CORN HIGHLIGHTS:

• Corn futures edged higher Wednesday on light buying and continued demand support. September closed ½ cent firmer at 380, while December added ¾ cent to 404.
• USDA reported two flash sales Thursday morning—Mexico purchased 125,741 MT (5 mb) and Colombia 100,000 MT (3.9 mb) for 2025/26—as U.S. prices remain competitive globally.
• Pro Farmer pegged Nebraska corn yields at 179.5 bpa (vs. 173.25 in 2024, 166.3 three-year avg) and Indiana at 193.82 bpa (vs. 187.54 in 2024, 182.09 thirty-year avg). The tour is moving into western Iowa and Illinois today.
• The September corn options expire on Friday. The corn market may trade choppy going into options expiration as price flow to large areas of open interest for both September puts and calls.

SOYBEAN HIGHLIGHTS:

• Soybeans ended higher Wednesday, with September up 2 cents at $10.15 and November gaining 2 ¼ to $10.36. In products, September meal rose $4.60 to $292 while September oil slipped 0.48 cents to 51.20. November soybeans remain above all major moving averages and continue to consolidate.
• Pro Farmer reported Nebraska pod counts at 1,348.3 per 3’x3’ square, above last year. Indiana pod counts came in at 1,376.6, below last year’s 1,409.
• Brazil’s antitrust regulator (CADE) suspended the 20-year “Soy Moratorium,” ordering traders to end compliance within 10 days or face fines. The pact had barred purchases of soy grown on land cleared after July 2008. July exports totaled 12.3 mmt (+9% y/y), with 78% shipped to China. The move could boost Brazilian soybean and corn supply, heightening competition with the U.S.
• The American Soybean Association urged President Trump to prioritize soybeans in U.S.–China trade talks, warning that retaliatory tariffs could shut U.S. farmers out of their largest export market heading into harvest.

WHEAT HIGHLIGHTS:

• After setting a new contract low Tuesday, Chicago wheat rebounded with September up 7 cents to 505 ½. Kansas City and Minneapolis posted smaller September gains, up 1 ¼ to 500 ¾ and up 1 ½ to 570, respectively. The bounce reflected oversold conditions and U.S. FOB Gulf values trading about $10 below Russian offers.
• SovEcon raised its Russian wheat crop estimate by 0.2 mmt to 85.4 mmt, above USDA’s 83.5 mmt. Ongoing upward revisions to Russian output have weighed on global values in recent weeks.
• Ukrainian grain exports have reached 3.1 mmt since their export season began on July 1. This represents a 52% decline from the 6.4 mmt shipped during the same time last year. Of the total, wheat accounts for 1.73 mmt, which is down 44% year over year.
• Widespread rains across key winter wheat areas in the past month have left soil moisture above normal, improving crop prospects. Additional favorable rains are forecast in the coming weeks.

DAIRY HIGHLIGHTS:

• Class III milk futures posted losses across the board today, with all 2024 and 2025 contracts finishing in the red. Both the September and October contracts gave back the gains made in yesterday’s session.
• Spot cheese extended its upward trend, gaining 0.8750 cents to close at $1.83875/lb. Meanwhile, spot whey continued its downward slide from yesterday, falling 2.25 cents to settle at $0.5675/lb.
• Spot butter continued its decline, falling 3 cents to close at $2.2900/lb. Spot nonfat dry milk also moved lower, slipping 0.75 cents to finish at $1.2575/lb.
• Class IV milk futures also struggled to find support, finishing lower across the board.

Total Farm Marketing and TFM refer to Stewart-Peterson Group Inc., Stewart-Peterson Inc., and SP Risk Services LLC. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of the National Futures Association. Stewart-Peterson Inc. is a publishing company. SP Risk Services LLC is an insurance agency. A customer may have relationships with all three companies. TFM Market Updates is a service of Stewart-Peterson Inc. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

Author

Amanda Brill