Agriculture

Raw sugar futures on ICE rose 1.7% to 18.92 cents per lb, peaking at 19 cents on Thursday, driven by production concerns in India, Thailand and the EU. Robusta coffee fell 1.5% to $3,393 per ton as Vietnam entered its new crop year, while New York cocoa dropped 3.45% to $5,177 per ton amid a large 2025/26 global surplus. Read →

Chicago corn fell 0.6% to $4.87-1/4 per bushel, soybeans 0.5% to $10.61-3/4 and wheat 0.4% to $5.56-1/2 on Wednesday after Tuesday’s rally faded. Prices remain near multi-month highs on dry Argentine conditions and Brazilian harvest delays, while wheat hovers near yearly lows on weak demand. Read →

CBOT July wheat jumped 18.5 cents to $6.26 per bushel on Tuesday after nine sessions lower, lifted by bargain buying and Russian crop frost concerns affecting 15-30% of winter grains. Soybeans and corn declined ahead of the USDA’s monthly crop reports. Read →

USDA reported Sept. 1 corn stocks at 2.095 billion bushels, up 35% year-over-year and well above the 1.924 billion average trade guess, signaling weaker demand. Corn futures fell sharply, with December dropping over 21 cents to near $5.00 per bushel amid technical selling. Read →

CBOT wheat fell 0.4% to $5.72-1/2, corn 0.1% to $4.10-1/4 and soybeans 0.2% to $10.21-1/2 on Friday as funds sold after a fortnight rally. All three still posted weekly gains of 2-4% on prior short covering and a weak dollar boosting exports. Read →

NASS data showed old-crop corn stocks at 2.10 billion bushels on Sept. 1, up 35% from 2025, with on-farm up 22% and off-farm up 44%. Soybean stocks fell 3% to 315 million bushels while all-wheat stocks dropped 14% to 1.85 billion. Read →

CBOT soybeans rose 0.5% to $10.66 on Friday, supported by USDA-confirmed 132,000 mt sales to China and higher oil prices. Traders noted narrowing export deficits as China books U.S. cargoes amid ongoing trade truce talks. Read →

Market sources reported renewed Chinese export interest for U.S. soybeans out of the Pacific Northwest and Gulf. Harvest delays in key Midwest areas supported early Tuesday gains in soybeans while corn and wheat traded mixed ahead of the USDA quarterly stocks report due Wednesday. Read →

November soybeans rose 4.25 cents to $12.9250 overnight after plunging 30.75 cents Monday on China maintaining its 10% tariff on U.S. beans. U.S. corn harvest reached 18% as of Sunday, in line with the five-year average, though rains slowed progress in Iowa and other states. Read →

Overnight trade was two-sided to lower with attention shifting to Wednesday’s USDA quarterly stocks and small grains report. Analysts expect Sep 1 corn stocks near 1.918 billion bushels, soybeans 324 million bushels and wheat 1.889 billion bushels; harvest delays noted especially in Iowa. Read →

China’s soybean buying is expected to decline due to weak animal feed demand and poor crush margins, limiting room for additional U.S. cargoes after soybeans were excluded from tariff relief. State buyers have already purchased over 12 million metric tons of U.S. soybeans, nearing half the White House target. Read →

USDA's weekly Crop Progress report showed US corn harvest at 18% complete as of Sept. 27, matching the five-year average, with 96% dented and 72% mature. Soybean harvest reached 17%, also on pace, with 75% dropping leaves and the crop rated 58% good-to-excellent. National corn condition held at 57% good-to-excellent. Read →

November soybean futures fell 2.3% to $13.02 1/4 per bushel on the CBOT amid selling of sizable net-long fund positions tracked by CFTC data. December corn dropped 1.2% to $5.35 3/4 and December wheat fell 2.3% to $7.01 3/4 as row-crop sentiment turned sour post-tariff news. Read →

China's commerce ministry announced tariff reductions on about $17 billion of US agricultural imports including corn, wheat, sorghum, meat, dairy and oils, but soybeans remain subject to an extra 10% tariff. State buyers have already purchased over 12 million metric tons of US soybeans, nearing half the 25 million ton annual target through 2028. The exclusion leaves private Chinese crushers facing high costs while the broader ag working group aims to facilitate future deals. Read →

