September Row-Crop Markets Start with “Beans in the Teens”

EARLY MORNING GLOBEX NET CHANGES: December corn is up 1/2 cent per bushel, November soybeans are up 12 cents, December KC wheat is up 8 cents, December Chicago wheat is up 10 1/4 cents, and MIAX December Minneapolis wheat is up 0.0775 cents.

CME GLOBEX RECAP: On Monday, December corn rose 1 1/4 cents, November soybeans were unchanged, and September KC wheat dropped 6 1/4 cents. Soybean and hard red winter wheat basis was steady Monday, while corn, soft red winter wheat, and hard red spring wheat basis was stronger. On Monday, the sellers tried to control the soybean market but ultimately lost their grip. Traders were eyeing the hot, dry weather this week and fresh demand for soybeans as supportive factors. Corn followed soybean price movement, while wheat witnessed end-of-month profit-taking. With no end in sight between the wars in the Black Sea and the Middle East, the grain markets remain underpinned in the short term. On Monday, the EPA granted 29 small refineries exemptions from meeting federal blending requirements for the 2025 compliance year. However, the EPA plans to reallocate those renewable identification numbers in 2026 and 2027. The biofuels feedstock market may remain unsettled until those reallocations are announced. To begin September, the USDA will release its monthly Grain and Oilseed Crush reports (with July data) after the close at 2 p.m. CDT.

OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones Industrial Average down 374.09 points to 53,185.90 and the S&P 500 down 25.62 points to 7,686.14. The 10-Year Treasury yield ended at 4.758%. Early Tuesday, the September Dow Jones Futures are down 338 points. European markets are lower, with the spot futures of London’s FTSE 100 trading down 1.04%, spot futures of Germany’s DAX trading down 1.2%, and the spot futures of France’s CAC 40 Index down 0.41%. Asian markets are lower, with Japan’s Nikkei 225 Index down 0.15% and China’s Shanghai Composite Index down 0.16%.

The September Euro is down 0.002 to 1.160, and the September U.S. Dollar Index is up 0.165 to 99.550. The December 30-Year T-Bond is down 15/32nds, while December gold is down $58.30 at $4,423.20 and October crude oil is up $2.26 at $88.02. On China’s Dalian Exchange, November corn was down 0.22%, November soybeans were down 0.54%, January soybean meal was up 0.12%, and November Malaysian Palm Oil was up 1.57%.

MORE COMMODITY-SPECIFIC COMMENTS

CORN:

Corn futures are up 1/2 cent early Tuesday, with the December contract at $5.38 1/4 per bushel. The national average basis for corn was 2 cents stronger at 46 cents under the December futures contract, while the DTN National Corn Index was up 4 cents at $4.92. Technically, near-term price support is at $5.15, with $6 as the resistance level. On Monday, USDA reported that 92% of the U.S. corn crop is in the dough stage, while 62% is dented — both ahead of average — and 13% is mature, which is average. 57% of the U.S. crop is rated in good to excellent position, unchanged in the most recent week and the lowest for late August in three years. Corn inspections totaled 58.9 mb for the week ending August 27, 2026. Total inspections for 2025-26 are now at 3.299 billion bushels (bb), up 25% from the previous year. USDA is estimating corn exports to total 3.400 bb in 2025-26, up 18% from the previous year. Corn inspections in 2025-26 are running ahead of USDA’s estimated pace, even as USDA’s estimate of corn ending stocks is 39% larger than the previous five-year average.  

SOYBEANS:

Soybean futures are up 12 cents on Tuesday, with the November contract at $13.00 1/4 per bushel. The national average basis for soybeans was steady at 38 cents under the November futures, while the DTN National Soybean Index was unchanged at $12.50. Soybean inspections totaled 9.2 mb for the week ending August 27, 2026. On Monday, USDA reported that 95% of U.S. soybeans have or are setting pods, still slightly ahead of the normal pace for late August. 13% of the crop is dropping leaves. Meanwhile, 58% of the crop is in good or excellent condition, down two points from the most recent week, with the poor-to-very-poor reading up a point, and the lowest rating for this week in August in three years. Total inspections for 2025-26 are now at 1.497 bb, down 18% from the previous year. USDA estimates soybean exports at 1.520 bb in 2025-26, down 20% from the previous year. Soybean inspections are running ahead of USDA’s estimated pace at a time when USDA’s estimate of soybean ending stocks is 13% larger than the previous five-year average. The Environmental Protection Agency said on Monday that it is exempting 1.76 billion renewable identification numbers for 29 small refineries for the 2025 compliance year, largely in line with expectations of 1.8 billion RINs in the weeks leading up to the decision. In addition, the EPA will propose reallocating 100% of the difference between projected and actual exempted volumes for 2025 small refinery exemptions to the 2026 & 2027 renewable volume obligations.  

WHEAT:

Wheat futures are up 8 cents early Tuesday morning, with the HRW wheat’s December contract at $8.46 per bushel. The national average basis for hard red winter (HRW) wheat was steady at 73 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 6 cents at $7.65. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 58 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was down 5 cents at $7.05. On Monday, USDA reported that the U.S. Spring wheat harvest is 77% complete as of last week, 9 points ahead of the previous five-year average progress for late August. Wheat inspections totaled 15.8 mb for the week ending August 27, 2026. Total inspections for 2026-27 are now at 176 mb, down 28% from the previous year. USDA is estimating wheat exports to total 775 mb in 2025-26, down 15% from the previous year. Wheat inspections are running behind USDA’s estimated pace at a time when USDA’s estimate of wheat ending stocks is 3% lower than the previous five-year average. Australia’s Department of Agriculture expects a 2026/27 wheat crop of 29.9 million metric tons, around 12% higher than the previous forecast.