CORN HIGHLIGHTS:

• Corn futures started the week higher as strong buying in the soybean market and a firm demand outlook provided support. September corn gained 6 cents to 465, and December corn added 6 ¼ cents to 489 ½. December futures challenged the July high of 492 before slipping back into the close.
• In France, the drought earlier this year could reportedly cut the anticipated maize crop in half which would bring it to the lowest level of production since 1976. There were issues with drought in other European countries as well, and output from the EU is expected to be the lowest in decades. This should bring more business to the US as both Russia and Ukraine struggle to export their grain amid the war.
• USDA announced weekly corn export inspections on Monday morning. For the week ending August 13, US exporters shipped 1.911 MMT (75.2 mb) of corn. This was above market expectation and well above last week.
• Pro Farmer started is crop tour on Monday morning. Markets are watching closely for trends comparing this year’s crop to previous years. Pro Farmer will release its crop tour estimates for national yield on Friday after the market closes.

SOYBEAN HIGHLIGHTS:

• Soybean futures ended the day sharply higher, supported by strong export demand from China, concerns over recent flooding and excessive rainfall in some growing areas, and favorable crush margins supporting domestic demand. Yields may be impacted in some places if fields do not dry out. In addition, palm oil prices surged higher due to El Nino fears which supported soybean oil.
• September soybeans gained 23-1/4 cents today climbing to $12.01 while November soybeans gained 23-1/2 cents to $12.16. November soybeans posted their highest close since January 2023 and could continue higher if funds remain bullish. September soybean meal gained $1.90 to $312.10 while September soybean oil gained 2.00 cents to 71.44 cents.
• NOPA soybean crush was released today and while numbers were strong, crush came in below the trade estimates. For July, 216.65 million bushels of soybeans were crushed, which compared to the trade guess of 221 mb. This was up 1.1% from June and up 10.7% from July 2025.
• Friday’s CFTC report saw funds as sellers of 24,104 contracts of soybeans as of August 11 reducing their net long position to 101,362 contracts. They bought 241 contracts of bean oil leaving them long 80,922 contracts and sold 5,875 contracts of bean meal.

WHEAT HIGHLIGHTS:

• Wheat finished the session in mixed fashion. The market may have been kept under pressure by a lower close for Paris milling wheat futures, as well as good rains in Kansas and the Oklahoma panhandle. This moisture should help recharge the soil ahead of winter wheat planting. In the September contract, Chicago was unchanged at 674-3/4, Kansas City gained 4-1/2 cents to 758-3/4, and MIAX was down 3-1/4 cents at 675.  
• Weekly wheat inspections were pegged at 18.1 mb, which brings total 26/27 inspections to 143 mb, down 19% from last year. Inspections are currently running below the USDA’s estimated pace; total exports in 25/26 are forecasted at 775 mb, down 15% from the year prior.
• Over the weekend, the Canadian prairies saw scattered showers, including heavy rain in Manitoba. More storms are forecasted for this week, though excess rain is not expected. In any case, the moisture should benefit their maturing spring wheat crop.
• According to IKAR, Russian wheat exports in the month of August are expected to total under 2 mmt. This is well below the 4.4 mmt shipped during August 2025 and represents a 55% decline. Additionally, Russian wheat production for the 26/27 season is estimated at 90 mmt, down 0.5%.
• The Egyptian government indicated that they have purchased 4.72 mmt of domestic wheat during the 2026 harvest season. This represents a 20% year on year increase from last year’s 4 mmt. Nevertheless, this means the government did not meet their 5 mmt procurement goal for the 2026 season.

DAIRY HIGHLIGHTS:

• The nearby Class III contracts faced minor double-digit losses today with September dropping 17 cents to $17.26.
• Spot cheese was unchanged with slightly lower blocks and slightly higher barrels. Whey managed to gain a half cent.
• Class IV contracts finished Monday with varying levels of gains for the remaining 2026 contracts, ranging from 8 to 22 cents beyond front month August.
• It was a nice Class IV spot trade to start the week with butter up 1.25 cents and powder up 0.75 cents.

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Author

Amanda Brill