Market News

Soybeans, corn end session mixed, both up on the week

Soybeans were mixed, mostly weak, but ended the week in solidly positive territory. Aside from the trade truce extension, there very little immediate news for commodities from the meeting with China, which put some early pressure on prices. There’s talk that actual details could be coming early next week. China has already picked up about half of its pledged purchase total in U.S. soybeans for the 2026/27 marketing year. More early harvest delays are likely in parts of the region. There are reports of increased interior movement from areas with plenty of beans to parts of the U.S. that are short because of those delays. The USDA’s weekly crop progress and condition report is out Monday afternoon. Soybean meal futures were mostly lower and soybean oil was mostly higher, both consolidating.

Corn was steady to firm, helping the most active months close out the week with fractional gains. Corn reacted negatively to the early lack of specifics from the trade meeting while watching harvest activity, eventually finding its footing. More harvest delays are probable in parts of the Corn Belt over the next several days. Traders are also monitoring early planting conditions in Argentina and Brazil. The Buenos Aires Grain Exchange says 17.1% of Argentina’s corn crop is planted, ahead of average. The USDA’s next round of supply, demand, and production numbers is out October 9^th and CONAB’s updated look at Brazil is set for October 15^th.

The wheat complex was lower on fund and technical selling, but well above the session lows while still seeing an overall week-to-week decline. There was more talk over the past few days about a slowdown in attacks on Black Sea port infrastructure in order to facilitate movement through that key waterway for both Russia and Ukraine. However, attacks have continued and even if there were an immediate halt to the conflict, the damage would take months to repair. The ongoing war is also complicating harvest and planting activity. Globally, the trade continues to monitor development weather in Argentina and Australia, general conditions in Europe, and harvest delays in Canada. Stateside, rain is delaying winter wheat planting in some areas, but that is recharging soil moisture, while the spring wheat harvest should wrap up soon. The USDA’s Small Grains Summary and Quarterly Grain Stocks reports are out Wednesday, September 30^th.