CORN HIGHLIGHTS:

• Corn futures struggled to hold early session strength as improved weather likely increased harvest pressure, despite strength and buy support in the other grain markets. December corn slipped ½ cent to 497 ¼, while March remained unchanged at 511 ½.
• The improved weather forecast for this week should push the corn harvest. The movement of fresh corn supplies into the pipeline will likely limit near-term rallies.
• Corn harvest was 18% done last week but will likely see some advancement as the weather has improved. The wetness in the western Corn Belt will be an area of interest, which had limited harvest due to recent wet weather. The USDA will release the latest harvest progress numbers on Monday afternoon.
• The USDA announced a flash export sale of corn on Monday morning. Mexico purchased 129,540 MT (5.1 mb) of corn for the 2026-27 marketing year.
• Weekly USDA export inspections were within market expectations in Monday’s report. For the week ending October 1, U.S. exporters shipped 1.368 MMT (53.8 mb) of corn. Total inspections are trending 4% above last year.

SOYBEAN HIGHLIGHTS:

• Soybeans finished higher, supported by stronger-than-expected export inspections, a morning export sale announcement, and a sharp overnight rally in the Brazilian real. November soybeans ended up 2-3/4 cents higher at 12.81 and January ended up 3-1/2 cents at 12.98.
• USDA confirmed the U.S. export sale of 104,000 tons of soybeans for delivery to unknown destinations in 2026/27.
• U.S. soybean harvest progress jumped approximately 13 percentage points to 30%, still trailing the five-year average of 35%. Reports of mold and other disease issues have surfaced in areas impacted by heavy rainfall, providing additional support to soybean prices.
• Soybean export inspections totaled 42 million bushels, in line with expectations and above the 29 million bushels needed each week to reach the USDA’s export forecast. Year-to-date inspections of 146 million bushels are up 31% from a year ago, compared with the USDA’s full-year forecast for a 10% increase. China accounted for 28 million bushels, while Algeria took 5 million.
• Brazilian farmers had planted 7.3% of the expected 2026/27 soybean area as of last Thursday, according to AgRural. This is up from 3.4% the previous week but remains behind the 9% planted at the same time last year.

WHEAT HIGHLIGHTS:

• Despite a fresh 18-month high for the US Dollar Index today, all three classes of US wheat closed in the green. Further Black Sea war escalation (and concern over logistics) continues to be the main driver for the wheat market. In the December contract, Chicago gained 9-1/4 cents to 692-1/4, Kansas City rallied 7 cents to 742-1/4, and MIAX climbed 10-1/2 cents to 708-1/2.
• Weekly wheat export inspections were pegged at 11.1 mb. This brings total 26/27 inspections to 245 mb, down 35% from last year. Inspections are currently running under the USDA’s estimated pace; they are forecasting final 26/27 exports at 775 mb, down 15% from the year prior.
• The front three months in Paris milling wheat futures gapped higher and finished the session with strong gains. The December contract has also closed higher in four of the past five sessions. The firming up of this market may be spilling over some strength into the US wheat complex.
• Saudi Arabia is reported to have purchased 683,000 mt of wheat in their tender, which was originally for 535,000 mt. Delivery is for the November / December timeframe and the price is said to have ranged from about $335-$348/mt on a CNF basis. Origins are said to be from Australia, the Black Sea, the EU, North America, and South America.
• News outlets have reported that Russian drones struck a Turkish grain vessel in the Black Sea, which caused it to sink. The attack was also said to have taken place in Romanian waters. As Romania is a NATO member, this has caused concerns about further escalation of the war.
• According to NOAA, growing areas of western Ukraine show large soil moisture deficits ahead of winter wheat dormancy. Western Russia is also said to be too dry for good winter wheat establishment in many areas.

DAIRY HIGHLIGHTS:

• A penny higher bid in both spot whey and spot cheese blocks kept Class III milk green on Monday. Nearby contracts were up as many as 11c.
• Butter was the lone red product trade for the day, with spot losing 2.50c to $1.3150/lb. Butter still trades near multi-year lows.
• Class IV milk experienced a lack of volume. Just 25 contracts traded in total throughout the first fifteen contract months on the board.
• This afternoon’s Dairy Products report showed total cheese output in August up 1.40% from last year while butter output was up 6.30% from last year.
• There will be a Global Dairy Trade auction tomorrow morning. The market will look for a sense of global price direction.

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Author

Brandon Doherty