CORN HIGHLIGHTS:

• Weak export sales and a lack of bullish news pressured the corn market Thursday, with prices posting modest losses. December corn lost 1 ½ cents to 572 ½, while the March contract slipped 2 cents to 541 ½.  Going into Friday’s trade, December corn futures are unchanged on the week.
• The USDA released the weekly export sales report on Thursday morning. For the week ending September 17, new corn sales totaled 838,000MT (33 MB). This total was at the low end of market expectations. Current corn export commitments are down 29% from last year’s totals.
• The current U.S.-China summit delivered little new information for the grain markets Thursday. U.S. officials did announce that the current trade truce will be extended to January 10 from its November deadline, giving both sides more time to work toward a broader trade agreement.
• A wet forecast for the Western corn belt could limit harvest pace in that portion of the U.S. The cash market may reflect concerns with short-term supportive basis levels in areas looking for fresh bushels.
• Rising U.S. Treasury yields continue to support the Dollar Index, which reached its highest level since late July. The Dollar Index has now traded higher in 10 of the last 12 sessions, keeping pressure on corn and other commodities.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower as traders await additional details from the Trump-Xi meeting. The U.S.-China trade truce has been extended to January 10, with China continuing its commitment to purchase U.S. soybeans, but traders are looking for more substantial news from the summit.
• November soybeans lost ½ cent to $13.17-1/2 in quiet trade while March lost 2-3/4 cents to $13.39-3/4. December soybean meal gained $1.80 to $372.40 and December soybean oil lost 0.26 cents to 67.55 cents despite higher crude oil. November crude oil is up $2.27 a barrel to $94.45.
• The U.S. and Iran are discussing a phased deal that could reopen the Strait of Hormuz and ease the current blockade. While an agreement has not been reached, a reopening of the strait could be bearish for soybeans by easing some of the current geopolitical risk premium. Meanwhile, Ukrainian President Zelenskyy told UN leaders that Ukraine is ready for a maritime truce to protect commercial shipping and is waiting for Russia to respond.
• The U.S. and Iran are discussing a phased deal that could reopen the Strait of Hormuz and ease the current blockade. While an agreement has not been reached, a reopening of the strait could be bearish for soybeans by easing some of the current geopolitical risk premium.
• Meanwhile, Ukrainian President Zelenskyy told UN leaders that Ukraine is ready for a maritime truce to protect commercial shipping and is waiting for Russia to respond.Export sales were poor across the board today with soybeans no exception. The USDA reported an increase of 21.4 million bushels of soybean sales for 26/27 and none for 27/28, all well below trade estimates. Top buyers were China, Japan, and the Netherlands. Last week’s export shipments of 28.5 mb were below the 32.8 mb needed each week to meet USDA estimates.

WHEAT HIGHLIGHTS:

• Wheat ended Thursday’s session modestly lower across all classes as the overall trend continues to weaken. Wheat remains under pressure as healthy rains move across the U.S. Plains, improving moisture conditions and adding pressure to prices. December Chicago wheat is down 2-3/4 cents at 7.05-3/4 while December Kansas City wheat is down 6-1/4 cents at 7.65-1/2.
• Peace talks surrounding the Black Sea are once again drawing attention to the wheat market. Ukrainian President Volodymyr Zelenskiy told leaders at the United Nations that Ukraine is ready for a maritime truce based on proposals from Egypt, India and Turkey, putting the next response in Russia’s hands.
• Russia’s Krasnodar region has declared a state of emergency as grain supplies continue to build amid an export halt. The situation highlights the growing pressure on Russia’s grain supply chain as export demand remains limited. So far in September 2026, only eight countries have purchased Russian wheat, compared with 26 countries during the same period last year.
• Wheat export sales came in at 10 million bushels, falling below expectations. Year-to-date commitments now stand at 344 million bushels, down 31% from a year ago compared with the USDA’s forecast for a 15% decline. Commitments currently represent just 44% of the USDA’s full-year export projection, well below the historical average of 53%. With sales lagging the pace needed to meet the USDA’s projection, a pickup in U.S. export demand will likely be needed soon or the USDA could be forced to lower its export estimate.

DAIRY HIGHLIGHTS:

• The Class III markets were down again with the second month October contract dropping 23 cents to $15.30.
• Thanks to a 3-cent drop in blocks, spot cheese was down 1.50 cents to settle at $1.39/lb. Whey was up again, moving to $0.8050/lb.
• Class IV saw some nice buying once again as the October contract closed out the afternoon at $20.29, up 15 cents from yesterday.
• Spot powder was up another 2 cents to make 9 cents of gain on the week, moving to $2.17/lb. Butter lost 0.75 cents, closing at $1.3575/lb.

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Author

John Heinberg