CORN HIGHLIGHTS:

• The front end of the corn market pulled higher during the session, fighting off early selling pressure. The market was supported by good export demand, as prices held around the 420 December price level. December gained 2 ¾ cents to 421 ¾, March added 2 ½ cents to 438 ¼.
• Despite the government shutdown, the FGIS release weekly export inspections. For the week ending October 2, U.S. exporters shipped 1.599 MMT (62.9 mb) of corn. Total inspections for 2025-26 are now at 264.1 mb, up 56% from the previous year.
• Favorable weather over the weekend allowed for good harvest progress. Early session pressure is likely tied to harvest pressure to start the session.
• With fresh supplies of corn in the pipeline as producers have been moving stored old crop and freshly harvest new crop, barge freight rates on the Mississippi River have been on the decline, helping support cash basis in some areas.
• The Trump administration is expected to announce details of a producer aid package on Tuesday. The program will likely be directed towards the soybean crop, but aid for corn production, if included, could influence producer decisions with harvested bushels.

SOYBEAN HIGHLIGHTS:

• Soybeans began the week on a weaker note, with Monday’s trading session ending lower amid concerns over the ongoing government shutdown. Traders faced the prospect of another week without key government data, including export inspections, the harvest progress report, Commitment of Traders data, and the WASDE report scheduled for later this week. Soybeans and soybean meal moved lower, while soybean oil posted modest gains. November soybeans closed down at $10.17 ¾.
• Export inspections totaled 28 million bushels, in line with expectations but below the 33 million bushels per week needed to meet the USDA’s export forecast. Year-to-date inspections stand at 111 million bushels, down 15% from last year, compared to the USDA’s projected 10% decline. The largest buyers this week were Mexico and Egypt, each taking 7–8 million bushels.
• Soybean planting in Brazil is progressing, with 9.15% of the crop planted and 15.03% completed in Mato Grosso, compared to the average pace of 6.10% for this time of year. Dry weather across much of Brazil this week has supported steady fieldwork, though wet season showers are expected to return next week, which could slow planting progress.
• Port fees on Chinese vessels entering U.S. ports are expected to take effect on October 14. Some reports suggest that China may be reconsidering participation in a meeting with President Trump at the APEC Summit in South Korea, pending resolution of the port fee dispute. Meanwhile, trade talks with India are progressing, with positive discussions continuing around India’s potential imports of U.S. soybeans for both oil production and animal feed.
• The U.S. soybean harvest is 39% complete, compared to 44% last year and the five-year average of 38%. Crop ratings are expected to hold steady at 62% good to excellent.

WHEAT HIGHLIGHTS:

• Wheat finished the session with small losses in each of the three classes. A slight gap higher for the U.S. dollar put wheat on the defensive today, as well as continued talk of growing global production, and swift U.S. winter wheat planting progress. December contracts in Chicago closed 2-1/2 cents lower at 512-3/4, Kansas City was down 1-1/2 to 495-1/2, and MIAX lost 3-1/4 to 556-1/2.
• Despite the government shutdown, traders did receive export inspections data today. Weekly wheat inspections amounted to 18.6 mb, bringing the total 25/26 inspections to 374.0 mb, up 18% from last year. Inspections are running above the USDA’s estimated pace; total 25/26 exports are projected at 900 mb, up 9% from the year prior.
• In their tender, Saudi Arabia is believed to have purchased 455,000 mt of wheat for December and January shipment. The average price was reportedly $263/mt on a CNF basis. The Black Sea is believed to be the source of the grain, with it coming primarily from Russia.
• According to IKAR, Russian wheat export valued ended last week at $232/mt on a FOB basis – this would be an increase of $2 from the week before. SovEcon has reported that Russia shipped 4.6 mmt of wheat in September, and they are projecting October exports will increase to 5 mmt. Additionally, Russia will reportedly decrease their wheat export tax by 20% to 493.4 Rubles/mt between October 8-14.
• Argentina had a storm front move through over the weekend bringing widespread rainfall. However, the next 2-3 weeks are forecasted to be dry. This should help to reduce soil moisture levels making conditions more favorable for early wheat development.

DAIRY HIGHLIGHTS:

• Class III milk was mostly lower today with October dropping 18 cents, while second month November gave back 3 cents to finish at $16.91.
• Spot cheese was 2 cents lower to $1.76/lb today, while whey was unchanged from Friday at $0.63/lb.
• Class IV futures were weak today with January and February falling 20 and 22 cents, respectively. Second month November settled down 12 cents at $15.10.
• Spot butter was 5.50 cents lower on 6 loads traded today. Powder was unchanged.

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Author

Brandon Doherty