Grains and oilseeds are mixed on Monday following the USDA’s WASDE report on Friday. The U.S. dollar is lower as the market awaits the Federal Reserve’s rate cut decision on Wednesday. Crude oil is higher. Stock futures are higher.
CORN
December corn is down 4.25 cents at $4.25 ¾. March corn is down 4.50 cents at $4.42 ¾.
The USDA’s addition of 1.3 million harvested acres in Friday’s WASDE report initially pressured corn futures post-report before rallying later in the session to finish 10 ¼ cents higher on the day.
Harvested acres are expected to be the highest since 1933. Additionally, the 2025/26 corn carryout forecast remained above 2 billion bushels due to strong production estimates offsetting demand increases.
Bullish price action help futures break above their consolidation range following the Aug. 29 rally. The rally in the face of a seemingly bearish report is positive, especially if December futures can close above $4.30.
The USDA confirmed the flash sale of 148,971 MT of corn sold to unknown destinations for the 2025/26 marketing year.
Brazilian consultancy firm Safras and Mercado forecasts the country’s summer corn production at 25.4 MMT, up from the previous year’s 24.7 MMT. Total corn production is expected to reach 142.5 MMT, up from the estimated 140.1 MMT.
SOYBEANS
November soybeans are up 0.50 cents at $10.46 ¾. January soybeans are up 0.25 cents at $10.65 ½. Soybean oil is higher. Soybean meal is pushing lower to start the week.
Like corn, the soybean numbers came in on the bearish side of pre-report estimates for Friday’s WASDE report. That didn’t stop November soybeans from rallying 12 ¾ cents on Friday.
The USDA raised its 2025/26 ending stocks forecast by 10 million bushels to 300 million. Reduced exports offset a lower production number and a higher domestic crush.
The National Oilseed Processors Association will release its soybean crush estimate for August later today. Pre-report expectations are leaning toward a 14 percent increase from a year ago at 180.1 million bushels.
WHEAT
December Chicago wheat is up 1.25 cents at $5.24 ¾. KC wheat is unchanged at $5.14 ¾. Spring wheat is down 2 cents at $5.69 ¾.
After an initial move lower on Friday, Chicago futures rallied late in the session and closed 2 cents higher on the day, rising in sympathy with corn and soybeans. The wheat complex was more reluctant to move higher despite U.S. ending stocks coming in below market expectations.
However, a large increase in world ending stocks was likely what limited gains last week. Heavy global competition remains, but the USDA raised the wheat export forecast by another 25 million bushels due to strong HRW exports.
World wheat production was raised by 9.3 MMT, with ending stocks up about 4 MMT and are now slightly above the 2024/25 season.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.