Grains and oilseeds are higher on Wednesday following the overnight session. The U.S. dollar rose sharply overnight. Crude oil continued to rebound following yesterday’s gains. Stock futures are higher after losses during the previous session.
CORN
December corn is up 0.75 cents at $4.27. March corn is up 0.50 cents at $4.43 ½.
Futures traded 4 cents higher on Tuesday, reversing losses from the previous session. December futures may take another run at testing the $4.30 resistance area.
Harvest pressure will likely remain a factor as large supplies become available over the next two months. The 7-day anomaly forecast calls for below-normal precipitation for much of the Corn Belt through the final week of September.
The USDA confirmed the flash sale of 312,956 MT of corn sold to Mexico for the 2025/26 marketing year.
SOYBEANS
November soybeans are up 4.75 cents at $10.16 ¾. January soybeans are up 4 cents at $10.35 ¾. Soybean oil and soybean meal are higher.
Futures paused their recent selloff after finishing a steady 1.50 cents higher on Tuesday. Prices were able to finish higher despite soybean meal continuing to push lower. Soybean oil slipped below 50 cents a pound this week for the first time since mid-June, when prices had rallied following EPA’s bullish biofuel proposal.
The USDA confirmed the flash sale of 101,400 MT of soybean meal sold to Guatemala for the 2025/26 marketing year.
Bloomberg reported that China booked another 10 cargoes of Argentinian soybeans this week, with volumes now totaling at least 1.3 MMT for November delivery. To reiterate from yesterday, those shipments are slated for the prime shipping window then the U.S. typically sends beans to China.
A trader Bloomberg quoted said China will likely accelerate purchases as long as the surprise export tax reduction remains in place.
WHEAT
December Chicago wheat is up 2.75 cents at $5.23 ¼. KC wheat is up 3 cents at 5.14 ½. Spring wheat is up 0.50 cents at $5.68 ¼.
Futures rebounded on Tuesday, closing 10 cents higher and reversing most of the previous session’s losses. Prices had posted fresh life of contract lows before reversing higher. Yesterday’s reversal could help the market form a bottom and stop the slow bleed we’ve seen over the past few months.
Russia continued to receive rainfall that could delay harvest progress this week and cause potential quality issues. However, private and public crop forecasts haven’t backed off from recent increases yet.
Overall, global wheat production remains in favorable condition in the eastern and western hemispheres.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.