Grains and oilseeds are steady to higher on Tuesday following the overnight session. The U.S. dollar index is lower but remains in an uptrend. Crude oil is moderately lower. Stock futures are sharply lower and are trading at a one-month low.
CORN
December corn is up 2 cents at $4.36 ¾. March corn is up 1.75 cents at $4.49 ¾.
Futures tested support areas early on Monday before rallying off their intraday lows
The USDA released its first Crop Progress report for the first time since the government shutdown on Monday. U.S. corn harvest is reportedly at 91 percent complete as of last Sunday, tracking seven percentage points behind last year three points behind the five-year average.
U.S. corn export inspections surged to a new marketing-year high of 2.05 MMT. Accumulated inspections are running at a record pace this season. Additionally, current exports account for about 20.3 percent of the USDA’s target, compared to just 15.5 percent the same period last year.
SOYBEANS
January soybeans are up 0.25 cents at $11.57 ½. New crop November soybeans are down 3.25 cents at $11.25 ¾. Soybean oil is higher. Soybean meal is lower.
Soybeans were the clear leader of the grains on Monday. January futures rallied 40 cents higher than their overnight lows to close 32.75 cents higher at fresh 17-month highs yesterday.
NOPA reported that U.S. oilseed processors crushed a record 227.6 million bushels of soybeans in October, up 14 percent year-over-year. Processors should also have plenty of access to recently harvested beans as recent rallies spurred farmers selling. Soybean meal inventories remain tight across many areas, keeping basis levels high.
Reuters reported that China’s state-owned COFCO bought at least 14 cargoes of U.S. soybeans for December and January delivery. That totals up to at least 840,000 MT of soybeans, compared to the current 232,000 MT that have been confirmed by the USDA.
Most of those purchases were confirmed again this morning, with the USDA reporting flash sales of 792,000 MT of soybeans sold to China for the 2025/26 marketing year.
WHEAT
March Chicago wheat is up 1 cent at $5.59 ½. KC wheat is up 1.25 cents at $5.46. Spring wheat is up 3.75 cents at $5.85.
Chicago futures rallied 17 cents higher on Monday to close at $5.58 ½. Prices received a strong close above the $5.53 resistance area, and held above the level overnight.
The technical outlook on wheat has been improving, though it’s hard to ignore the large global supplies being reported by agencies.
U.S. winter wheat areas are expected to receive beneficial rainfall in the Southern Plains and the mid-South over the next week. The USDA’s latest Crop Progress report showed that 45 percent of the winter wheat crop was in good-to-excellent condition, compared to 49 percent last year. Winter wheat emergence is slightly behind the five-year average.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.