CORN HIGHLIGHTS:

• Corn futures used late buying strength and a turn higher in the wheat market to finish the session slightly higher as December corn closed back above the key 500 psychological level. December corn gained 1 ½ cents to 502 ¼, while March added 1 ¼ cents to 516 ¾. 
• The corn market saw additional follow-through selling to start the session with additional long liquidation fueled by the negative USDA Grain Stocks report on Wednesday as the market was still processing the additional 177 mb added to the corn pile.
• Weekly corn export sales were toward the low end of expectations at 536,000 MT (21.1 mb). Current corn export commitments for 2026-267 are running 31% behind last year’s record sales pace.
• Recent rainfall across the Corn Belt is raising concerns about crop quality as harvest delays continue. Reports of declining test weights, poor stalk quality, and sprouting within the ear are becoming more frequent.
• Following this week’s wet weather, forecasts are turning more favorable for harvest across the western Corn Belt. Warmer, drier conditions are expected to help harvest activity pick up through mid-month.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower, pressured by weakness in the corn market and the start of China’s Golden Week holiday. November soybeans fell 9-00 cents to $12.84-00, while March soybeans lost 8-1/2 cents to close at $13.00-3/4.
• USDA will release their crush numbers for the month of August this afternoon. Crush is expected to total 211.3 mb, which if realized would be down from the 222 mb crushed in July but up from the 198 mb crushed last August.
• Midwest weather remains particularly wet, stretching across parts of Nebraska, Iowa, and Illinois. Across the state of Iowa overnight rainfall totals reached north of 3” which will likely delay harvest further throughout the state.
• Export sales for soybeans totaled 38 mb, which was in line with expectations. Year-to-date commitments sit at 817 mb, up 89% from a year ago.
• The market may continue to see sellers hit the market as China starts their Golden Week holiday today. New sales throughout the rest of this week and next may be limited or non-existent.

WHEAT HIGHLIGHTS:

• After a two-sided trade, wheat finished higher across all three classes, supported by strength in the MATIF market. U.S. wheat futures have also moved into technically oversold territory, potentially signaling that a bottom is forming. However, the U.S. Dollar Index climbed to its highest level since early April 2025, which could limit further gains by making U.S. wheat more expensive for importing nations. In the December contract, Chicago gained 7 cents to 682-3/4, Kansas City rallied 4-1/2 cents to 737-1/2, and MIAX last traded 3-1/2 cents higher at 696-3/4.
• The USDA reported an increase of 10.6 mb of wheat export sales for 26/27, and a decrease of 0.2 mb for 27/28. Shipments last week came in at 11.6 mb, which fell to under the 15.0 mb pace needed per week to reach their 775 mb export estimate. Total wheat export commitments for 26/27 reached 355 mb, down 31% from last year.
• Saudi Arabia has issued a new tender for 535,000 mt of milling wheat, with the deadline for offers being Friday, October 2. Delivery is sought for November and December. Previously, Saudi Arabia made no purchase in their original 535,000 mt tender in early September, due to high prices.
• Yesterday’s report indicated that just 67% of U.S. winter wheat acres were harvested for grain. Abandonment levels at 33% are said to be the highest since the dust bowl, nearly 100 years ago.
• According to the USDA, as of September 29, U.S. winter wheat acres experiencing drought conditions came in at 57%. This represents a 1% decline from the previous week but is well above the 45% reading at the same time a year ago. Meanwhile, spring wheat areas in drought declined 4% on the week to 48%.

DAIRY HIGHLIGHTS:

• Class III futures rebounded today, with November gaining 24 cents to close at $15.50/cwt.
• Spot cheese slipped 0.25 cents to close at $1.36125/lb, while spot whey gained 0.50 cents to finish at $0.8150/lb.
• Class IV futures also posted gains, with November climbing 25 cents to close at $20.50/cwt.
• Spot butter gained 4.25 cents to close at $1.360/lb, while spot powder rose 0.75 cents to finish at $2.20/lb.

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Author

Brandon Doherty