Soybeans and corn rebound in Chicago due to increased demand.

Wheat futures, which had risen in the previous two sessions, experienced fluctuations but remained under pressure due to a flood of cheap exports from the Black Sea region.

Soybean and corn futures on the Chicago Board of Trade (CBOT) rose on Thursday, supported by short-covering and a rebound in export demand, though expectations of strong U.S. agricultural production limited gains, according to traders.

Wheat futures, which had risen in the previous two sessions, experienced fluctuations but remained under pressure due to a flood of cheap exports from the Black Sea region.

The most active soybean contract on the CBOT gained 10.25 cents to $9.8725 per bushel, while corn added 3.25 cents to $3.94 per bushel. Wheat edged down 0.25 cents to $5.4125 per bushel.

U.S. export sales of corn and soybeans for the week ending August 22 exceeded analysts’ expectations for 2024/25 sales, indicating that low prices may have renewed demand, traders said.

Short-covering also provided support, following recent lows and ahead of the month’s end.

Market participants are concerned that the recent hot and dry weather in the Midwest could harm the outlook for U.S. corn and soybean crops. However, rains and forecasts of milder weather have eased these concerns, according to traders. Uncertainty remains about whether the soybean crop will reach its full potential, which is expected to be a record.