Wheat Fund Falls 1.57% as Corn Slips 0.98% | Grains, Nov 3

Grain prices experienced a decline on Tuesday, 3 November 2026, with wheat and corn reaching their lowest levels in at least three months. The wheat-tracking fund is now 21.7% below its peak on 28 August, and the corn-tracking fund is 15.3% below its 1 September high. This drop can be attributed to farmers harvesting a large crop, resulting in more grain than buyers need.

The US corn and soybean harvest is nearing completion, while Brazil, the world’s largest soybean exporter, is preparing a record planting. China, the primary buyer, is shifting its purchases to South America instead of the US. This situation leaves US farmers with ample stock and South American growers with eager customers. Despite the negative impact on farm incomes in Brazil and Argentina, the cheaper grain reduces food and feed costs for importers across the region.

Harvest season typically presents the heaviest market conditions due to the simultaneous sending of crops to the market. On 3 November 2026, the US corn and soybean harvest was nearly complete, and traders awaited the next crop estimates from the US Department of Agriculture (USDA). The primary reason for the corn price decline was the larger supplies, while Brazil's expected record soybean planting, at 181.6 million tonnes from 49.3 million hectares, also contributed to the drop.

As a world awash in cereals, the grain markets experienced a seasonal supply squeeze rather than a demand collapse. The key factor to monitor is China's pace of purchases against the November USDA crop estimates. The soybean-tracking fund SOYB declined to US$25.75 (-0.23%), a minor loss compared to wheat and corn. Wheat and corn, with fewer anchoring factors, faced heavier losses.