CORN

• Corn trades higher at midday after getting a boost from the wheat market. December corn has now traded at its highest level since June 28.
• USDA’s September 1 stocks were below expectations at 1,760 mb but still above last year’s 1,360 mb number.
• Monday’s Crop Progress report showed corn ratings falling slightly to 64% good-to-excellent. 21% of the corn crop is harvested compared to the 5-year average of 18%.
• The longshoremen strike has begun with ports affected from Maine down to Texas. This could cause some bearish reaction if the US can’t move grain.

SOYBEANS

• Soybeans are weaker at midday on South American weather which shows rain in the forecast for Brazil and Argentina.
• USDA’s September 1 Stocks report was below expectations at 342 mb but above last year’s 264 mb.
• Monday’s Crop Progress report showed soybean ratings unchanged from last week at 64% good-to-excellent. Harvest jumped higher to 26% from 13% last week.
• China will be closed this week for their Golden Week holiday which could result in lower prices if no export sales are announced.

WHEAT

• All three wheat contracts are higher at midday on drier weather outlook for US Plains.
• USDA’s September 1 Stocks report showed wheat stocks at 1,986 mb which was slightly above expectations and 12% higher from a year ago.
• Monday’s Crop Progress report showed the winter wheat crop as 39% planted, up from 25% last week.
• Growing war tensions in the Middle East should be supportive of wheat prices after Israeli troops entered Lebanon over the weekend.

Author

Tanner Wilson