CORN HIGHLIGHTS:

• Corn trade ended the week quiet and mixed. September gained 1 cent to 388 ¼, while December slipped ¼ cent to 411 ½. For the week, September added 4 ½ cents and December gained 6 ¼.
• USDA announced new flash sales Friday — Costa Rica purchased 119,796 MT (4.7 mb) and Spain 140,452 MT (5.5 mb) for 2025/26 — underscoring strong new-crop demand.
• Hot, dry weather across Europe is stressing crops as they approach maturity, raising yield concerns and potentially increasing EU import needs. France’s Ag Ministry projects national corn output 5.6% below last year on dryness and heat.
• Pro Farmer pegged national corn yield at 182.7 bpa (range 180.9–184.5), well below USDA’s 188.8 bpa forecast, in projections released Friday after the close.
• September futures saw options expiration today and will be moving towards first notice day next Friday. This could bring volatility and pressure to the September contract as producers may need to make pricing decisions regarding old crop bushels.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher but slid off their daily highs into the close. September futures gained 2 cents to close at $10.36-1/2, 4 cents off their high, while November futures gained 2-1/2 cents to $10.58-1/2, also 4 cents off their high. Soybean oil led the complex higher with a gain of 1.20 cents to 54.84 in September while meal lost $0.10 to $296.70. Rumors of unconfirmed Chinese purchases supported the market.
• The EPA issued decisions on 175 small refinery exemption petitions, granting 63 full waivers, 77 partial, and denying 28. The Renewable Fuels Association called the approach reasonable, and the outcome was viewed as supportive for soybean oil.
• Pro Farmer’s survey reported strong soybean pod counts across most states. All but Indiana were above last year, and all exceeded the three-year average. Iowa, Minnesota, Nebraska, and South Dakota were sharply above average, with Illinois leading at 1,479 pods per 3’x3’ plot.
• For the week, September soybeans gained 14-1/4 cents and between this and last week wiped out 5 prior consecutive weeks of losses. November soybeans gained 16 cents on the week, and September meal gained $13.30 while September bean oil gained 1.66 cents. Going forward, trade will look to a potential trade deal with China to establish whether this higher trend will continue.

WHEAT HIGHLIGHTS:

• Wheat sustained small to modest losses today – September Chicago was down 2-1/4 cents to 504-3/4 while September Kansas City lost 5-1/4 cents to 498. Minneapolis MIAX futures fared slightly better with September up 1/4 cent at 569-1/2, though deferred contracts closed neutral to fractionally lower.
• A sharp U.S. Dollar drop following Fed Chair Powell’s speech offered little support, while lower Matif wheat added pressure. Traders remain focused on heavy rains forecast for the U.S. Southern Plains, expected to benefit winter wheat planting.
• The Russian agriculture ministry is reported to have re-established an export tax on wheat, at 32.1 Rubles/mt through September 2. Nevertheless, the recent price declines for U.S. wheat have made it much more competitive globally. U.S. HRW wheat is said to be at parity with offers from Russia and Argentina too.
• Ukraine has collected 27.25 mmt of grain so far this season, down 5% from the 28.6 mmt harvested during the same time last year. Wheat accounted for 21 mmt of that total versus 21.7 mmt last year. About half of the wheat is said to be milling quality, and 1.7 mmt of it is being earmarked for making bread.
• The Buenos Aires Grain Exchange has stated that recent rains across Argentina’s growing region has helped to boost soil moisture levels and benefit the wheat crop. This moisture should aid in the uptake of nutrients when farmers add fertilizer. Total 25/26 planted area reached 6.7 million hectares, up from 6.3 million last season.

DAIRY HIGHLIGHTS:

• Class III milk futures were seen falling again on pressure from yesterday’s milk production report. October and November futures shared the largest loss of 18 cents today to close at $17.75 and $17.74 respectively.
• Spot cheese was pushed lower as sellers hit the market. Cheese closed out Friday 4 cents lower to $1.7550/lb. Whey fell 1.50 cents to $0.5550/lb.
• Class IV futures were again weaker on pressure from butter falling to a three and a half year low. The November contract lost 9 cents to close at $17.96.
• Spot butter fell for a fourth straight day to its lowest price in more than 3 years, closing out the week at $2.2350/lb. Powder was unchanged at $1.26/lb.
• July’s Cold Storage saw cheese stocks declining slightly from last month but was up slightly from a year ago. Butter stocks were seen falling month-over-month and year-over-year.

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Author

John Heinberg