Market News

Soybeans, corn rise on gains in crude oil, watching harvest

Soybeans were higher on short covering and technical buying. The USDA is projecting a record crop but is also expecting continued solid demand. There was spillover from the strength in crude oil, which was up on supply concerns. Still, as crude oil trimmed its gains, soybeans, bean oil, and corn all followed to some extent, closing below the day’s highs. Beans are also watching late development weather. The USDA says 58% of U.S. soybeans are in good to excellent shape, unchanged on the week, with 44% dropping leaves and 6% harvested, both ahead of the respective five-year averages. Soybean meal futures were supported by demand expectations. U.S. export inspections were up on the week, down on the year, primarily to China and Japan. While the 2026/27 pace is behind 2025/26, its early and more of the recent purchases by China could ship soon. The USDA’s next round of supply and demand estimates is out October 9^th.

Corn was higher on short covering and technical buying, along with the gains in crude oil, trading in a narrow range. The trade is monitoring early harvest activity, expecting rain delays in some areas this week. As of Sunday, 57% of corn is called good to excellent, an improvement of 1%, and 86% of the crop is dented, with 42% mature and 8% harvested, all faster than average. Overall demand is solid, but high prices could have an impact on feed usage. Planting is ongoing in South America, with CONAB’s next look at Brazil’s crops out Tuesday, September 15^th. U.S. corn export inspections were slightly lower than both last week and last year, headlined by Mexico and South Korea. A handful of days into the current marketing year, the pace is just behind 2025/26.

The wheat complex was mostly lower. Stateside, wheat is watching late U.S. spring wheat harvest activity and early winter wheat planting. For spring wheat, 93% of the crop is harvested, compared to 92% most recent years. For winter wheat, 8% is planted, compared to 12% normally. The USDA’s Small Grains Summary is out at the end of the month, along with Quarterly Grain Stocks. Export movement out of the Black Sea continues to be heavily restricted for both Russia and Ukraine. Ukraine’s Ag Ministry says wheat shipments since the start of the marketing year July 1^st are 48% slower than last year. Relatively high prices appear to be keeping U.S. wheat from filling some of that vacuum, with reports generally pointing to Argentina, Australia, and Canada. U.S. export inspections were above the prior week, but below a year ago, primarily to Japan and Mexico. A quarter into 2026/27, the pace lags 2025/26.