Key Facts
- Soybean tracker climbs the SOYB fund settled at US$27.79, up 0.62%, the only one of the three grain trackers to close higher. Benchmark soybean futures also firmed, near 1,316 cents a bushel.
- Corn tracker eased the CORN fund closed at US$20.17, down 0.25%, while northern Brazil’s second-crop corn harvest near 90% completion kept export flows heavy.
- Wheat tracker dropped sharply the WEAT fund settled at US$27.12, down 2.66%. Black Sea supply risk premium faded in thin trading, and December wheat futures fell about 2.5 percent.
- China demand softened weak Chinese buying interest left South American origin dominant but failed to lift prices, even with Brazil and Argentina acting as the export engine into Asia.
- Currency link in play a weaker real or peso tends to support export competitiveness by making dollar-denominated grains cheaper to overseas buyers, though specific exchange-rate levels were not detailed.
- No limit moves triggered exchange documentation for agricultural price limits showed normal trading ranges on Thursday, meaning the declines stayed within standard volatility bands.
Today’s Focus
Corn and wheat trackers closed lower on Thursday, September 3, 2026, as heavy South American supply and softer Chinese buying weighed on prices.
The SOYB soybean tracker bucked the trend, settling at US$27.79, up 0.62 percent, while the CORN corn tracker slipped 0.25 percent to US$20.17.
The wheat tracker took the biggest hit, with WEAT falling 2.66 percent to US$27.12 as Black Sea supply risk premium faded. Chicago futures were mixed, with December corn down about half a percent and December wheat off roughly 2.5 percent.
Brazil’s northern second-crop corn harvest, reported near 90 percent complete, kept export flows strong and weighed on prices. Weak Chinese buying left the South American export engine running without the demand pull that had supported earlier soybean and corn rallies.
Currency moves in Brazil and Argentina added to the picture. Exchange-rate shifts influence export competitiveness, though Thursday’s session lacked specific currency levels.
What matters today. Brazilian and Argentine supply remains ample while Chinese demand softens. That leaves grain trackers vulnerable to further easing unless exports slow or Beijing returns to the market.
01 The session in one read
Grain trackers closed mostly lower on Thursday, September 3, 2026, with wheat leading the decline as Black Sea supply worries faded. The SOYB soybean tracker was the exception, settling higher as benchmark soybean futures also firmed near 1,316 US cents per bushel.
Brazil and Argentina continued to act as the export engine into China, but weak Chinese buying left prices without a demand anchor. Currency moves in Latin America reinforced the export-competitiveness backdrop without dominating the session.
Corn and wheat retreated together while soybeans firmed in both Chicago and the SOYB tracker. That points to a market repricing ample South American supply and a fading Black Sea risk premium, not one single shock.
The variable to watch is China’s next round of soybean purchases. Renewed buying could quickly tighten the export pipeline from Brazil and Argentina, reversing Thursday’s soft tone.
02 The board
The SOYB soybean tracker settled at US$27.79, up 0.62 percent, while the CORN corn tracker closed at US$20.17, down 0.25 percent. The WEAT wheat tracker fell most sharply, settling at US$27.12, down 2.66 percent.
Chicago futures were mixed rather than moving together with the exchange-traded funds. December corn settled near 541 cents a bushel, December wheat near 754 cents, and November soybeans near 1,316 cents.
| Asset | Level | Change |
|---|---|---|
| Soybeans (SOYB) | US$27.79 | +0.62% |
| Corn (CORN) | US$20.17 | -0.25% |
| Wheat (WEAT) | US$27.12 | -2.66% |
Source: RT close, 2026-09-03. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,188.13 | -0.01% | +21.85% | 185,205.09 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,473.16 | +0.91% | +12.17% | 64,884.28 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,058,093 | -1.55% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,534.46 | +1.81% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,719.97 | +0.43% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Wheat gave back part of a prior run-up as risk premium tied to the Black Sea region eased in thin trading. The decline brought the WEAT tracker down 2.66 percent, the largest move among the three grain proxies.
Corn felt pressure from the northern Brazilian second-crop harvest, reported near 90 percent complete, which kept export flows strong. The CORN tracker slipped 0.25 percent, broadly in line with December corn futures, which eased about half a percent.
Soybeans rose across the board Thursday, with the SOYB tracker up 0.62 percent. Chicago soybean futures also firmed, adding six cents to trade near 1,316 cents a bushel.
Weak Chinese demand and heavy South American supply capped the wider complex. But soybeans still posted modest gains despite that backdrop.
04 The Latin American read
Brazil and Argentina remain the world’s export engine for soybeans and corn, with the northern Brazilian second-crop corn harvest near 90 percent complete keeping supply pipelines full. Yet Chinese buying interest stayed soft, leaving the export machine running without an offsetting demand surge.
Currency shifts in Brazil and Argentina matter for grain pricing. A weaker real or peso makes dollar-denominated crops cheaper for overseas buyers, supporting export competitiveness.
Thursday’s session lacked specific exchange-rate levels in the available reports. The mechanism still remains a background driver for Latin American grain flows.
05 The names to watch
SOYB, the soybean tracker, settled higher at US$27.79, up 0.62 percent, showing resilience to the day’s bearish supply narrative. Its direction will hinge on whether Chinese buyers return to top up soybean reserves.
CORN closed lower at US$20.17, down 0.25 percent, as the Brazilian second-crop harvest near completion kept a lid on prices. WEAT fell hardest to US$27.12, down 2.66 percent, as geopolitical risk premium unwound in thin trading.
06 The outlook
Supply-side pressure from South America and easing Black Sea worries leave grain trackers vulnerable to further softness absent a demand catalyst. The next USDA report and China’s purchasing behaviour are the two clearest signals for whether the pullback extends or stalls.
07 What to watch
- China soybean purchases: Any renewed buying from Beijing could quickly tighten the South American export pipeline and lift the SOYB tracker.
- Brazilian corn harvest finish: The second-crop harvest near 90 percent complete means a near-term supply surge; watch for signs of slowdown as the remaining area is collected.
- Black Sea wheat risk premium: If geopolitical tensions re-escalate, wheat could rebuild the risk premium it shed on Thursday, lifting the WEAT tracker.
- USDA report timing: Upcoming crop reports will likely reshape supply expectations for corn and soybeans, the key variable for the CORN and SOYB trackers.
Frequently Asked Questions
Why did the wheat tracker fall so much?
The WEAT fund dropped 2.66 percent to US$27.12 as Black Sea supply risk premium faded in thin trading. December wheat futures fell about 2.5 percent, a smaller but still sharp move.
Why did the SOYB tracker rise on Thursday?
The SOYB fund settled at US$27.79, up 0.62 percent, as Chicago soybean futures also firmed near 1,316 cents a bushel. Soybeans were the only one of the three grain trackers to close higher.
How does Brazil’s harvest affect corn prices?
The northern Brazilian second-crop corn harvest is near 90 percent complete, keeping export flows strong. That kept a lid on the CORN tracker, which closed down 0.25 percent at US$20.17.
What role do Brazil and Argentina play?
They are the export engine for soybeans and corn into China. Weak Chinese buying left supply dominant, capping gains even as soybean futures firmed slightly on Thursday.
Market data: RT
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