CORN
- Corn is trading 1 to 2 cents lower this morning with December at $4.18 and March at $4.36. Last trading day for the September contract and the next USDA WASDE report are both this Friday.
- Trade estimates for Friday’s report peg U.S. 2024/25 corn carryout at 1.311 billion bu (vs USDA’s 1.305) and 2025/26 at 2.011 billion bu (vs USDA’s 2.117), with crop size seen at 16.516 billion bu, below the USDA’s August estimate of 16.742.
- Dalian and Black Sea corn prices were lower, reflecting higher global supply compared to last year.
SOYBEANS
- Soybeans are 2 to 3 cents lower with November at $10.28 and January at $10.48.
- Trade estimates slightly undercut USDA figures, with U.S. 2024/25 soybean carryout seen at 328 million bu (vs USDA 330), 2025/26 at 288 million bu (vs USDA 290), and production at 4.271 billion bu (vs USDA 4.292).
- Soyoil futures fell after news the Senate may block transferring Small Refinery Exemptions (SREs) to large refiners, while soymeal prices firmed on tightening Argentina crush margins and rising currency volatility.
WHEAT
- Wheat markets are mostly steady this morning with December Chicago up 1/2 cent to $5.2075, December Kansas City up 3/4 cent to $5.11 and December Mpls down 1 cent to $5.73.
- The market is watching upcoming 2026 Southern Hemisphere crops and Russian export volumes and pricing as next key inputs.
- Trade estimates for Friday put 2025/26 U.S. wheat carryout at 865 million bu (vs USDA 869) and global ending stocks at 261.1 mmt (vs USDA 260.1).
Author
Matt Mattke