Grains and oilseeds are lower on Monday following the overnight session. The U.S. Dollar is lower. Crude oil is steady. Stock futures are higher following Friday’s bounce.
CORN
March corn is down 0.75 cents at $4.36 ¾. New crop December corn is down 0.50 cents at $4.59 ½.
Futures continued to struggle after the March contract broke below the $4.40 support area on Thursday. Trading volume could get lighter ahead of the Thanksgiving holiday on Thursday.
The USDA finally released crush data for the rest of the 2024/25 season on Friday. The agency reported that corn crushed for ethanol in August totaled 463.4 million bushels, down 3.4 percent year-over-year. Total crushings for the marketing year were down about 1.1 percent.
Lower crush stems from higher production efficiencies offsetting record ethanol production.
Brazilian consultancy firm AgRural said that 93 percent of the country’s summer corn planting was complete as of last week. Progress was slightly below last year’s pace.
China’s corn prices have been rallying since mid-October. Bloomberg reported that heavy rains have been damaging some it its domestic corn crop recently. The country is currently projected to harvest a record crop this year.
SOYBEANS
January soybeans are down 4,25 cents at $11.20 ¾. New crop November soybeans are down 2.50 cents at $11.09 ½. Soybean oil is sharply lower. Soybean meal is lower.
Futures resume their negative pressure overnight following Friday’s slight recovering from a two-week low. January soybeans ended on a negative note last week after reaching 17-month highs on Tuesday. Traders will continue to watch for further signs of China’s buying of U.S. soybeans.
The USDA confirmed on Monday that private exporters sold 123,000 MT of soybeans to China for the 2025/26 marketing year. That brings the running total of confirmed sales to 1.939 MMT.
The USDA reported that oilseed processors crushed 198 million bushels of soybeans in August, up 18 percent year-over-year. Total crushings for the 2024/25 season totaled 2.445 billion bushels, up nearly 7 percent from last year.
AgRural reported that 81 percent of Brazil’s soybean crop was planted as of last week, five percentage points behind last year’s pace. The firm noted that the main concern has been irregular rainfall in the states of Mato Grosso and Goiás.
The country continues to experience below-normal rainfall for much of its main growing regions.
WHEAT
March Chicago wheat is down 4.50 cents at $5.35 ¼. KC wheat is 4 cents lower at $5.22 ¼. Spring wheat is down 1 cent at $5.75 ¼.
The wheat market attempted to climb above technical resistance last week but ultimately failed. Chicago futures are trading back at near-term support levels this morning. Prices remain about 30 cents above their contract low.
Showers are currently making their way across the Southern Plains and mid-South regions early this morning, which could aid crop establishment.
Meanwhile, heavy rain may have delayed harvest progress in some areas of Argentina and Southern Brazil.
The U.S. set a deadline of Thursday for Ukraine to decide on a proposed Black Sea peace deal. It’s assumed that a peace deal could improve export logistics, though plenty of wheat was able to get to the global market in the middle of the war.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.