CORN HIGHLIGHTS:

• Corn market recovered off session lows, supported by U.S.-China trade optimism and a wet weather forecast to finish with marginal gains on the session. December corn finished 13 ½ cents off the session low to gain ¾ cents to 528 ¼, while March added ½ cent to 542. For the week, December corn finished ¾ cents higher.
• Early technical selling and a break of support triggered some long liquidation, but corn recovered to close with a more supportive technical tone. Weekend headlines will be important for direction next week.
• U.S. Trade Representative Greer said details from this week’s U.S.-China discussions will be released Monday, triggering buying across the grain markets. Traders had been disappointed by the lack of details following the meetings.
• Wet weather across the western Corn Belt could slow harvest into early October and provide short-term support to basis in areas needing fresh supplies.
• The USDA will release the Quarterly Grain Stocks report on September 30. The USDA could make changes to the 2025-26 corn harvest and finalize demand for the last marketing year. The grain stock report could bring volatility to the market next week.

SOYBEAN HIGHLIGHTS:

• Soybeans were mixed to end the day but came back sharply from overnight lows. Markets were initially pressured by the fact that there was no press release following the meeting between President Trump and China’s Xi, but later in the day it was announced that details from the meeting would be released on Monday, and prices began to recover at that point.
• November soybeans gained 1-1/2 cents to $13.19 with a daily low of $12.97-1/2 while March soybeans lost ¼ cent to $13.39-1/2. December soybean meal lost $1.40 to $371.00 while December soybean oil gained 0.29 cents to 67.84 cents despite a loss in crude oil of $2.36 a barrel to $92.22 in November.
• Excessive Midwest rainfall is delaying both corn and soybean harvest, tightening supplies of prompt cash soybeans. Processors are reportedly offering large premiums for nearby deliveries as they compete for limited old-crop supplies, providing underlying support to soybean prices.
• In Brazil, consultancy firm Patria has revised its estimate for 26/27 soybean production 3.3% lower as a result of lower anticipated yields. Total production is expected to reach 173.75 mmt, which would be down 3.3% from last year. Planted area was estimated to increase by 0.77% to 121.08 million acres. The potential losses are likely due to the El Niño weather pattern.

WHEAT HIGHLIGHTS:

• Wheat futures recovered substantially from overnight lows during the day session Friday but still ended lower on the day and the week.
• December CBOT wheat futures closed 3-3/4 cents lower to close at 703-1/4. December Kansas City wheat ended 5 lower on the day to close at 762, while December Spring wheat shed 6-3/4 cents to close at 713-1/2. For the week, Chicago wheat was 11 cents lower, KC wheat was 21-3/4 lower and Spring wheat was 27-3/4 lower.
• Wheat weakness over the past four weeks has been driven by progress toward Russia-Ukraine negotiations and improving moisture across the U.S. Plains, which could support winter wheat conditions heading into dormancy.
• Despite export struggles out of the Black Sea region as of late, U.S. wheat exports are currently running 31% behind last year’s pace.
• Remnants of Hurricane Polo are expected to bring 2–4 inches of moisture to western Kansas next week, with lighter amounts across surrounding wheat-producing areas. The forecast likely contributed to early selling pressure in wheat.

DAIRY HIGHLIGHTS:

• A 2.125c down week in the block/barrel cheese trade kept pressure on Class III. Cheese settled the week at just $1.38/lb.
• For the week, whey picked up 2.50c, powder gained 9c, and butter recovered 3c.
• Friday’s Cold Storage report said August butter stocks were up a whopping 10% from last year while cheese stocks grew 2%.
• Second month class III fell to $15.16/cwt, its lowest level since January.
• Class IV had another strong week, with two contracts closing over the $20.00/cwt level.

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Author

Amanda Brill