The CME and Total Farm Marketing Offices will be closed Monday, September 1, in Observance of Labor Day

CORN

• Corn futures are slightly lower at midday, pressured by cheap South American product now that harvest is finished. December corn is down 1/2 to $4.05-1/2.
• Weekly export sales for corn totaled 81 mb, which was on par with trade expectations. Year-to-date commitments now sit at 2.774 billion bushels, up 26% from last year.
• Despite potential disease threats to this year’s corn crop, LSEG has slightly increased corn production for the US to 415 mmt with yield at 185.4 bpa.

SOYBEANS

• Soybeans are weaker at midday, pressured by increased yield estimates. November soybeans are trading 4-1/4 lower to $10.43-1/4.
• Weekly export sales for soybeans were above expectations at 43 mb. Year-to-date commitments are up 11.6% from last year at 1.869 billion bushels.
• LSEG has raised their US soybean production forecast to 117 mmt, up slightly from the USDA’s estimate of 116.82 mmt.

WHEAT

• All three wheat classes are trading lower at midday, pressured by rising global production. December Chicago wheat is down 3-1/2 to $5.20-3/4.
• Weekly export sales for wheat came in at 21 mb which was in line with expectations. Year-to-date commitments total 445 mb, up 23% from a year ago.
• Argus has raised their wheat production forecast for Russia to 86.1 mmt, up from the groups previous forecast in June of 84.8 mmt. If realized this would be the third largest wheat crop on record.
• Statistics Canada has upped their all-wheat production estimate for Canada to 35.548 mmt. This is up from the August estimate in 2024 of 35 mmt but down from the final output of 35.9 mmt a year ago.

Author

Tanner Wilson