Cereal markets saw significant price drops on October 6 and 7, 2026, with both the Chicago Mercantile Exchange (CBOT) and Euronext reporting sharp declines in wheat and corn prices. On the CBOT, wheat prices fell between 13 and nearly 18 cents per bushel. The December 2026 contract dropped 17.75 cents to 686.5 cents per bushel, while the March 2027 contract declined 16.50 cents to 701 cents per bushel. On Euronext, wheat prices fell below 245 €/t, with the December 2026 contract losing 3.25 €/t to 244.25 €/t and the March 2027 contract declining by 2.50 €/t to 246.75 €/t. Corn prices on the CBOT also fell sharply. The December 2026 contract dropped 6 cents to 502 cents per bushel, and the March 2027 contract fell 5.25 cents to 517 cents per bushel. On Euronext, corn prices dropped as well, with the November 2026 contract decreasing by 1 €/t to 276 €/t and the March 2027 contract losing 0.75 €/t to 272 €/t. These declines were partly due to a surplus of American corn supplies and anticipation of the USDA's World Agricultural Supply and Demand Estimates (WASDE) report, scheduled for October 9. The strength of the U.S. dollar was a negative factor for agricultural commodities, as the euro weakened against the dollar. On October 6, the exchange rate was 1.1196 dollars per euro, down from 1.1262 the previous day. By Thursday morning, the euro had stabilized slightly at 1.1203 dollars. In Ukraine, the corn harvest is progressing rapidly. By October 5, 1.62 million tons had been harvested, more than double the amount from the previous week. Harvested areas have nearly doubled to 294,200 hectares, which represents 6.5% of the expected total of 4.56 million hectares. National average yields have improved, rising from 5.15 to 5.52 tons per hectare, though regional yields vary significantly, ranging from 2.58 to 11.44 tons per hectare. In Russia, export challenges and weak domestic prices may lead producers to reduce wheat and barley planting in favor of oilseeds such as soybeans, rapeseed, flax, and protein crops. Corn is expected to remain a preferred crop for farms with good drying and storage facilities or secure outlets. Wheat appears to be the most vulnerable, with domestic stockpiling and high transport costs reducing profitability for farms far from ports. The Food and Agriculture Organization (FAO) estimated that global cereal production for 2026 will reach 2.979 billion tons, the second-highest on record. Global wheat production is expected at 813.9 million tons, an increase of 3.2 million tons compared to previous estimates, largely due to better conditions in Australia. However, secondary cereal production, including corn, is expected to decrease by 3.3 million tons to 1.612 billion tons, mainly due to declining prospects in the EU and the U.S. Global cereal trade is forecast to decrease by 3.5 million tons compared to September, reaching 505.8 million tons, a 3.5% year-on-year decline. Navigation issues in the Black Sea and limited alternative transport options are negatively affecting wheat and corn exports. While export prospects from Kazakhstan have improved, they are not enough to offset the expected decline in Russian and Ukrainian exports.