Corn and soybean futures posted small losses on Monday, ahead of a pair of key USDA reports due to release tomorrow. Wheat ended the day mixed.
Seasonal harvest pressure continued to overhang corn, with little rainfall expected across the Midwest over the next two weeks. Meanwhile, warm temperatures through the next 10 days will keep crop maturation rates high and there is no immediate risk of frost. The USDA this morning reported private sales of 135,660 tonnes of corn to Mexico for 2025-26, and 110,668 tonnes of corn sold to unknown destinations. Pre-report trade estimates have US corn stocks as of Sept. 1 – ending stocks for the 2024-25 marketing year – at 1.33 billion bu. December corn slipped a ½ cent to $4.21 ½, and March lost a ¼ cent to $4.38 ½.
Soybeans were also undermined by harvest pressure, with the weather likely to allow combines to roll across the Midwest for the next two weeks. Weak export prospects further pressured soybeans. The Brazil soybean crop is reported around 3% planted, ahead of 2% last year. Traders expected Sept. 1 American soybean stocks to be shown at 325 million bu. November beans lost 3 ¼ cents to $10.10 ½, and January was down 3 1/.4 cents at $10.29 ¾.
The USDA small grains summary, also to be released tomorrow, is expected to show a slightly smaller 2025 US all wheat crop at 1.921 billion bu, 6 million below the previous USDA estimate in August. Traders see Sept. 1 US grain stocks at 2.054 billion bu. December Chicago eased a ¼ cent to $5.19 ½, and December Kansas City gained 2 ¾ cents to $5.08 ¼. December Hard Red Spring was steady at $5.51, and December Minneapolis inched 1 ½ cents higher to $5.69 ¼.
