, November 12, 2026, wheat prices fell across all three major commodity exchanges. According to Oilworld, December soft red winter wheat futures on the Chicago Board of Trade (CBOT) decreased to $214.67 per tonne, December hard red winter wheat futures on the KCBT in Kansas City dropped to $228.63 per tonne, and December hard red spring wheat futures on the MGEX in Minneapolis fell to $228.82 per tonne.

A closer look at the trading session reveals distinct downward pressure across contracts. December SRW wheat futures in Chicago settled at $5.84-1/4, down 15 ¼ cents, while March SRW futures closed at $5.99-1/4, dropping 15 cents. December hard red winter wheat futures on the KCBT in Kansas City settled at $6.22-1/4, down 17 ¼ cents, and March HRW futures closed at $6.32-1/4, likewise losing 17 ¼ cents.

Spring wheat contracts on the MGEX in Minneapolis followed the negative trend. December spring wheat futures settled at $6.22-3/4, down 12 ¾ cents, while March contracts finished the day at $6.37-3/4, slipping 13 cents. The primary driver behind the market downturn was the US dollar index surging to a 19-month high, which made American grain significantly more expensive for foreign buyers and dampened overall export demand.

Additional pressure came from reports regarding peace talks between Russia and Ukraine earlier in the week. Due to the federal Veterans Day holiday observed on Wednesday, official export sales data releases were postponed to Friday. According to a Reuters trader survey, projected export sales for US wheat from the 2026/27 marketing season for the week ending November 5 were estimated between 350,000 and 650,000 tonnes.

Meanwhile, export sales for the upcoming crop were projected within a range of 0 to 50,000 tonnes. Market participants also continue to monitor crop conditions and production estimates in the Southern Hemisphere, particularly in Argentina, where the Rosario Grains Exchange has issued its latest wheat production updates.