Grains and oilseeds are lower on Monday following the overnight session. The U.S. dollar is lower, but it had seen a recovery after posting fresh lows last week. Crude oil is lower. Stock futures are lower.
CORN
December corn futures are down 3.25 cents at $4.20 ¾. March corn is down 3.25 cents at $4.38.
December futures failed to close the July 4 gap at $4.32 ½ last week, as well as trade above the $4.30 resistance area. Whether the USDA’s current corn production estimate is believable or not, the idea of a large crop coming to market this fall continues to weigh on prices.
The Eastern Corn Belt is expected to be wetter this week, which could stall some harvest progress. Combines should see favorable conditions west of the Mississippi River.
The USDA confirmed that private exporters sold 320,068 MT of corn to Mexico for the 2025/26 marketing year.
Brazilian consultancy firm AgRural reported that 25 percent of the country’s summer corn crop was planted as of last week, compared to 26 percent the same week last year.
SOYBEANS
November soybeans are down 14.25 cents at $10.11 ¼. January soybeans are 14 cents lower at $10.30 ¾. Soybean oil is sharply lower. Soybean meal is lower.
Futures extended Friday’s sharp losses following President Trump’s phone call with Chinese President Xi Jinping on Friday.
Argentina eliminated its grain export tax through Oct. 31 to spur more grain sales during the period. The tariff suspension is an effort to raise more dollars for the country, which has been deemed a political move.
AgRural reported that 0.9 percent of the country’s soybean planting was complete as of last week, which aligned with last year’s pace. Beneficial rainfall is expected to aid planting progress over the next week.
Brazil’s oilseed crushing capacity is expected to expand by 5.7 percent this year to capitalize on biodiesel demand, according to Abiove, the country’s largest crushing association.
WHEAT
December Chicago wheat is down 5.25 cents at $5.17 ¼. KC wheat is down 2.75 cents at $5.04 ½. Spring wheat is unchanged at $5.67 ½.
Futures pushed lower for a fourth consecutive session after failing to push above resistance levels last week. We seem to be in a wash, rinse, and repeat cycle with the wheat market. Strong U.S. and adequate global supplies continue to cap rallies in the complex.
Chicago prices may still try to test the contract low of $5.12, which currently serves as major support.
Russia has exported 2.2 MMT of wheat during the first half of September, with the country expected to ship 4.3 MMT to 4.5 MMT this month. Global wheat prices have been working on finding stability after their recent decline.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.