Global Grain Market Starts the Week with Rising Prices

On Monday, April 7, wheat prices on U.S. exchanges showed steady growth. May futures for soft red winter wheat in Chicago (CBOT) rose to $197 per ton. In Kansas City (KCBT), hard red winter wheat traded at $205 per ton, and in Minneapolis (MGEX), hard red spring wheat climbed to $218 per ton.

The market was supported by weather expectations in the U.S. and fresh USDA data. About 48% of winter wheat crops were rated “good” or “excellent” — above analysts' expectations but below last year’s figure of 56%. Meanwhile, spring wheat sowing is progressing at an average pace, with about 3% of areas planted, matching both last year's rate and the five-year average.

According to Maxar forecasts, dry weather is expected in the central and southern U.S. Plains, which could worsen moisture deficits and impact winter wheat yields. Export shipments last week fell by a third to 335,000 tons. The main destinations were Mexico, Japan, and the Philippines. However, overall wheat exports since the start of the marketing year are 15% higher than the same period last year.

The corn market showed mixed dynamics. May futures rose to $4.64 per bushel, while December contracts saw a slight decline. Sowing progress remains in line with seasonal norms: 2% of the crop has been planted. Weekly corn exports totaled 1.58 million tons — slightly below the previous week but above last year's levels. Major destinations included Mexico, Japan, and South Korea.

In Brazil, the first corn harvest is nearly complete. According to AgRural, 88% of the crop has been harvested, compared to 85% at the same time last year. The national agency Conab forecasts the second corn crop at 95.5 million tons, 6% higher than last season.

The soybean market also showed mixed trends. May futures rose to $9.83 per bushel, while November futures dipped slightly. Despite ongoing trade tensions between the U.S. and China, export shipments remained strong. Over 800,000 tons were exported last week, with China being the top destination. Current seasonal soybean exports are 10% higher than the same period last year.