U.S. Grain Futures Fall as Black Sea Export Prospects and Stronger Dollar Pressure Markets

U.S. grain and oilseed futures fell on September 25 as traders weighed improving Black Sea export prospects, a stronger dollar, and the lack of fresh agricultural purchase commitments from China following the September 24 summit between President Trump and President Xi in Washington. The most active Chicago Board of Trade wheat contract dropped 2.1% to $6.92½ per bushel, marking its fourth straight weekly decline. Corn fell 1.4% to $5.20 per bushel, and soybeans slipped 0.9% to $13.05½ per bushel.

Wheat came under the heaviest pressure as renewed diplomatic efforts to reopen the Black Sea grain corridor raised expectations of stiffer competition from Russian and Ukrainian exporters. A firmer U.S. dollar added to that pressure by making American crops less competitive on price abroad. Corn and soybeans slid as well, with traders waiting in vain for China to announce new purchase commitments at the summit. The absence of any announcement was a reminder of how closely U.S. crop markets remain tied to export demand, currency swings, and geopolitical developments affecting rival grain suppliers.