CORN
- Corn futures have traded on both sides of unchanged through midday. December corn is currently 1/4 cent higher at $5.01, while March corn is also 1/4 cent higher at $5.15-3/4.
- USDA reported 2026/27 corn export sales of 536,000 MT for the week ending September 25. Sales were near the lower end of analyst expectations ranging from 500,000 MT to 1.5 MMT, according to a Wall Street Journal survey.
- Heavy rainfall continues across portions of the western Corn Belt and central Midwest, which could keep harvest activity stalled for several more days. However, forecasts turn drier in the second week of the outlook, potentially allowing harvest to accelerate and increasing seasonal supply pressure.
SOYBEANS
- Soybean futures are facing pressure at midday. November soybeans are 8-3/4 cents lower at $12.84-1/4, while January soybeans are 8-1/2 cents lower at $13.00-3/4.
- USDA reported 2026/27 soybean export sales of 1.03 MMT for the week ending September 25, in line with analyst expectations.
- USDA’s monthly crush data is due this afternoon, with trade expectations near 211 mb of soybeans crushed in August, compared with 198 mb a year earlier. Strong domestic crush demand remains an important source of support as export demand faces uncertainty.
WHEAT
- The wheat complex is mixed but mostly lower at midday. Looking at December contracts, Chicago wheat is unchanged at $6.75-3/4, Kansas City wheat is 2 cents lower at $7.31, and Minneapolis spring wheat is 1-1/2 cents higher at $6.94-3/4.
- News that Saudi Arabia is seeking to purchase 535,000 MT of wheat helped prices regain ground, with traders viewing the tender as a sign that the recent decline in prices may be beginning to attract fresh demand.
- A lack of progress toward restoring normal Black Sea shipping also provided support to wheat prices. Sovecon cut its 2026/27 Russian wheat export forecast by 4.7 MMT to 36.7 MMT, warning that Azov and Black Sea ports could remain closed until 2027.
Author
Matthew Lucas