Soybeans, corn up on lower U.S. crop ratings

Market News Soybeans, corn up on lower U.S. crop ratings Soybeans were higher on fund and technical buying. The USDA’s national crop rating dipped over the past week with harvest just around the corner. There’s still some development time remaining in parts of the region but any significant loss of production potential would just tighten the balance sheet further. Unknown bought 132,000 tons of new crop U.S. beans ahead of the open. That could turn out to be China when its time for delivery. There’s talk China could be a target for new U.S. tariffs and President Xi is still expected to visit Washington D.C. in late September. Soybean meal futures were steady to firm and bean oil was up, with both following beans. Corn was higher on fund and technical buying. The USDA’s national corn rating fell 3%, and the trade is expecting a cut in yield in the next production update. Harvest is just starting to get underway in parts of the Corn Belt and the trade is watching yield results closely. A smaller crop and ongoing strong demand would have an impact on supply. Corn is also monitoring second crop harvest and first crop planting in Brazil. The USDA will update supply, demand, and production numbers September 11th and CONAB’s next look at Brazil is set for September 15th. Ahead of that, the U.S. Energy Information Administration’s weekly ethanol numbers are out Wednesday. It remains to be seen if U.S ethanol exports to Canada are impacted by this latest tariff battle. While the biofuel is not explicitly targeted by these levies, there could be some collateral damage. The wheat complex was mixed, with Chicago and Kansas City up and Minneapolis mostly weak. The U.S. winter wheat harvest is officially over, while the spring wheat harvest is ahead of average. Traders also have an eye on conditions ahead of 2027 winter wheat planting, including ongoing drought in parts of the Plains. Black Sea exports remain stifled by war between Russia and Ukraine, but U.S. wheat is not currently competitively priced. That said – there seems to be no end in sight to the conflict and the damage to port infrastructure will take time to repair. There’s some talk, but no confirmation, that Moscow is planning to end its grain export duty. Ukraine’s Ag Ministry says the spring wheat harvest is 97% complete, with the running total at 24.6 million tons. Traders are also monitoring crops in Argentina, Australia, Canada, and Europe. Add Comment