The CME and Total Farm Marketing offices will be closed
September 4, in observance of Labor Day
- Corn is trading higher at midday to start the month as heat and dryness remain in the forecast over the next 7 days and may threaten yields.
- There were zero deliveries tendered against the September futures contracts.
- September’s WASDE report may show reduced yield numbers but may also show increases in acreage, which could offset some of the production from yield loss.
- US corn demand has picked up with export sales reported at 39 mb yesterday from 23/24 as the US has become competitive with Brazil.
- Soybeans are relatively unchanged and have slipped from their earlier morning highs. Soybean meal is lower, while soybean oil is higher thanks to higher crude oil.
- There were zero deliveries against September soybean futures and both soy products.
- There are slight chances for better rainfall in the middle of the Corn Belt over the next 7 days, but the benefits may be limited with harvest nearing.
- Barge rates are soaring to over 42% this year as water levels in the Mississippi River fall again with little rain forecast to help. Barge rates are currently 85% over the 3-year average.
- All three wheat contracts are trading higher with KC leading the way to start the month. Contract lows were made yesterday as reports that the spring wheat harvest may reveal better yields than expected.
- On Monday, Putin and Edrogan from Turkey are expected to meet to discuss renewing the Black Sea grain deal.
- Ukraine has been using its own humanitarian corridor to export grains with two more vessels leaving the region earlier today.
- Australia has been dealing with hot and dry weather which has seriously impacted yields lowering their wheat outlook. China is a key buyer for Australian wheat.