Market News

Corn sees slight gains as wheat takes profits

Soybeans were mixed, mostly modestly higher, adjusting spreads at the end of the month, quarter, and marketing year. Soybeans are looking at a hot, dry finish to the growing season in many areas, potentially causing some late stress. The USDA says 58% of U.S. beans are rated good to excellent, down 2% from a week ago, with 95% at the pod setting stage and 13% dropping leaves. Unknown destinations bought 159,000 tons of new crop U.S. beans ahead of the open, the second business day in a row with an announced sale for a running total of 567,000 tons. Most of that is to an unnamed buyer, which might turn out to be China. Old crop inspections were bearish, down on the week and the year, mainly to Mexico and Algeria. The new marketing year for soybeans, along with corn and sorghum, starts Tuesday, September 1^st. Soybean meal and oil futures were mixed, also on bear spreading. Questions about how the EPA would approach SREs added to the mixed tone for bean oil.

Corn was modestly higher on fund and technical buying. Hot, dry weather in the Corn Belt could potentially have a late impact on this year’s yield. As of Sunday, 57% of corn is good to excellent, unchanged, and 92% is at the dough making stage, with 62% dented and 13% mature. A smaller crop in Europe and the lack of Black Sea exports might keep a floor under global demand in the new marketing year. The 2025/26 marketing year appears to be ending on a strong note. Export inspections were larger than last week and last year, with Mexico and South Korea leading the pack. Corn is also monitoring harvest in Argentina, along with the second crop harvest and first crop planting in Brazil. The USDA will update supply, demand, and production numbers September 11^th, with CONAB’s next look at Brazil set for September 15^th.

The wheat complex was lower on profit taking and technical selling. Wheat gave back some gains after a very bullish month linked to both supply concerns and demand expectations. Black Sea export movement is at a near standstill, curtailing about a third of global wheat trade, and drought is expanding in portions of the U.S. Plains ahead of winter wheat planting. For spring wheat, 77% is harvested, compared to the five-year average of 68%. Both Russia and Ukraine are exploring alternative routes to move grain and while the slower overall pace of shipping hasn’t led to an improvement in U.S. exports yet, the war has no signs of ending any time soon and the infrastructure damage will take time to fix. Still, the U.S. will likely have plenty of competition from Argentina, Australia, and Canada. U.S. export inspections were lower than last week and last year, primarily to the Philippines and Taiwan. With just a few reporting days left in the first quarter of 2026/27, the pace is behind 2025/26.