CORN HIGHLIGHTS:

• Corn futures slid off early session highs to finish mixed to mostly lower with only the December contract posting a slight gain. December corn finished ¼ cent higher to 424, but 6 cents lower for the week. March slipped ¼ cent lower to 441 ¼.
• The corn market traded higher on the session with the prospects of some trade resolution between the U.S. and China as President Trump and President Xi held a phone conversation. The market lost its strength as the realization that the current situation remained unchanged.
• Harvest is advancing, with 7% complete as of last week’s progress report. Warm, dry conditions should aid fieldwork but are also keeping early harvest pressure on the market.
• A stronger U.S. dollar, now higher for three straight sessions, added headwinds late in the week.
• USDA announced a flash sale of corn on Friday morning. Unknown destinations purchased 206,640 MT of corn for the current marketing year. This was the third posted flash sale this week as corn export demand remains supportive.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower following a meeting between President Trump and China’s Xi that did not result in progress towards a trade deal. Prices bounced off support at the 50-day moving average. November soybeans lost 12 cents to $10.25-1/2 while March lost 10-3/4 to $10.60. October soybean meal lost $0.10 to $282.90 and October bean oil lost 0.54 cents to 50.03 cents.
• Weakness stemmed largely from the lack of a U.S.-China trade deal. While Trump and Xi agreed on TikTok and discussed trade, no firm commitments were made. Trump said he will meet Xi again at a South Korea summit next month and plans to visit China early next year.
• Brazilian soybean exports are expected to reach 7.53 mmt in the month of September which would compare to 7.43 mmt the previous month. Brazilian crush estimates have been raised by 0.7% to 58.5 mmt for 2025 according to ANEC.
• For the week, November soybeans lost 20-3/4 cents while March lost 19-1/2 cents. October soybean meal lost $4.70 and October soybean oil lost 1.64 cents. While rains throughout the Corn Belt may stall harvest and be supportive, the lack of progress regarding a trade deal with China has pressured markets.

WHEAT HIGHLIGHTS:

• Wheat posted losses in all three classes today, with December contracts of Chicago closing 1-3/4 cents lower to 522-1/2, Kansas City down 2-3/4 to 507-1/4, and MIAX losing 4-1/4 to 567-1/2. A lack of fresh friendly news and another move higher in the U.S. Dollar Index pressured wheat today. Wheat may have also been a follower of the sharp drop in soybean futures.
• The Grain Industry Association of Western Australia has increased their wheat production estimate by 4.4% to 11.8 mmt for the 25/26 season. However, this is below the Australian Department of Agriculture’s forecast of 12.7 mmt earlier this month.
• According to the Russian agriculture ministry, 114 mmt of grain has been harvested so far this season, with wheat accounting for 84 mmt of that total. Additionally, they have kept their total grain production forecast unchanged at 135 mmt.
• The Buenos Aires Grain Exchange has reported that 97.1% of Argentina’s 25/26 wheat crop is in normal to excellent condition. However, they also stated that certain regions are reporting disease issues due to excess moisture.
• USDA’s latest drought monitor showed winter wheat acres in drought rose 6 points to 44%, still better than 56% a year ago. Recent rains across the central Plains should help improve soil conditions for newly seeded wheat.

DAIRY HIGHLIGHTS:

• Class III milk futures saw mostly positive price action until the spot trade for dairy products showed cheese falling. October and November contracts were each down 27 cents to $17.18 and $16.72 respectively.
• Spot cheese fell 1.625 cents to close at $1.6450/lb. Whey tacked on a penny to close out the week at $0.64/lb.
• Class IV milk futures were pressured by a poor butter trade today. October led futures lower, losing 43 cents to end the week at $15.35.
• Spot butter lost 5.50 cents on 12 loads traded to go home at $1.75/lb. Powder ticked higher, closing 0.25 cents to $1.1475/lb.

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Author

Brandon Doherty