Market News

Corn, soybeans see more profit taking, harvest pressure

Soybeans were lower on profit taking and technical selling. The trade is expecting good harvest progress ahead of a return to rainy conditions in some areas. Portions of the Eastern Midwest could see that rain as soon as this weekend, while sections of the Upper Midwest might get precipitation next week. Areas have seen quality concerns in addition to harvest delays at various points this season. Export sales were below average at 20.2 million bushels, but U.S. prices are competitive against Brazil over the near-term. The big buyers were China and Mexico, with a notable cancelation by unknown destinations, most of which was switched to China. Chinese buyers are back after time off for the Golden Week celebration. Traders are also watching conditions in South America as planting moves forward in Brazil. CONAB’s next look at Brazil’s crops is set for the 15^th. Soybean meal futures were lower and soybean oil was higher as traders unwound product spreads.

Corn was lower on profit taking and technical selling, but the most active months did end the session above psychological support points. Corn’s watching harvest activity and assessing quality concerns in parts of the region. The USDA could lower its yield estimate in the supply, demand, and production numbers out Friday at Noon Eastern/11 Central. Export sales were larger than average at 30.3 million bushels, mainly to Mexico and Colombia. Another 900,000 bushels were sold to Mexico for 2026/27 delivery. While overall demand is solid, global corn business had been impacted somewhat recently by high prices compared to competing exporters. In South America, the Buenos Aires Grain Exchange says 30% of Argentina’s crop is planted, ahead of average.

The wheat complex was lower on profit taking and technical selling. Traders are monitoring U.S. winter wheat planting, along with the export situation out of the Black Sea. Stateside, planting and emergence should have moved closer to current thanks to this week’s weather and the fieldwork delaying rain from late September into early October was beneficial for soil moisture recharge. Globally, there’s no end in sight to Russia’s war on Ukraine, which is also expected to impact planted area in both nations. Additionally, the trade is looking at development weather in Argentina and Australia. U.S. export sales were up on the week at 16.6 million bushels, but overall demand remains slow due to relatively high prices. The weekly numbers were headlined by the Philippines and South Korea.