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Key takeaways:
In the global cash markets, Thailand’s TFMA finally made a feed wheat purchase for September-October shipment, with a supposed trading idea heard at $268-269 per tonne CFR Liner Out. It can be sourced from any origin, including Black Sea, Europe, Australia, US or South America.
Jordan’s state importer MIT booked 60,000 tonnes of barley in a tender at $264.25 per tonne CFR Aqaba for shipment in the first half of November from Olam.MIT also made a purchase of 60,000 tonnes of optional-origin milling wheat at $267.50 per tonne CFR Aqaba for shipment in the first half of October.
In the markets, price declines were reported across the Black Sea, Europe and Australia during the week.
Australian premium white wheat prices declined by $1 per tonne to $256 per tonne, while Australian standard white decreased by $2 per tonne to $249 per tonne FOB western ports for October loading. Meanwhile, trade sources said that the new crop trading was slowly starting to pick up, with buyers slowly switching for later shipment dates, especially because the new crop is trading either on par with old crop or even little bit below.
In the Black Sea region, a downward trend was reported at the beginning of the week in Russia and Ukraine, which stabilized closer to the weekend.
Fastmarkets’ assessment for Russian 12.5% wheat fell by $4 per tonne to $233 per tonne FOB for October shipment, while 11.5% wheat was assessed down by $3 per tonne at $231 per tonne FOB.
The price assessment for Ukrainian 11.5% wheat decreased by $2.50 per tonne to $231 per tonne for October loading.
At the same time, the Ukrainian feed wheat assessment was stable at $215 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC) as almost no liquidity was reported for that grade.
The EU Black Sea market also declined during the week, with 12.5% wheat FOB Constanta-Varna-Burgas dropping by $1.50 per tonne to $238 per tonne, while 11.5% wheat fell by $1.75 per tonne to $234.50 per tonne FOB. Sources said that even with these drops, the current levels are considered too expensive for many buyers.
French 11% wheat dropped by $1 per tonne to $231 per tonne for October loading, while the premium was relatively stable. Baltic 12.5% wheat also decreased by 1 per tonne to $231 per tonne FOB.
German 12.5% wheat decreased by $1 per tonne along with other European origins to $232.75 per tonne.
In North America, prices for US Gulf hard red winter (HRW) wheat, Pacific Northwest (PNW) soft white (SW) wheat and Canada western red spring (CWRS) wheat declined during this period, while soft red winter (SRW) wheat edged up.
The overall price for FOB US Gulf HRW 11% wheat decreased by $3.75 per tonne to $228.00 per tonne on Thursday August 28 from August 22.
Meanwhile, the FOB US PNW SW 10% wheat price fell by $5.75 per tonne to $235.25 per tonne and the FOB CWRS 13.5% wheat price dropped by $8.00 per tonne to $254.75 per tonne, while the FOB US Gulf SRW 10.5% wheat price climbed by $2.50 per tonne to $225.75 per tonne.
Chicago SRW, Kansas HRW and Minneapolis hard red spring wheat futures edged lower as market participants focused on robust stocks as the harvest in the northern hemisphere advanced, and crop conditions improved in Australia and Argentina.
Spring wheat conditions were rated good-to-excellent for 49% of this year’s crop in the week ended Sunday August 24, down from 50% the previous week and from 69% at the same point in 2024, according to the USDA’s latest crop progress report released on Monday August 25.
The USDA reported that 53% of the spring wheat crop was harvested, up from 36% a week earlier and from 48% at the same point last year, but below the five-year average of 54%.
The USDA reported that 98% of the winter wheat harvest was complete on August 24, up from 94% a week earlier, but down from 99% last year and on par with the five-year average.
US weekly net wheat sales for the 2025/26 marketing year totaled 579,794 tonnes in the week to August 21, up by 12% from the previous week, but down by 10% from the four-week average, while exports surged to a marketing-year high, according to USDA data released on August 28.
The figure is within market participants’ expected range of between 450,000-650,000 tonnes.
Exports of 1,005,561 tonnes were “up noticeably” from the previous week and up from the four-week average.
In Canada, durum prices declined as the harvest began to put pressure on prices, with FOB Vancouver 14.5% wheat cargos falling by $5 per tonne to $290 per tonne, while St Lawrence cargos slipped by $10 per tonne to $300 per tonne.