Trump-Xi talks ended without major new purchase announcements beyond extending the trade truce to January 10. China is on track with soybean commitments via state buyers, but lags on the separate $17 billion annual pledge for other US ag products like corn and pork. Markets reacted with weakness as specifics on broader demand remain pending. Read →

USDA reported 838,300 MT corn sales, 267,600 MT wheat sales and 582,400 MT soybean sales for the week ended Sept. 17. China bought 311,800 MT of soybeans and a separate 120,000 MT private sale was announced. Markets traded lower ahead of the Trump-Xi summit with limited new demand signals. Read →

Upland cotton export sales hit a marketing-year high of 230,517 running bales for the week ended Sept. 17. Mexico led with 69,800 bales and Vietnam took 51,200. Futures closed up 2 to 60 points as shipments reached 164,704 bales, 20% above the prior year. Read →

Corn eased as much as 1.7% and soybeans fell with no new U.S. sales reported to China this week. China released domestic soybean reserves to free space for imports, but markets priced in disappointment ahead of the Trump-Xi meeting. Read →

Arabica coffee fell 0.55% to $2.7080 per lb on better Brazilian and Vietnamese outlooks. Raw sugar eased 0.3% to 17.54 cents per lb while cocoa continued lower on the 2025/26 global surplus despite some Ivory Coast dryness concerns. Read →

December corn futures fell as much as 1.4% Tuesday to around $5.3675 per bushel. Traders paused after Monday's rally on hopes China will fulfill part of a $17 billion agriculture purchase pledge beyond soybeans during this week's Trump-Xi summit in Washington. Drier weather is expected to speed US harvest, which USDA data showed at 13% complete as of Sept. 20, ahead of the five-year average. Read →

November soybeans closed nearly unchanged at $13.255 per bushel after fading early gains. USDA reported soybean harvest at 12% complete, ahead of the five-year average, as Midwest rains slowed fieldwork. Traders await Thursday's Trump-Xi meeting for clarity on potential tariff cuts or additional Chinese purchases of US soybeans. Read →

December corn settled down 6.25 cents at $5.3675 per bushel and December SRW wheat fell 9.5 cents to $7.1725. USDA's latest Crop Progress showed corn harvest at 13% and soybeans at 12%, both ahead of average. Wheat faced additional pressure from reports of Russia repurposing Baltic ports for grain exports amid easing Black Sea tensions. Read →

London cocoa fell 2.5% to £3,863 per ton and New York cocoa dropped 2.4% to $5,222 per ton, hitting multi-week lows on expectations of a more balanced 2026/27 market after large prior surpluses. Raw sugar lost 1.8% to 17.16 cents per lb amid profit-taking from recent highs, though El Nino risks support the longer-term outlook. Favorable weather in Brazil and Vietnam weighed on Arabica coffee. Read →

December corn rose 2.9% to $5.43/bushel, November soybeans 1.9% to $13.28, December wheat 1.8% to $7.2675 on Chicago Board of Trade Monday. Strong USDA export inspections (corn 1.94 MMT, soybeans 759k MT) and weekend rains slowing harvest added support alongside hopes for Chinese purchases at the Trump-Xi summit. Mexico led wheat buys, Japan corn, China soybeans. Read →

As of Sept. 20, USDA reported 13% of US corn harvested (ahead of 11% five-year average) and 12% of soybeans (ahead of 8% average) across top states. Corn conditions held at 57% good/excellent; soybeans 58%. Winter wheat planting lagged at 17% vs. 21% average. Read →

USDA reported corn export inspections for week ended Sept. 17 at 1.94 million metric tons, up from 1.55M prior week and 1.39M year-ago. Soybean inspections reached 759,193 MT vs. 680k prior and 566k last year. Wheat fell to 335k MT; China was top soybean buyer. Read →

Soybean, corn and wheat trackers declined on Friday, September 18, with the WEAT tracker down 1.45% to US$25.86, SOYB down 1.04% to US$27.68 and CORN down 0.66% to US$19.70. The drop followed USDA September Feed Outlook and Crop Production reports that cut the national corn yield to 178.5 bushels per acre and trimmed Kansas production by 39 million bushels from the prior month. Lower US supply signals support prices long-term but triggered near-term technical selling during Midwest harvest. Read →

