CORN

• The corn market remains weaker at midday. The December contract is still floating around the 50-day moving average at 405 ¾.
• Corn export inspections for the week ending September 5 came in at 836,413 mt. Year-to-date exports are at 468,626 mt, which is 26.3% below last year.
• AgRural announced that 15% of Brazil’s corn crop is planted, down 2% from a year ago.
• Weather over the next 10 days will bring limited rainfall in the Midwest. This could cause river transportation to worsen while seeing barge freight costs continue to rise.

SOYBEANS

• The soy-complex trends weaker at midday. November soybeans have erased yesterday’s gain of 13 cents, dropping near the $10 price level.
• Soybean exports for the week ending September 5 came in at 354,166 mt. Year-to-date inspections are at 262,457 mt which is 29.8% below last year.
• China’s soybean imports for the month of August were a record high of 12.14 mmt.

WHEAT

• Wheat remains higher at midday on reports of lower Russian wheat yields. December Chicago wheat is now back above the 50-day moving average and looking to make a push back above the September high of 582.
• Wheat export inspections for the week ending September 5 came in at 586,687 mt. Year-to-date inspections are 6,35,683, which is 33.5% above last year.
• The potential for a Fed rate cut next week, which could cause a lower dollar making US exports more competitive, is also helping to support the wheat market.

Author

Tanner Wilson