Market Overview
Grain futures posted another strong overnight rally before giving back much of those gains during the day session as traders took profits and farmers stepped in with additional selling.
Corn reached its 200-day moving average overnight, while both old- and new-crop soybeans traded above the $12.00 mark. Wheat also challenged its highest levels since late June before retreating.
Attention now shifts to Friday’s USDA WASDE report, where traders expect updated supply and demand estimates, including another reduction in corn carryout due to stronger-than-expected exports and ethanol demand.
🌽 Corn Market
Corn rallied overnight before encountering selling pressure during regular trading hours.
Support continues to come from:
Strong export demand
Solid weekly ethanol production
Expectations that USDA will lower corn carryout another 25–50 million bushels in Friday’s report.
Weekly ethanol production reached:
321 million gallons
1% above last year’s pace
Corn Futures
September Corn
Down 9½ cents
Closed at $4.35½
December Corn
Down 8½ cents
Closed at $4.55¾
🌱 Soybeans
Soybeans briefly pushed above $12.00 overnight as rumors of Chinese buying continued to circulate.
Those rumors gained credibility after the USDA announced nearly 500,000 metric tons of new-crop soybean export sales for September and October shipment.
Despite the news, futures retreated as traders followed a classic “buy the rumor, sell the fact” pattern.
Soybean Futures
August Soybeans
Down 1¾ cents
Closed at $11.92
November Soybeans
Down 6 cents
Closed at $11.91¾
Soybean Products
December Soybean Oil
Up 217 points
69.44 cents/lb
December Soybean Meal
Down $5.60/ton
$310.90
Canadian canola futures also strengthened.
November Canola
Up 23 Canadian dollars
783.90