Chicago corn and soybean futures fell Friday as traders booked profits after multiyear highs. December corn settled down 3 cents at $5.27-1/2 per bushel and November soybeans down 16-1/4 cents at $13.03-1/2. Harvest expanded in the Midwest despite scattered rains while attention shifted to next week’s Trump-Xi meeting on Chinese ag purchases. Read →

Chinese state-owned buyers purchased about 1 million tonnes of US soybeans in the week to Sep 17, advancing past the halfway mark of a 25-million-tonne annual commitment through 2028. November soybeans settled at 1,319.75 cents per bushel while corn and wheat futures slipped on accelerating US harvest progress ahead of the five-year average. The purchases coincide with the Sep 24 Trump-Xi meeting in Washington where agriculture is expected on the agenda, supporting soybean prices amid a tariff that keeps private Chinese crushers sidelined. Read →

Arabica coffee futures fell to a fresh 10-week low of $2.8120 per lb amid strong Brazilian exports and favorable weather for the 2027 crop, with ICE stocks at a 27-year low. Raw sugar slipped 0.3% to 17.88 cents per lb as lower oil prices reduced the incentive to produce ethanol over sugar. London cocoa held near £4,476 per tonne with buyers in Ghana seeking payment from COCOBOD before the new crop year. Read →

US soybean futures rose Thursday with the most-active CBOT contract up 0.74% near $13.30/bushel, near a three-year high. China has passed the halfway mark on its 25 million metric ton annual US soybean purchase commitment from the Busan summit. Traders watch US Treasury Secretary Scott Bessent's weekend meeting with China's He Lifeng ahead of next week's Trump-Xi summit; rain delaying Midwest harvest and a smaller Canadian wheat crop added support. Read →

December wheat settled up 0.3% at $7.3075/bushel on the CBOT. November soybeans rose 0.1% to $13.205/bushel while December corn fell 0.3% to $5.3425/bushel. Statistics Canada cut 2026 Canadian wheat production 11% year-over-year to 36.1 million metric tons; Brazil's Conab raised 2026/27 corn output to 148 million metric tons and soybeans to 181.6 million tons. Read →

China's state-owned traders booked at least 1 million tons of US soybeans last week, bringing total purchases for the season near 13 million tons, more than half of the 25 million-ton annual target through 2028. The buying comes ahead of President Xi Jinping's planned visit to Washington and follows a mid-2026 agreement easing some tariffs on US farm goods. Read →

US soybean futures fell Wednesday, pressured by lower crude oil prices, after surging over 2% Tuesday on a slower-than-expected August crush rate from NOPA members at 205.456 million bushels, an 11-month low. Wheat and corn futures also edged lower amid the broader commodity pullback. Read →

Soybean and soft red winter wheat basis weakened Tuesday while corn and hard red winter wheat basis strengthened, with spring wheat basis steady. The shifts reflect localized supply and demand dynamics at elevators and processors during early harvest. Read →

Grain futures recovered Tuesday after early weakness faded when Russia and Ukraine exchanged strikes overnight, dimming truce hopes despite prior US statements. December wheat rose 0.9% to $7.28½/bu, November soybeans gained 1.1% to $13.18¾/bu, and December corn added 0.5% to $5.35¾/bu on renewed Black Sea supply concerns. Read →

USDA's latest Crop Progress report showed US corn at 57% good-to-excellent, up from 56% prior week, with harvest at 8% complete versus 6% average. Soybeans rated 58% good-to-excellent with 6% harvested, double the five-year average of 3%, reflecting accelerated maturity from heat. Read →

USDA September WASDE report lowered 2026 US corn production 213 million bushels to 15.8 billion on a 2.2 bu/acre yield cut to 178.5, reducing ending stocks 86 million bushels and lifting the season-average farm price 30 cents to $4.80/bu. Soybean production rose 16 million bushels to 4.5 billion on a higher yield, with exports up 25 million bushels on Chinese demand, cutting ending stocks 10 million bushels and boosting the price forecast 60 cents to $12/bu. Wheat balance sheet stayed largely steady but price rose 20 cents to $6.40/bu. Read →

USDA Crop Progress report showed US corn harvest reached 8% complete as of Sept. 13 across 13 states, ahead of the 6% five-year average, with 86% dented and 42% mature. Soybean harvest hit 6% complete, double the 3% average, with 44% dropping leaves. Winter wheat planting lagged at 8% versus 12% average, while spring wheat harvest reached 93%. Read →

