CORN
- Corn futures recovered from early losses to trade near unchanged at midday, supported by USDA daily flash sale announcements. December corn futures are unchanged currently at 422, while March corn futures are a ½ cent lower trading at 438-1/4.
- Favorable harvest conditions last week and over the weekend likely pushed U.S. corn harvest progress to around 25% complete as of Sunday. Updated figures will be released in this afternoon’s USDA Crop Progress report.
- U.S. corn export demand remained strong to start the week, with USDA announcing two daily flash sales Monday morning—one to Mexico and another to unknown destinations.
SOYBEANS
- Soybean futures are trading lower this morning as harvest pressure and lack of Chinese demand continue to weigh on the bean complex. November soybeans are 4-1/2 cents lower at 1009-1/4. March soybeans are also 4-1/2 cents lower at 1044-1/2 currently.
- Brazil’s soybean planting pace is estimated at 4–5% complete, with a dry forecast in northern Brazil and Argentina expected to accelerate progress.
- Argentina reportedly sold roughly 40 cargoes (about 110 mb) of soybeans to China last week, raising expectations that China may be largely covered on its import needs into December.
WHEAT
- Wheat futures are higher at midday leading the grain complex. December Chicago wheat is 1-1/4 cents higher, trading at 521. December KC wheat futures are 3-1/2 cents higher at 509 while December Spring wheat futures are 2 cents higher at 570.
- Rising global wheat supplies remain a bearish factor, with analysts increasing production estimates for Russia, the EU, and Canada, while timely rains could boost Argentine and Australian output by another 2–4 mmt.
- Money managers hold a combined net short of 326,079 contracts across corn, SRW wheat, and soybeans—the largest end-of-September short position in 20 years. This heavy bearish stance underscores ongoing pressure across the grain complex.
Author
Keegan Madigan