Morning Markets: Corn: +1.
Beans: -3.25. Wheat: +11.
TFG is offering a drying incentive at ALL LOCATIONS Tuesday 9/8 – Sunday 9/13!
2 1/2 cents per pt of moisture up to 30%
Harvest hours will be used as needed!
MARKET SUMMARY:
Good morning. Overnight ag trade to start the holiday-shortened week has been two-sided across the CBOT, with rallies in the corn and beans fading somewhat into the morning hours, while wheat futures are still up but some 15-20 cents off their highs. While harvest has crept closer the last several days across the Midwest, primary market inputs this morning - like they have for weeks now - still consist of developments both in the Black Sea between Russia and Ukraine and also in the Strait of Hormuz with the US and Iran. Fund traders have gotten heavily long the ag markets, but the ongoing presence of those two geopolitical situations should continue to support markets into the gut-slot of US harvest, which is still a ways away. Corn futures to start Tuesday are trading unchanged to a penny higher, soybean futures are trading 2-4 cents lower, and the Chicago wheat market is trading 7-9 cents higher.
Crude Oil is up $1.10 at $92.58
US Dollar is down at $98.84
Dow futures are down 324 points at 53,116
WEATHER:
- Midwest weather through the first part of the week this week looks to be similar to last week as high pressure lingers across the south, but the models are showing a pattern shift then occurring into the end of the week, with rainfall chances notably improving through the central Corn Belt as the ridging retrogrades back west. Temperatures look to stay generally warmer-than-normal, but don't look to be quite as extreme through most of the Corn Belt as was seen last week.
OTHER HEADLINES:
- According to the CME Group, there were another 106 contracts of soybean meal assigned for delivery this morning, along with 11 contracts of soybean oil and 75 contracts of rough rice.
- Weekly CFTC Commitment of Traders data from last week for the week ending September 1st showed managed money traders in the week were buyers of 54,549 contracts of corn (+431,062), buyers of 42,929 contracts of soybeans (+241,183), and buyers of 28,824 contracts of Chicago wheat (+14,654); this is a new record long corn position.
- In the soy products, funds bought 61,705 contracts of meal (+158,741) and bought 21,468 contracts of oil (+109,912); this is also a new record fund long in meal and this was the biggest week of fund buying in meal on record.
- Preliminary monthly Chinese customs data for August shows the country's soybean imports in the month at 12.14 MMTs, which is down a little over 1% from the same month a year ago but up almost 6% from the July figure. The total brings cumulative 2026 imports to 74.11 MMTs, also up a little over 1% from a year ago.
- The USDA's Foreign Ag Service said on Friday that Chinese traders were increasingly turning to Argentina and Uruguay to purchase soybean cargoes, as supplies from Brazil are becoming more expensive. While China has been taking beans from the US as well, shipments from Brazil to this point in the season have dwarfed those coming from the either the Gulf or the PNW.
- Staying on the global trade front, monthly export data from Brazil's Trade Ministry showed the country exported 9.8 MMTs of soybean in August, up 5% from a year ago, while corn exports were down 32% at just 4.7 MMTs; meal exports at 2.4 MMTs were up nearly 24% from a year ago.
EXPORT NEWS:
- N/A
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
