Grains and oilseeds are lower following the long holiday weekend. Crude oil is higher. The U.S. dollar is higher, likely adding pressure to crop prices. Stock futures are sharply lower.
CORN
December corn is down 3.25 cents at $4.17. March corn is down 2.25 cents at $4.35.
Futures are off to a weaker start on Tuesday, following Friday’s sharp rally to a one-month high. December futures started last week off on a weaker note before finishing 8.75 cents higher than the week before.
Prices have been working to shake off concerns over a record crop, as demand has helped chew through larger supplies.
An early look at Brazil’s upcoming summer crop season is bearish, as government weather models point toward an early start to the monsoon season.
SOYBEANS
November soybeans are down 13.50 cents at $10.41. January soybeans are down 12.75 cents at $10.59 ¾. Soybean oil is higher. Soybean meal is lower.
Futures saw strength heading into Friday’s close on the back of corn and wheat. Continued pressure in soybean meal futures led the complex lower out of the gate on Tuesday.
The USDA will report U.S. crush data for July this afternoon, which is expected to show a good print. Domestic crush has certainly been key to keeping demand from falling extensively, as exports have been waning compared to previous years.
WHEAT
December Chicago wheat is down 9.25 cents at $5.25. KC wheat is down 9.75 cents at $5.10. Spring wheat is down 9.25 cents at $5.70 ¾.
Futures took back gains overnight following Friday’s stronger trade. KC wheat futures have been an anchor, with plenty of bearish news in the global marketplace.
Australia’s government raised its 2025 wheat forecast to 33.8 MMT, up 10 percent from the previous quarter’s estimate in June. The crop is expected to be the fourth-largest on record, which will continue to compete for global exports.
Russian-based consultancy firm SovEcon raised its 2025/26 Russian wheat export forecast to 43.7 MMt, up 0.4 MMT from the previous estimate. The firm cited a relatively favorable crop forecast. Exports could struggle amid strong global competition.
Russia has been trying to gain access to China’s market to ship more winter wheat to the country. China has been reducing its wheat imports after domestic production recovered.
—
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.