Grains and oilseeds are mostly lower on Friday following a steady overnight session. The U.S. dollar is lower and paused its recent gains. Crude oil is higher. Stock futures are working higher.
CORN
December corn is down 1 cent at $4.24 ¾. March corn is down 0.75 cents at $4.41 ½.
December futures traded just 1.50 cents higher on Thursday to $5.25 ¾. Prices struggled to hold gains around the $4.30 resistance area.
The USDA will release its Quarterly Grain Stocks report on Tuesday. A Bloomberg survey of analyst estimates expects the Sept. 1 corn stocks at 1.336 billion bushels, down 428 million from a year ago. We will have a full breakdown of pre-report numbers available ahead of that release.
Weather forecasts for this week are very supportive of harvest, with almost no rain expected for a large section of the Corn Belt over the next few days. Drier weather is expected to continue into next week.
SOYBEANS
November soybeans are down 0.25 cents at $10.12. January soybeans are down 0.25 cents at $10.31 ¼. Soybean oil is lower. Soybean meal is higher as spreading resumed in the product markets.
Soybeans continued to consolidate this week, with November prices trading 3.25 cents higher to $10.12 ¼ on Thursday after struggling to hold onto early-session gains. The wave of soybean and soybean meal sales out of Argentina this week is negative for the market, given that China was able to scoop up supplies for later needs and once again avoid U.S. purchases.
A potential positive for the soybean market is that Argentine crushers are facing shortages due to whole soybean exports. Global crush rates have been running at a record, so the recent bout of sales could support meal prices down the road.
India reportedly purchased 300,000 MT of soybean oil from Argentina following the recent grain export tax reduction this week. India had been a purchaser of U.S. soybean oil when prices were lower.
WHEAT
December Chicago wheat is down 4.25 cents at $5.22 ¾. KC wheat is down 2.75 cents at $5.09 ½. Spring wheat is 3 cents lower at $5.70.
The wheat complex performed the best out of the grains yesterday, with Chicago futures trading 7.5 cents higher to $5.27. Prices are back to trading mid-range following last week’s contract lows. Futures could find some resistance about a dime above current levels.
Russian-based consultancy firm SovEcon lowered its 2025/26 wheat export forecast to 43.4 MMT, down 0.3 MMT from the previous estimate. The reduction was due to sluggish demand and weak exports. The firm noted that shipments are off to the lowest pace since the 2022/23 season.
The European Commission raised its 2025/26 soft-wheat export forecast to 132.6 MMT from the previous estimate of 128.1 MMT.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.