Morning Markets: Corn: -8.25.
Beans: -14.50. Wheat: -6.75.
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MARKET SUMMARY:
Good morning. After scoring fresh new highs again early in the overnight trading session, CBOT ag markets are finding themselves lower this morning to start Wednesday, as it would appear a correction day looks to be in store after the sharp run up on Tuesday. Nothing's changed fundamentally and there were new strikes on Odesa reported overnight, but traders are simply taking a breather from the long side amid what has been a rather sharp injection of risk premium the last two - three weeks. Healthy markets require corrections to rebalance themselves every now and then, and that is how we'd best describe this morning's price action across the space. Corn futures to start Wednesday morning are trading 6-8 cents lower, soybean futures are trading 10-14 cents lower, and the Chicago wheat market is trading 9-10 cents lower.
Crude Oil is down $0.53 at $89.69
US Dollar is up at $99.73
Dow futures are up 136 points at 52,964
WEATHER:
- Still not a lot new on the weather front this morning, with Tropical Storm Edouard still taking most of the attention to the south, while the Corn Belt continues to see hot and dry conditions through the southern half and hot and stormy conditions through the northern half. Models have trended wetter into next week but have still kept precip generally north of I-80. Heat subsides into next week as well, but looks to linger into and through the weekend.
OTHER HEADLINES:
- The CME Group's delivery slate for Wednesday included 203 contracts of corn, 256 contracts of soybean oil, 208 contracts of rough rice, 29 contracts of KC wheat, 2 contracts of oats, and 9 contracts of Chicago wheat.
- This morning's weekly ethanol update from the EIA, with data for the week ending August 28th, is expected to show average US daily production in the week between 1.082 - 1.122 mil bbls, while stocks in the week are seen between 24.50-25.206 mil bbls; on average, both figures would be up from last week.
- The USDA released monthly soybean crush and corn grind data for the month of July yesterday afternoon. The data showed US soybean crush in the month at 222 mil bu, which was up 2% from June and up 8% from July of last year. Soybean oil stocks as of the end of the month were seen at 1.963 bil lbs, down 6% from June but up 5% from July of last year. Corn used for ethanol in July totaled 475 mil bu, up 2% from June and up 4% from July of last year.
- USDA Secretary Brooke Rollins said on Tuesday that the administration would be modernizing crop data collection by expanding mobile surveys, using prefilled information forms, and upgrading a whole host of technology items including satellite and geospatial monitoring and AI. The move is aimed at more accurate and timely crop reports and comes amid ongoing scrutiny of the agency's data releases and collection methods.
- Ukraine farmer lobby UCAB said this week that the country's food exports during the month of August fell some 41.5% from the month prior to just 2.15 MMTs, while grain shipments specifically in the month were down from 2.67 million tons in July to just 988,000 tons. Furthermore, other sources say the country's deep-water ports aren't likely to return to normal operations before the end of the year, meaning the depressed monthly export figures are likely to continue.
- New from the Russian side this morning are headlines that export duties on grain shipments are being suspended through the end of the year. The decision, according to an emailed statement from the Economy Ministry, was made "given the need to restructure logistics."
EXPORT NEWS:
- Private exporters reported sales of 202,000 metric tons of soybeans received in the reporting period for delivery to China during the 2026/2027 marketing year.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
