CORN

• Corn futures are slightly lower this morning with December futures down 3/4 of a cent at 408-3/4.
• Pro Farmer’s U.S. corn yield estimate of 182.7 bpa last week offered some support to the market, but the 97 million planted acres nationwide continues to give buyers pause.
• After a dry stretch this week, rain is expected to return to the Corn Belt after September 6. Cooler-than-normal temperatures should slow maturity and remain overall beneficial for the corn crop.

SOYBEANS

• Soybeans are trading higher to start Wednesday with November soybeans up 1-3/4 cents at 1051-1/2.
• A top Chinese trade representative is set to visit Washington this week, raising hopes among soybean traders and producers that oilseed trade will be a priority. However, recent negotiations have focused more on technology and rare earth minerals than on agriculture.
• Despite U.S. soybeans being priced below Brazilian offers, rumors suggest China is already half covered or more of their needs through October—a key month when buyers typically shift purchases from Brazil to the U.S.

WHEAT

• All three wheat classes are lower to start the day Wednesday.
• December Chicago wheat futures are 4-1/2 cents lower at 527-1/4. December KC wheat futures are 4-1/4 cents lower at 513-1/2. December MIAX spring wheat futures are 2-1/2 cents lower at 587-1/4.
• Harvest pressure continues to weigh on the wheat market, with spring wheat harvest surpassing 50% as of Sunday, according to USDA. Ample wheat supplies from Europe and Russia are also curbing global shortage concerns.

Author

Keegan Madigan