Grains and oilseeds are mostly lower on Wednesday morning following the overnight session. The U.S. dollar is lower. Crude oil is sharply lower. Stock futures are mixed, with the S&P 500 trading higher.
CORN
December corn is down 3.50 cents at $4.19 ½. March corn is down 3 cents at $4.37 ¾.
Futures extended gains on Tuesday following an initial lower start to the session that took December prices 2.75 cents higher on the day.
Corn exports continued to move at a historically strong pace last week, with inspections totaling 1.41 MMT, up 46 percent year-over-year.
U.S. corn ratings slipped lower last week, with 69 percent of the crop in good-to-excellent condition. That was down two percent from the previous week but higher than the 65 percent seen the same week last year.
SOYBEANS
November soybeans are down 3.50 cents at $10.37 ½. January soybeans are down 3.50 cents at $10.56. Soybean oil is lower. Soybean meal is lower.
November futures traded 13.50 cents lower on Tuesday, falling under pressure from soybean meal. Whole soybean prices have been trading at the upper end of a large range, with resistance around $10.60 a bushel.
Soybean oil traded higher on the day, though prices have been weaker lately due to concern about biofuel demand.
There are still some questions about how the EPA’s latest small refinery waiver exemptions will impact biofuel demand. Soybean oil used in U.S. renewable fuel production has recovered in the second quarter of this year, but has yet to recoup losses from the previous quarter.
The USDA confirmed that private exporters sold 185,000 MT of soybean meal to the Philippines for the 2025/26 marketing year.
U.S. soybean ratings declined by four percent last week to 65 percent good-to-excellent. Conditions were unchanged from the same week last year.
WHEAT
December Chicago wheat is 1.25 cents lower at $5.27. KC wheat is up 0.75 cents at $5.12. Spring wheat is down 2.75 cents at $5.71 ½.
Chicago futures pushed sharply lower on Tuesday before running out of sellers later in the session and closing 6 cents lower. Prices have been consolidating since early August, so far avoiding new contract lows, while KC prices remained the weakest.
The spring wheat harvest is well past the halfway mark, according to the USDA on Tuesday.
France milling wheat prices are the cheapest globally due to heightened competition in Europe. U.S. HRW wheat is the highest priced on an FOB basis. U.S. prices could continue to face pressure if European and Black Sea prices move lower.
—
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.