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9-8 Opening Update: Corn Slightly Lower, Soybeans and Wheat Higher in Quiet Trade

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn is trading lower this morning, but the grain complex is quiet overall ahead of Friday’s WASDE report. December corn futures are down 2 cents at $4.16 and March is down 2 cents at $4.34-1/2. 
  • The export sales report saw corn sales at 1,836k tons which was down from the previous week’s 2,072k and compared to 1,649k a year ago. Top buyers were Mexico, Colombia, and Japan.
  • Friday’s CFTC report saw funds as buyers of corn. They bought back 19,199 contracts which reduced their net short position to 91,487 contracts. They might be buying back corn over fears of a yield cut this week.

Corn Futures on the Move Higher: The roll from September to December brought renewed strength, with December futures closing last week above the 50-day moving average. The July 4th gap near 413 has now been filled, and the next upside target is 430. On the downside, the 50-day average stands as key support, with a break opening the door to the gap below 400.

  • Soybeans are trading mixed this morning with gains in the front months and slight losses in deferred. November soybeans are up by 1 cent to $10.28 while March is up 3/4 cent to $10.61-1/2. October soybean meal is up $0.50 to $281 and October bean oil is up 0.54 cents to 51.35 cents.
  • Export sales for soybeans were on the poor side at 795k tons which was down from 1,183k the previous week and 1,431k tons a year ago. Top buyers were unknown, Vietnam, and Japan.
  • Friday’s CFTC report saw funds as sellers of soybeans by 8,854 contracts which reduced their net long position to 11,964 contracts. They sold 14,542 contracts of bean oil and sold 27,811 contracts of meal.

Soybeans Hold at Support: Early August strength followed USDA’s 2.5 million acre cut to 2025 harvested area, propelling futures through major resistance and key moving averages near 10.30, now acting as support. On the upside, the 10.80 spring highs remain the next major hurdle, a level that has consistently capped rallies over the past year.

  • All three wheat classes are trading higher this morning with the December Chicago wheat contract up 1 cent to $5.20-1/4 while December KC wheat is up 1-3/4 cents to $5.07-1/4. Wheat is about 6 cents off its contract low from last week.
  • Export sales for wheat were on the slow side at 319k tons which was down from 580k the week before and 330k a year ago at this time. Top buyers were Nigeria, Mexico, and the Philippines.
  • Friday’s CFTC report saw funds as sellers of Chicago wheat by 356 contracts which left them with a net short position of 81,943 contracts. They sold 6,000 contracts of KC wheat leaving them short 54,681 contracts.

Chicago Wheat Below Moving Averages: June’s rally quickly faded, with futures retreating toward the upper end of their 2025 range. Initial support is just above 500 at the early-August low. On the upside, a weekly close above 558 would confirm renewed strength and set up a potential retest of the 590 highs.

KC Wheat Trends Sideways, Tests Lows: June’s rally briefly tested April highs near 580 before fading into month-end. The pullback left futures trading below the 50-day moving average, now key resistance on any rebound. Support is firm at the recent lows near 505, with secondary support at the May low around 500.

Spring Wheat Tests Support: Futures remain rangebound as harvest advances, holding early August lows near 580 support. On the upside, strong resistance sits just above 600 at clustered moving averages, with a secondary target near 650 if momentum builds.

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