CORN HIGHLIGHTS:

• Corn futures pushed to new contract highs to end the week, as strong demand and expectations for a tighter 2026 harvest helped attract additional buying interest. September corn gained 5 cents to 483 ¾, and December futures also added 5 cents to 508 ½ and a new contract high close.
• USDA announced a flash export sale of corn on Friday morning.  Unknown Destination locked in 205,000 MT (8.1 mb) of corn for the 2026-27 marketing year.
• Pro Farmer on Thursday completed their survey of Iowa and Minnesota corn crop.  The average for the tour stops in Minnesota was 199.01 bu/a. This was below last year, but above the 3-year average. In Iowa, tour stops averaged 193.98 bu/a. Like Minnesota, this was below last year, but above the 3-year average.  After the market closed, Pro Farmer released its forecast for National corn yield to be at 173.2 Bu/a.
• U.S. new crop total export sales are trending 30% under last year in this window at 11.39 MMT.  Despite the weakness to last year, the total sales number still ranks as one of the largest for the start of the marketing year over the past decade.

SOYBEAN HIGHLIGHTS:

• Soybeans traded higher into the weekend and have trended higher all week. China has been a constant buyer of US soybeans this week making a large purchase this morning and likely putting them ahead of 25% complete with their commitment to buy 25 mmt. Strong demand and tight ending stocks have been supportive. This morning, private exporters reported sales of 712,000 metric tons of soybeans to China and 720,000 mt to unknown destinations for the 26/27 marketing year.
• September soybeans gained 4-1/4 cents to $12.25 while November gained 3 cents to $12.39-1/2. November soybeans made a weekly high of $12.44-1/2 which was just shy of the contract high of $12.56-1/2. September soybean meal gained $2.00 to $317.70, and September soybean oil lost 1.83 cents to 69.35 cents with crude oil trading relatively unchanged.
• The Pro Farmer tour in Iowa found pod counts in a 3×3 plot at 1362.93, compared to 1384.38 last year but is up from the average of 1295.70. In Minnesota, pod count was seen at 1257.80, which is up from last year’s 1247.86 and up well off the average of 1089.82.
• For the week, September soybeans gained 47-1/4 cents and November gained 47 cents. September soybean meal gained $7.50, and September soybean oil lost 0.09 cents. While the Pro Farmer crop tour saw soybean pod counts well below last year, they have estimated that the average yield will be 53.3 bpa which is above the USDA’s last estimate.

WHEAT HIGHLIGHTS:

• Wheat closed marginally lower after a two-sided trading session. A lack of fresh friendly news and futures having become technically overbought put some pressure on the market. Additionally, a lower close for MATIF wheat futures offered no support to the U.S. market. In the September contract, Chicago lost 1-1/4 cents to 681-1/2, Kansas City dropped 6 cents to 756-1/4, and MIAX fell 2-1/2 cents to 698-1/4.
• The Buenos Aires Grain Exchange has kept their Argentine wheat planted area steady at 6.5 million hectares. Sowing is all but complete at this point, reported at 99.8%.
• SovEcon is said to have dropped their Russian grain production forecast by 2.7 mmt to 132.6 mmt. Wheat production specifically was reduced by 0.3 mmt to 88.2 mmt. For reference, the USDA is estimating the harvest at 88.5 mmt.
• Despite lower yields, the French soft wheat crop is said to be of good quality. Hot and dry conditions late in the season helped to reduce disease issues. According to FranceAgriMer, protein content exceeded 11.5% in most areas. Nevertheless, the 3% increase to sown area did not offset lower yields in terms of production – the harvest is expected to fall 4.3% versus last year to 31.92 mmt.

DAIRY HIGHLIGHTS:

 Total Farm Marketing and TFM refer to Stewart-Peterson Group Inc., Stewart-Peterson Inc., and SP Risk Services LLC. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of the National Futures Association. Stewart-Peterson Inc. is a publishing company. SP Risk Services LLC is an insurance agency. A customer may have relationships with all three companies. TFM Market Updates is a service of Stewart-Peterson Inc. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

Author

John Heinberg