Market News

Soybeans, corn, wheat take profits ahead of Labor Day

Soybeans were lower on profit taking and technical selling. There was no change in weather, with parts of the region expected to stay hot and dry into the coming week. Some areas could see rain and there’s a chance for temperatures to moderate, but that rain is expected to light overall and temperatures will likely remain relatively high. Unknown destinations bought 250,600 tons of U.S. beans ahead of the open. That was the sixth business day in a row with an announced sale to either unknown or China for a running total of 1,347,600 tons, all of it for 2026/27 delivery. President Trump and China’s President Xi are set to talk trade in Washington D.C. later this month. Chinese grain storage firm Sinograin will offer another 68,000 tons of previously purchased beans at auction on September 9^th. Soybean meal futures were mostly lower and soybean oil was down in thin pre-holiday trade. Commodity markets are closed Monday for Labor Day, pushing the USDA’s export inspections and weekly crop progress and condition reports to Tuesday, September 8^th.

Corn was lower on profit taking and technical selling. Corn is monitoring late finishing weather, with near-term rain chances favoring northern growing areas. That said – that rain is expected to miss some of the drier portions of the region and those high temperatures could stick around in most of the region through the coming week. This will likely limit kernel fill and could potentially have a late impact on yield. New crop planting is reportedly getting underway in parts of South America. The USDA will release updated U.S. and world supply, demand, and production numbers September 11^th, with CONAB’s next look at Brazil’s crops set for September 15^th. AgriMer says 27% of France’s corn crop is in good to excellent shape, down 1% on the week.

The wheat complex was lower on profit taking and technical selling. Traders are waiting to see if ceasefire negotiations between Russia and Ukraine resume. Attempts at a truce over the past four and a half years have been in fits and starts and haven’t really done much to put a damper on fighting. That’s had a significant impact on commodity movement out of the Black Sea, including about a third of world wheat trade. The U.S. hasn’t picked up much, if any business, due to relatively high prices. Stateside, traders are watching late spring wheat harvest activity, along with drought in the Plains and high input costs, which could limit U.S. winter wheat planted area for the 2027 crop. Globally, wheat is monitoring Argentina, Australia, Canada, and Europe, in addition to Russia and Ukraine. Russia’s Ag Ministry says the year-to-date wheat harvest is 83.5 million tons.