Canadian wheat output is expected to decrease by 1.1% from last year to 35.5 million tonnes, in large part because of lower yields, which are expected to fall by 1.2% to 49.6 bushel per acre, while the harvested area is anticipated to rise by 0.1% to 26.3 million acres, Statistics Canada said on August 28.
Durum production in Canada is expected to fall by 4.7% to 6.1 million tonnes due to an anticipated 5.1% dip in yields to 35.1 bpa, which offset a 0.4% increase in the harvested area, leaving the total at 6.4 million acres.
In Argentina, 11.5% FOB Up River wheat decreased by $3 per tonne to $230 per tonne.
US corn futures eased during the week as crop conditions were steady, though solid demand helped curb losses.
Corn conditions were rated 71% in good-to-excellent in the week ended August 24, stable from the previous week and up from 65% from the corresponding period in 2024, according to the USDA’s latest crop progress report released on Monday. US corn crop conditions slightly exceeded market participant projections of 70%.
FOB US Gulf corn prices have fallen by $2.50 per tonne since August 22 to $198.75 per tonne on Thursday, while FOB US PNW prices decreased by $1.00 per tonne to $204.25 per tonne.In Ukraine, prices were softer in the week amid a lack of buying for spot shipments.
Meanwhile, new crop price ideas were stable.
Selling prices were heard in the range of $215-218 per tonne for November-December shipment, with buying interest heard in the range of $211-212 per tonne FOB POC.
Fastmarkets’ assessment of Ukrainian corn FOB settled at $214 per tonne for October.
On the domestic DAP market, prices were unchanged, with bids heard up to $248 per tonne for spot delivery, for limited volumes however.
New crop buying interest was heard at $198-203 per tonne DAP POC for November delivery.
In South America, Brazil and Argentina corn FOB premiums continued to decline over the week.
Brazil’s FOB Santos corn price for October loading fell by $4 per tonne from August 22 to $206.50 per tonne on August 28. Fastmarkets’ assessment of Brazil’s corn FOB premium for September loading fell by 7 cents per bu in the same period to 116 cents per bu over December futures on the Chicago Mercantile Exchange.
From August 22 to August 28, Argentina’s October-loading corn price fell by $5.75 per tonne to $197.75 per tonne. Fastmarkets’ assessment of Argentina’s corn FOB premium for October-loading fell by 12 cents per bu in the same period, to 93 cents per bu over December CME futures.
Activity in soybean cash markets slowed this week as China reduced their purchases as crush margins for October, November and December continued to deteriorate while Brazilian farmers sold less soybeans; outright prices fell with CME futures and basis premiums edging down week on week.
Most of the buying was concentrated on new crops this week, with fewer cargos traded for October and November.
Fastmarkets tracked between 15-20 cargoes purchased of Brazil this week, below the 25-27 cargoes in the previous week.
Chinese purchases were mostly for loadings between February and May 2026, with up to seven cargoes for loading between October and November, including FOB and CFR deals.
Soybean CFR China (Brazil) cargoes for loading in October and between October and November were heard traded during the week at premiums between $2.70 per bu and $2.73 per bu over November CME futures. Cargoes for loading in February 2026 were traded at $1.45-$1.48 per bu and loading in March 2026 at $1.15-$1.20 per bu, all over March 2026 CME futures. April and May 2026 cargoes were also heard traded at premiums of $1.10-1.05 per bu and $1.15-1.20 per bu over May 2026 CME futures, respectively.
The soybean CFR China (Brazil) premium for October loading was assessed at $2.68 cents per bu over November CME futures on Friday August 29, down from $2.73 per bu in the week prior and equivalent to an outright price of $483.75 per tonne, down from $489.5 per tonne in the week prior.
Brazilian farmers held back their soybean sales, with market sources mentioning only between 1.0-1.2 million tonnes sold from Monday to Thursday.
The soybean FOB Brazil Paranagua paper premium edged marginally lower with outright prices also declining week on week. The October basis fell to $1.58 per bu on August 28 from $1.60 per bu on August 22 while the equivalent outright prices feel to $443 per tonne from $448.75 per tonne.
In Brazil, more crushing plants were heard to be considering upcoming maintenance stoppages over the week, which has contributed to underpinning domestic soyoil prices, although the market has been mostly nominal with large bid-offer gaps. Low soymeal prices hampering crush margins are the main factor why these units decided to consider maintenance work, which typically takes place in November, according to market sources.
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