CORN HIGHLIGHTS:

• Corn futures finished mixed on the session with light selling pressure at the front end of the market. Despite additional export demand, harvest pressure and positioning for tomorrow’s USDA Grain Stock report limited the upside. December futures slipped ½ cent to 421 ½, and March lost ¼ cent to 438 ½.
• Weekly corn inspections total 1.527 MMT (60.1 mb) for the week ending September 25. For this early part of the marketing year, we have shipped just over 5.0 MMT, which is up 52% over last year in this time window.
• USDA announced 2 flash sales of export corn on Monday morning. USDA reported sales of 135,660 MT (5.3 mb) to Mexico and 110,668 MT (4.4 mb) to Unknown Destinations, both sales for the current marketing year.
• USDA will release the September 1 Quarterly Grain Stocks report on Tuesday. Expectations for corn supply stocks to be near 1.336 billion bushels, which is down over 400 mb from last year, reflecting the strong corn demand. Market analysts are cautious that the USDA could raise the 2024 corn crop, potentially adding bushels to the U.S. supply.
• Above normal temperatures and dry conditions should allow corn harvest to progress rapidly this week. The infusion of freshly harvested bushels into the pipeline will likely limit corn prices due to ongoing harvest pressure.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower, falling from overnight highs, but climbed back from lows around noon today. Soybeans have been rangebound for over a week. November lost 3-1/4 cents to $10.10-1/2 and March lost 3-1/2 cents to $10.45-1/2. October meal lost $0.70 to $268.10 and October soybean oil lost 0.49 cents to 49.11 cents.
• Today’s Export Inspections report saw soybean inspections on the lower end of trade estimates. Soybean inspections totaled 21.8 million bushels for the week ending September 25. This put total inspections for 25/26 at 82.5 mb, which is up from 16% the previous year.
• The Crop Progress report later today is expected to show harvest progress lagging behind the 5-year average as a result of rains throughout the Midwest last week. Temperatures are forecast to be above average this week, which should boost progress.
• Friday’s CFTC report saw funds as sellers of 31,589 contracts of soybeans as of September 23 leaving them short 29,302 contracts. They sold 22,286 contracts of bean oil leaving them short just 898 contracts and 20,497 contracts of meal which increased their net short position to 103,269 contracts.

WHEAT HIGHLIGHTS:

• After a relatively quiet session, and despite a drop for the U.S. dollar, wheat closed in mixed fashion. December Chicago lost 1/4 cent to 519-1/2 but Kansas City was up 2-3/4 at 508-1/4, and MIAX was up 1-1/2 cents to 569-1/4. Growing world crop estimates appear to be keeping pressure on the U.S. wheat market.
• Tomorrow will feature the Quarterly Stocks report, as well as the Small Grains Summary. The average pre-report estimate of September 1 wheat stocks comes in at 2.041 bb vs 1.992 bb last year. Additionally, all wheat production for 25/26 is estimated at 1.925 bb, which would be down 2 mb from August, and compares with 1.971 bb during the 24/25 season.
• Weekly wheat inspections amounted to 27.1 mb, bringing the total 25/26 inspections to 350.4 mb, which is up 15% from last year. Wheat inspections are running above the USDA’s estimated pace; total 25/26 exports are estimated at 900 mb, up 9% from the year prior.
• According to IKAR, Russian wheat export values finished last week at $230/mt, which is up $2 from the week prior. In related news, the Russian agriculture ministry decreased their export tax on wheat by 5.8% to 617.7 Rubles/mt through October 7.
• Ukraine has completed their wheat harvest, according to their Economy Ministry. The grain harvest reportedly totaled 30.4 mmt as of September 26, which is down 40% year on year. Of that total, wheat accounted for 22.5 mmt, which is up 0.9% year over year.
• The European Commission increased their EU soft wheat production estimate from 128.1 mmt to 132.6 mmt last Thursday. This has put pressure on the U.S. market, as well as Paris milling wheat futures.

DAIRY HIGHLIGHTS:

• Class III milk futures are starting off the week strong with Q4 2025 contracts trading 20 or more cents higher. November futures saw the largest gain on the day, improving 24 cents to $16.63.
• Spot cheese improved 3.125 cents to $1.6550/lb. Whey was unchanged from Friday at $0.6475/lb.
• Class IV milk futures were able to catch a bounce thanks to a strong spot session for its products. The December contract gained 46 cents to $15.98.
• Spot butter caught some bids today, improving 4 cents to $1.76/lb. Powder was also seen improving half a cent to $1.16/lb.

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Author

Brandon Doherty