USDA reported soybean export inspections rose to 672,759 metric tons for the week ended Sept. 10 from 464,732 the prior week, with China the top buyer. Wheat inspections increased to 456,720 tons from 431,280, led by Japan and Mexico. Corn inspections fell to 1.53 million tons from 1.67 million, little changed year-over-year, with Mexico the leading destination. Read →

November soybeans rebounded overnight after Friday's USDA report raised yield slightly above expectations, with futures up 1.5 cents near $12.98 following a 35-cent drop. Analysts noted shrinking ending stocks to 310 million bushels and rising exports to China support potential for $14 prices despite the larger crop. Corn futures softened overnight after the yield cut exceeded some forecasts. Read →

The September 11 WASDE lowered 2026-27 US corn yield to 178.5 bushels per acre from 180.7, cutting production to 15.80 billion bushels and ending stocks to 1.567 billion bushels. Soybean ending stocks fell to 310 million bushels on higher exports despite record production. Global wheat ending stocks rose on larger harvests elsewhere, with US wheat stocks steady at 717 million bushels. Read →

USDA confirmed a 13.7 million bushel soybean flash sale to unknown destinations, widely viewed as China buying. Corn and wheat futures rose on reports China is inquiring about bids for those crops too. Analysts noted the timing aligns with US prices turning competitive versus Brazil. Read →

Chinese buyers purchased about 1 million metric tonnes of US soybeans this week, confirmed by USDA export sales data showing at least 612,000 tonnes to China Sept. 9-10. Cumulative 2026-27 purchases reach roughly 12.5 million tonnes, half the 25 million tonne annual commitment. Purchases coincide with an expected Trump-Xi meeting later this month. Read →

Traders plan to certify at least 300,000 bags of Brazilian arabica at ICE warehouses, where stocks sit at 26-year lows. Olam alone seeks to certify 150,000-200,000 bags for December delivery. Rising certified stocks could trigger algorithmic selling and ease recent price gains despite an expected 2026/27 surplus. Read →

Chinese state buyers including Sinograin purchased about 1 million metric tons of US soybeans this week for December-February shipment from Gulf ports. The buys bring China near half its 25 million ton annual commitment through 2028 and coincide with tightening Brazilian supplies. USDA confirmed 340,000 tons sold to China plus 100,000 tons to unknown destinations on Wednesday, supporting soybean futures near multi-year highs. Read →

USDA releases its September WASDE and Crop Production reports at 12:00 PM ET today. Analysts expect corn yield trimmed to 178-179 bushels per acre from August's 180.7 and soybean yield near 52.4-52.5 bushels per acre. Markets await confirmation of late-summer yield stress after December corn rose nearly 90 cents and November soybeans exceeded $13 per bushel since the August report. Read →

CBOT corn rose 0.6% to $5.30-3/4 per bushel and soybeans gained 0.5% to $13.16 per bushel Thursday while wheat was little changed. Traders trimmed risk ahead of Friday's USDA report and monitored Russia-Ukraine developments that have disrupted Black Sea grain flows. Prices retreated from three-year highs as diplomatic efforts encouraged profit-taking. Read →

Russia eliminated export duties on wheat, corn and barley effective September 1 to support exporters after Ukrainian strikes damaged Black Sea terminals including Novorossiysk. The Azov-Black Sea basin capacity has fallen sharply, cutting Russian and Ukrainian wheat shipments to roughly 2 million tons in August versus over 5 million tons a year earlier. The move highlights persistent export bottlenecks supporting global grain prices. Read →

Chicago wheat futures fell as traders weighed diplomatic efforts to end Russia-Ukraine war against ongoing Black Sea export disruptions, with profit-taking after a strong rally also weighing. Corn and soybeans eased modestly while attention turns to USDA supply-demand forecasts Friday that will gauge Midwest weather damage. The most-traded CBOT wheat contract was down 7.5 cents to $7.39-1/4 per bushel, holding below last week's 3.5-year high of $7.95. Read →

