CORN

• Corn is trading lower this morning following Friday’s higher trade that came on the heels of a relatively bearish USDA report. December corn is down 4-1/4 cents to $4.25-3/4 while March is down 4-1/2 cents to $4.43.
•  While Friday’s WASDE report numbers were within trade expectations, they leaned bearish. Corn ending stocks for 24/25 were increased to 1.325 bb while 25/26 ending stocks were lowered but above the trade guess at 2.11 bb. Yield was decreased to 186.7 bpa and harvest acreage was increased to 90.0 ma.
• Friday’s CFTC report saw funds as sellers of corn by 8,442 contracts which increased their net short position to 99,929 contracts.

SOYBEANS

• Soybeans are trading lower to start the week with prices hovering above the 21-day moving average. November soybeans are down 5 cents at $10.41-1/4 and March beans are down 5 cents at $10.75-1/4. October meal is down $3.10 to $284.50 and October bean oil is up 0.30 cents to 51.97 cents.
• The USDA report saw 24/25 soybean ending stocks unchanged at 330 mb while 25/26 ending stocks were increased slightly by 10 mb to 300 mb. Export demand was lowered and yield was lowered to 53.5 bpa.
• Friday’s CFTC report saw funds as sellers of soybeans by 26,678 contracts increasing their net short position to 14,714 contracts. They sold 12,465 contracts of bean oil and bought back 3,737 contracts of meal.

WHEAT

• Wheat is mixed to start the day with December Chicago wheat up 1-1/2 cents at $5.24-3/4 while December KC wheat is down 1/2 cent to $5.14-1/4, and Minn is down 1/4 cent.
• The WASDE report saw 25/26 ending stocks for wheat fall to 844 mb from 869 mb last month. World ending stocks increased to 264.1 mmt from 260.1 mmt in August.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 10,451 contracts leaving them short 92,394 contracts. They bought back 1,656 contracts of KC wheat decreasing their short position to 53,025 contracts.

Author

Amanda Brill