CORN HIGHLIGHTS:

• Corn futures started the week higher, rallying off early session lows. December gained 3 ¾ cents to 421 ¾, while March added 3 cents to 439 ½, supported by demand and weather concerns.
• USDA released weekly export inspections on Monday morning. For the week ending September 4, a total of 56.8 mb were inspected for shipment. Of that total, 25.6 mb were for the 2025-26 marketing year as the old marketing year closed on August 31.
• Grain markets are adding weather premium as long-range forecasts point to above-normal temperatures and below-normal rainfall across much of the Corn Belt into mid-September.
• Managed hedged funds reduced their net short position in the corn market for the third consecutive week. This is the longest “buying” streak since January as the funds reduced their net short position by nearly 19,000 contracts but remain short 91,000 total contracts.
• Brazil’s growing ethanol industry could be long term supportive of the US corn export market. Though down the road, A Brazilian ethanol firm announced plans to build at least 5 ethanol plants in Mato Grasso. The increased domestic usage should limit additional bushels to the export market.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher to start the week as futures slowly climbed higher throughout the day. November soybeans gained 6-3/4 cents to $10.33-3/4 while March gained 7-1/4 cents to $10.68. Soybeans bounced off support at the 50-day moving average again today. October soybean meal gained $1.40 to $281.90 while October soybean oil gained 0.17 cents to 50.98 cents.
• China’s August soybean imports hit a record 12.28 mmt, up 1.2% from last year and above expectations as crushers front-loaded purchases amid stalled U.S.-China trade talks.
• StoneX has revised their estimates for the 25/26 soybean yield lower to 53.2 bpa. This would be slightly below the USDA’s estimate but is on par with Allendale’s last guess of 53.28 bpa. Production is estimated at 4,257 mb, and the USDA will update its estimates this Friday.
• Patchy frost likely hit northern U.S. soybean areas over the weekend, while ongoing and forecasted dryness across the core I-states is adding back weather premium to the market.
• Friday’s CFTC report saw funds as sellers of soybeans by 8,854 contracts which reduced their net long position to 11,964 contracts. They sold 14,542 contracts of bean oil leaving them long 16,127 contracts and sold 27,811 contracts of meal leaving them short 89,522 contracts.

WHEAT HIGHLIGHTS:

• Wheat futures posted gains across all three classes today, supported by positive export inspection data and a weaker U.S. dollar. December wheat led the way, closing up 4.4 cents at 523 3/4.
• Wheat export inspections this week totaled 16 mb, in line with trade expectations and sufficient to meet the weekly pace needed to reach the USDA’s annual forecast. Year-to-date inspections stand at 260 mb, which is 10% above the seasonal average.
• Fundamentals remain bearish, with ample EU and Black Sea supplies capping rallies. APK-Inform raised Ukraine’s wheat crop estimate to 21.9 mmt (from 19.7) and exports to 15.3 mmt (from 13.9), adding to global pressure.
• Wheat prices in Russia and the EU remain weak, adding to global market pressure. APK-Inform raised Ukraine’s wheat production estimate to 21.9 million metric tons, up from 19.7 million last month. Export projections were also increased, with Ukraine now expected to ship 15.3 million tons, up from the previous forecast of 13.9 million.
• Wet weather across the Plains is expected to slow early planting progress, as the spring wheat harvest nears completion at approximately 80%. Meanwhile, winter wheat planting is just slightly behind the seasonal average.

DAIRY HIGHLIGHTS:

• Class III futures saw two-sided trade on Monday. Most of the nearby contracts were slightly higher, but October fell 2 cents to $16.87.
• Spot cheese was a quarter cent higher to close at $1.6975/lb, while whey was up a half cent to $0.57/lb to make for a quiet Class III spot trade.
• Class IV contracts were unchanged or lower today with October and November 2025 falling 11 and 14 cents, respectively.
• Spot butter was up 0.25 cents to $2.0250/lb and powder was unchanged today. Both remain in a downtrend.

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Author

Amanda Brill