CORN

• Corn futures are trading near unchanged this morning with December futures near 429 and May futures trading near 456.
• Rains are forecast west of the Mississippi this week—likely slowing harvest but providing relief to falling river levels after recent dryness.
• Corn futures have pushed above the 100-day moving average, with strong demand fueling the rally. Prices are nearing overbought territory just as harvest pressure looms.

SOYBEANS

• Soybeans are lower to start the day following yesterday’s close higher. November soybeans are down 3-1/2 cents to $10.46-1/4 and March is down 3-1/2 cents to $10.80-1/2. October meal is up $0.30 to $286.40 and October bean oil is down 0.62 cents to 52.52 cents.
• President Trump is set to speak with China’s President Xi on Friday regarding trade, with traders hopeful soybeans will be part of the talks.
• The EPA on Tuesday issued a co-proposal to reallocate either 50% or 100% of small refinery exemptions for 2023–25, while also revising RVOs for 2026–27. A higher reallocation means more soybean oil demand for biofuels. 

WHEAT

• Wheat is trading near unchanged to start the day with December Chicago wheat near 534, December KC wheat near 523 and December spring wheat near 575.
• Both winter wheat futures pushed above upside resistance with yesterday’s close after word that three importers has bought large quantities of U.S. wheat.
• A Federal Reserve rate cut is expected in today’s meeting. If realized a cut could provide pressure to the U.S. dollar which has already been trending downward.

Author

Keegan Madigan