CORN
- Corn is trading slightly lower to start the day with the December contract down 1-1/4 cents to $4.21-3/4 while March is down 1 cent to $4.39-3/4. Yesterday, corn prices remained firm despite sell-offs in the other grain markets.
- Demand for US corn is pushing record start to the marketing year. Current corn export sales on the books are the second best in the past 25 years. Another strong week of sales this week could like make the 2025-26 marketing year the strongest start ever, eclipsing the 2021-22 marketing year.
- Yesterday’s Crop Progress report saw corn ratings fall by 2 points from last week to 69% good to excellent. 90% of the crop is in dough stage, 58% is dented, and 15% of the crop is mature.
SOYBEANS
- Soybeans are starting the day lower again today with November down 1-1/2 cents to $10.39-1/2 while March is down 1-1/2 cents as well to $10.73-1/2. October meal is down $0.60 to $277.70 and October bean oil is down 0.44 cents to 51.83 cents.
- US soybean crushings were seen at 204.8 million bushels in July which was up 5.9% from the same period last year and above June crushings of 196.9 mb. The increase in crush is creating a large supply of meal which weighs on prices.
- Soybean crop ratings fell by more than expected from last week, dropping 4 points to 65% good to excellent. 94% of the crop is setting pods and 11% is dropping leaves.
WHEAT
- Wheat is mixed to start the day with Chicago and Minn lower but KC slightly higher. December Chicago wheat is down 1/4 cent at $5.28, while December KC is up 1-1/4 cents to $5.12-1/2. Yesterday’s export inspections were decent for wheat.
- SovEcon raised their 25/26 Russian wheat export forecast to 43.7MMT from 43.3MMT, noting better crop prospects, but quality issues are a concern and may impact yields.
- The Crop Progress report saw the spring wheat harvest 72% complete as of Sunday which is up from 53% the previous week and the 5-year average of 69%.
Author
Amanda Brill