CORN
- Corn futures are lower to start the week, following large losses in the soybean complex. December corn futures are 4 cents lower trading at $4.20 currently, March corn futures are also 4 cents lower trading at $4.37-1/4.
- USDA confirmed a 12.6 mb corn sale to Mexico for 2025/26 delivery this morning, marking the third consecutive day of announced export sales.
- The Ohio River Valley is forecast to receive moisture over the next week, while the northern Corn Belt turns drier. Above-normal Midwest temperatures into mid-October should aid crop dry down and support harvest progress.
SOYBEANS
- Soybean futures are sharply lower to start the week after lack of progress on U.S./China trade relations late last week. November soybeans are 15 cents lower trading near $10.10 while March soybeans are 14-3/4 cents lower trading near $10.46.
- Brazil has begun soybean planting, roughly in line with last year’s pace. Industry estimates place the crop between 175–180 mmt, which would mark a new record high.
- China imported a record 10.5 mmt of Brazilian soybeans in August, marking the first time in history monthly imports from Brazil to China have topped 10 mmt for four consecutive months.
WHEAT
- December Chicago wheat futures are down 13 cents to start the week near $5.09 currently. December KC wheat futures are 8 cents lower trading near $5 while December Spring wheat futures are down 2-1/2 cents trading near $5.65.
- Winter wheat planting in the U.S. will likely approach 20% plus completion in Monday’s Crop Progress update.
- KC wheat futures are trading back near the $5 level this morning, going back to May this area has provided support.
Author
Keegan Madigan