Pro Farmer

Corn: December corn fell 4 cents to $5.36 3/4, near the daily low and for the week up 1/4 cent. Prices did close at a technically bearish weekly low close today. The corn futures market hit a three-year high at mid-week and then prices consolidated amid some profit-taking pressure. Given recent solid gains, the shorter-term spec bulls likely lightened their positions heading into a three-day U.S. holiday weekend.

Grain markets built on August’s bullish momentum, with contract and multiyear highs for wheat, corn and soybeans. The wheat rally ran into heavy profit-taking after midweek on talk of renewed Russia-Ukraine peace efforts that could ease export bottlenecks. That pulled down corn, but dip buyers cushioned the blow, with firmer energy prices providing a tailwind alongside solid demand. Soybean futures saw a relief rally early in the week following EPA’s SRE announcement.

Two months after a National Corn Growers Association (NCGA) study revealed U.S. farmers are paying double for some crop production products compared to Brazil, Iowa Senator Chuck Grassley wants President Trump to turn the same pressure campaign he’s aimed at pharmaceutical companies on the seed and chemical industry. The Republican lawmaker sent the ask to Trump, arguing American farmers deserve the same fight the administration has waged on behalf of U.S. drug consumers.

GRAIN CALLS Corn: Steady to 2 cents lower. Soybeans: 4 to 6 cents lower. Wheat: 4 to 6 cents lower. GENERAL COMMENTS: Corn, soybeans and wheat are each consolidating on the daily bar chart. Each held key support on Thursday as well, keeping uptrends alive on the daily bar chart. Front-month crude oil futures are trading modestly lower this morning while the U.S. dollar index is around 270 points higher.

Good morning! Grain futures narrowly mixed overnight… At 6:00 a.m. CDT, December corn was down 1/2 cent. November soybeans were 1 1/4 cents lower. December soybean meal was down $2.00. December bean oil was 37 points lower. December SRW and HRW wheat were 1 to 3 cents higher. The grain futures markets are so far pausing on a Friday that sees a three-day holiday weekend just ahead and a major U.S. economic data point on deck: the monthly jobs report.

Corn: December corn fell 2 3/4 cents to $5.40 3/4, near the daily high. The corn futures market saw profit-taking pressure from the shorter-term speculators today. However, the bulls once again stepped in to buy the earlier dip in prices to push them well off daily lows. Soybeans: November soybeans gained 6 cents to $13.16 1/4, nearer the daily high. December soybean meal rose $5.90 to $355.50, near the daily high and hit another two-year high.

Net farm income is forecast to decline 2.6% from 2025, according to USDA’s Economic Research Service (ERS). In its September update. USDA puts net farm income at $158.4 billion for calendar year 2026, a decrease of $4.3 billion. After adjusting for inflation, net farm income is forecast to decrease $9.1 billion – down 5.5% relative to 2025. Despite this expected decline, USDA notes, 2026 net farm income would remain above its 20-year average in inflation-adjusted (2026) dollars.

GRAIN CALLS Corn: 10 to 12 cents lower. Soybeans: 10 to 12 cents lower. Wheat: 29 to 31 cents lower. GENERAL COMMENTS: Corn and wheat broke below yesterday’s low overnight, a key moving technical benchmark that had capped the downside over the past couple weeks. How prices react after this morning’s open will be key, as overnight weakness has recently been bought.

The September 1st drought monitor shows 79.1% of the U.S. is experiencing abnormal dryness or drought, up 1.6% from the previous week, with 59.1% in D1 level drought or higher, up 2.5%.Currently 28% (up 1%) of corn acres are in D1-D4 drought with 30% (up 2%) of soybean acres, and 82% (up 2%) of spring wheat acres also impacted. For livestock, 60% (up 2%) of the U.S.cattle herd is in D1-D4 drought conditions with 43% (up 1%) of dairy cattle also in drought.

A massive late-summer heat wave is bringing near-record temperatures and high humidity across the Midwest. And it’s not just a week straight of near-100-degree days. The high nighttime temperatures are also a growing concern. In the High Plains, that heat has been an unwelcome guest all summer. Consecutive 100-degree days is what aided the damage, with the National Weather Service saying this week that Abilene, Texas, set a new record for most consecutive 100-plus-degree days, at 31.