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Through the Labor Day Weekend, parts of the Northern Plains and Upper Midwest could catch an inch or more between Saturday and Tuesday, while other parts of the Corn Belt shouldn’t receive enough rains to severely hamper fieldwork at least into early next week, per the latest 72-hour cumulative precipitation map from National Oceanic and Atmospheric Administration.
Later this month, NOAA’s new eight- to 14-day outlook predicts some seasonally wet conditions in store for the western half of the country for Sept. 11-, with warmer-than-normal temperatures hanging on throughout the central U.S. as September progresses.
On Wall Street, the Dow eroded 260 points lower in afternoon trading to 53,426. The good news is there were better-than-expected payroll numbers for August. But that was bearish for the Dow, as expectations inched higher on speculation that the Federal Reserve could raise interest rates at its next meeting later this month. Energy futures were back in the green, with Brent crude oil trading almost 1% higher this afternoon to move above $96 per barrel. Gasoline futures jumped more than 2.5% higher. The U.S. dollar firmed moderately.
Corn prices failed to find traction
Prices continued to fade lower on Friday amid some more technical selling and profit-taking that led to losses of around 0.5% to 0.75%. September futures fell 3.25 cents to $5.12, with December futures down 4 cents to $5.3675.
Weather, war and more continue to grab headlines into early September, with harvest pressure likely to build in the coming weeks. Traders are also already eagerly anticipating the release of USDA’s next World Agricultural Supply and Demand Estimates report, which drops a week from today. Are there some relevant marketing decisions you should think about right now? Read the latest round of Top Tips to see what recommendations you may want to consider on your operation — click here to learn more.
Easier said than done, but Jim McCormick, COO of AgMarket.net, reminds farmers to “market when you have the opportunity to lock in profits,” rather than when you “have to.” McCormick said that — along with fears of a “Super” El Niño wreaking havoc on South American crops this winter — has driven speculator money into commodities. That has led to some historically large long positions that will lead to even more volatility. McCormick was part of a grain marketing panel at the 2026 FPS — click here to catch up on some additional highlights.
Worried about fertilizer prices? Three market analysts will join Farm Futures for an important discussion about what is sure to be one of the most pressing financial decisions of the 2027 season. Click here for more information on this free event, including how to sign up.
Corn settlements on Thursday were for 611,286 contracts.
Soybean prices missed the mark
Despite another strong demand signal in the form of a flash sale announced to unknown destinations this morning, traders engaged in a pattern of technical selling that led to moderate losses. September futures fell 12.5 cents to $12.9375, with November futures down 6.5 cents to $13.0975.
The rest of the soy complex also shifted lower. October soymeal futures eased slightly lower (around 0.1%), while October soy oil futures lost more than 1%.
Private exporters announced to USDA the sale of 9.2 million bushels of soybeans for delivery during the 2026-27 marketing year, which began Sept. 1.
Monthly Census data, out yesterday, showed 69.5 million bushels of soybeans were shipped in July — a four-year high after shifting 6.3% above last year’s volume. That was still 1.3% below June totals, however. Soymeal shipments were a record for July after reaching 1.591 million metric tons.
On Aug. 31, EPA announced it intended to reallocate some previously unobligated RINs to larger refiners in the 2026-27 compliance year. That potentially saved 500 million gallons of biomass-based diesel demand.
“That would have caused huge economic harm to farmers. It would have had a huge economic impact on just about every soybean farmer,” said Dave Walton, Iowa soybean farmer and vice president of the American Soybean Association. Click here to learn more.
Soybean settlements on Thursday were for 264,469 contracts.
Winter wheat prices fell into the ditch
Prices are quite susceptible to periods of technical selling and profit-taking at these high prices, as was evident today after an announcement for more Russia-Ukraine peace talks (more on that below) sent prices scattering to double-digit losses. September Chicago SRW futures stumbled 20 cents to $7.16, with September Kansas City HRW futures down 11.75 cents to $7.8675.
Monthly Census data released on Thursday showed wheat shipments only reaching 60.55 million bushels in July. That represented a four-year low after stumbling 27.5% lower year-over-year.
A delegation including U.S. special envoy Steve Witkoff and presidential son-in-law Jared Kushner have plans to visit Russia and Ukraine over the weekend to discuss peace options in the Black Sea region and the broader Ukraine conflict. Plans have not been finalized yet, however, due to security concerns. Both Russia and Ukraine are under increasing pressure to find safe avenues to export their grain as fall harvests progress in both countries.
CBOT wheat settlements on Thursday were for 277,153 contracts.