CORN

• December corn futures are down 1-1/2 cents at 416-1/2 here at midday Monday.
• The California Senate approved E15 gasoline last week, making the state the last in the nation to legalize its sale. The move is expected to ease pump prices for Californians, who face the highest fuel costs in the U.S.
• Corn has lost a bit of its competitive edge as both South American and Ukraine corn premiums have fallen hard lately. Ukraine has begun its corn harvest and APK Inform again raised total Ukraine grain production by 5.6 million metric tons (mmt) to 58.8 mmt. Corn harvest is pegged at 30.3 mmt.

SOYBEANS

• November soybean futures are 1-1/4 cents lower at 1025-3/4 to start the week.
• Weekend frost in the northern Corn Belt likely cut short grain fill in late-developing soybeans, with Minnesota and North Dakota facing the heaviest damage.
• Over the past four months, China’s soybean imports have run at a record pace—yet none have come from the U.S. This raises trader concerns that even if a trade deal is reached, China’s appetite for U.S. soybeans may remain limited.

WHEAT

• Wheat futures are higher this morning with December Chicago wheat 2 cents higher at 521-1/4. December Spring wheat futures are 3-3/4 cents higher at 569-3/4.
• U.S. spring wheat harvest is in its final stretch, with spot basis levels weakening. In the Southern Plains, hard red winter wheat basis is reported at 95 under futures, making wheat more competitive with corn.
• Argentina’s wheat crop was likely damaged by recent frost, with additional frost events expected this week that could further impact production.

Author

Keegan Madigan