Grain tracker funds slipped Wednesday with wheat leading declines as Black Sea ceasefire headlines prompted profit-taking after a sharp rally. Soybeans and corn posted softer losses amid a firmer US dollar and early US harvest supplies widening cash basis, with traders positioning ahead of Friday's WASDE report. Brazilian and Argentine export competitiveness remains key for Latin American producers amid local currency swings. Read →

China purchased around 1 million metric tons of US soybeans this week via state stockpiler Sinograin, taking total buying toward half of its 25 million ton annual commitment through 2028. Cargoes are booked for US Gulf shipment December-February ahead of President Xi's Washington visit later this month. USDA Wednesday reported 340,000 tons sold to China plus 100,000 tons unknown, providing underlying support to soy futures. Read →

Raw sugar futures on ICE edged higher, supported by tight supplies in top consumer India where port refineries may divert 250,000 tons refined sugar domestically, plus higher energy prices. Arabica coffee also rose as certified stocks fell to a 26-year low. White sugar gained while London cocoa fell and robusta coffee rose. Read →

Chicago wheat futures rose 2.2% to $7.51-1/4 per bushel Tuesday after US envoys' weekend talks with Putin and Zelenskiy yielded no breakthrough on ending the Ukraine war. Black Sea grain shipments remain near a halt from tit-for-tat port attacks, prompting buyers to seek alternatives and lifting corn 0.6% while soybeans held steady. Read →

USDA's Sept. 8 Crop Progress report showed 5% of US corn harvested as of Sept. 6, ahead of the five-year average of 3%. The national crop rated 56% good-to-excellent, a season low and down from 68% a year earlier, with 76% dented and 25% mature ahead of averages. Read →

December Chicago wheat climbed 1.8% to $7.47-1/4 per bushel Tuesday as Russia-Ukraine attacks persist on ports and shipping with no substantive peace progress from US envoy visits. Soybeans rose 0.5% to $13.16-3/4 while corn fell 0.8% to $5.32-3/4 amid pre-WASDE positioning. Read →

December Chicago SRW wheat settled up 13 cents at $7.47 per bushel and KC HRW rose 16.75 cents to $8.19 Tuesday on ongoing Black Sea port attacks and higher crude. Soybeans gained modestly while corn eased on technical selling and profit-taking after the holiday weekend. Read →

Chicago wheat futures rose as much as 3.9% Tuesday, the biggest gain since Aug. 28, after markets reopened post-Labor Day. Russia rejected a proposed moratorium on attacks against civilian grain ships in the Black Sea, with weekend US-Putin talks ending without progress on Ukraine. The move heightens risks of prolonged disruptions to exports from the key trade corridor. Read →

China's private soybean processors confront negative crush margins and tightening Brazilian supplies as the fourth quarter approaches. A 10% tariff keeps most US beans out of reach, while weakening pig-feed demand adds pressure ahead of Xi Jinping's Washington visit this month. Processors hope for tariff relief or state reserve auctions to sustain operations. Read →

South African agricultural exports hit a record $4.1 billion in Q2, up 10% year-over-year on higher volumes and prices. Shipments to the US rose 56% from Q1 as the effective tariff rate fell to 12.5% from 30%, per the Agricultural Business Chamber of South Africa. Read →

Extreme summer heat and drought across Europe have scorched pastures, creating severe shortages of animal feed and driving prices sharply higher. Irish farmer Denis Drennan described pastures as 'so burnt' that recovery will take a long time amid ongoing dry conditions. Read →

Chicago wheat futures fell 12.5 cents to $7.42/bushel Friday, extending a pullback from a 3.5-year high after Russian President Vladimir Putin said a Ukraine peace deal remained possible. The comments triggered profit-taking after Wednesday's $7.95 peak. Tit-for-tat Black Sea port and vessel attacks continue to throttle Russian and Ukrainian grain exports, prompting Asian buyers to book Australian and Argentine wheat instead. Read →

Chicago wheat futures edged lower Friday after a steep Thursday drop, on track for a weekly decline. Russian forces struck vessels in the Black Sea while Ukraine hit a service ship at an oil terminal. Putin’s peace comments fueled selling of the geopolitical premium built into prices near three-year highs, but attacks persist and shipments remain disrupted. Read →

July cotton futures rose 139 points to 72.49 cents on a corrective bounce after recent selling. USDA’s WASDE showed a lower U.S. 2025-26 cotton carryover estimate. Technical factors and outside markets influenced the move. Read →