Grain markets finished Wednesday firmer, extending the technical rebound that began earlier in the session. After days of heavy selling tied to USDA balance sheet revisions, traders leaned into demand-side confirmation, allowing corn and soybeans in particular to post follow-through gains by the close.

Corn drew decisive support from the energy complex after the EIA reported a sharp surge in U.S. ethanol production to a record 1.196 million barrels per day. The strength in output, alongside rising refiner inputs and higher exports, reinforced corn’s role in biofuel demand and helped offset concerns tied to record U.S. supplies.

Additional demand signals emerged from export channels. South Korean importers purchased 402,000 MT of corn overnight, with USDA confirming 136,000 MT sourced from the U.S., supporting the view that global buyers continue to step in on price breaks. These flows helped underpin corn futures despite elevated ending stocks.

Soybeans found support from renewed Chinese buying interest. USDA confirmed a private sale of 334,000 MT of U.S. soybeans to China, adding to a string of recent purchases that underscore steady demand even as South American exports accelerate.

The market remained focused on the upcoming NOPA crush report, with expectations for a December crush of around 224.8 million bushels. Anticipation of another near-record processing month continued to support soybeans, although rising soyoil stocks kept enthusiasm in check.

South American fundamentals stayed mixed. Brazil’s soybean exports are projected to reach a record January level near 3.73 MMT, while Argentina’s corn crop estimate was raised to 62 MMT. These developments reinforce the broader narrative of ample global supply, limiting the scope of rallies even as demand headlines improve.

Wheat prices benefited modestly from spillover strength and ongoing weather concerns. Forecasts calling for limited precipitation in the U.S. Southern Plains and emerging extreme cold risks for Russia’s next winter wheat crop provided background support, though higher Russian export projections continued to cap gains.

Fund positioning remained an important undercurrent. While recent open interest increases point to continued participation, Wednesday’s price action suggested that aggressive liquidation has paused, allowing markets to respond more directly to incremental demand news.

Wheat: Mar ’26 CBOT wheat closed at $5.12 1/2, up 2 cents. Modest gains reflected short-covering and weather-related uncertainty, while ample global supply and strong Russian export forecasts limited upside.

Corn: Mar ’26 CBOT corn settled at $4.22, up 2 1/4 cents. Record ethanol production, confirmed export sales to South Korea, and steady global demand helped futures recover part of the week’s earlier losses.

Soybeans: Jan ’26 CBOT soybeans finished at $10.30 1/2, up 7 1/4 cents. Fresh Chinese buying and optimism ahead of the NOPA crush report lifted prices, partially offset by rising South American exports and softer soyoil values.