Market News

Wheat, soybeans, corn see more gains to end bullish week

Soybeans were higher on fund and technical buying, seeing a solid week-to-week rise. Unknown destinations and China bought 226,000 tons and 182,000 tons, respectively, of 2026/27 U.S. soybeans ahead of the open. That continues the hot streak for global soybean demand ahead of the start of the new marketing year. Chinese grain storage firm Sinograin will reportedly put 68,000 tons of previously purchased beans up for auction next week, the smallest offer in this recent run of sales. More hot, dry weather in parts of the region could hamper yield potential, with the USDA’s updated supply, demand, and production numbers out September 11^th. Ahead of that, the USDA’s final crop progress and condition update of August is out Monday afternoon. Soybean meal and oil futures were sharply higher on the fundamental implications of a smaller soybean crop and solid demand. The Netherlands and Germany each picked up 100,000 tons of 2026/27 U.S. bean meal Friday morning.

Corn was modestly higher on fund and technical buying, ending the week with steep gains. Corn is monitoring yield potential, expecting at least some cut by the USDA next month. Demand is solid, so any crop loss could have a significant impact on supply. In general, grains and oilseeds are overbought, but the fundamental concerns are bullish enough for now to shrug that off, and traders might also be trying to ration demand. There’s more export competition from Argentina and Brazil, but a smaller crop in the European Union and significantly slower movement for Ukraine could underpin U.S. sales. Traders are also monitoring second crop harvest and first crop planting in Brazil, with CONAB’s updated numbers out September 15^th. The Buenos Aires Grain Exchange says 88% of Argentina’s corn crop is harvested.

The wheat complex was up on speculative and technical buying, finishing the week in sharply higher territory. Traders continue to expect at least some improvement in global demand due to Black Sea export issues. While that bump in demand hasn’t materialized, yet, there’s no end to Russia’s war on Ukraine in sight and port infrastructure will take time to repair. Ongoing drought in parts of the U.S. Plains could limit hard red winter wheat planted area, while sections of the northern Plains are expected to see harvest delays due to rain. Globally, in addition to the Black Sea, wheat is largely looking at Argentina, Australia, Canada, and Europe. The Buenos Aires Grain Exchange says Argentina’s winter wheat crop is fully planted.