Core Insights - Corn prices have decreased by 2 to 3 ¼ cents in the morning session, following a drop of 6 to 7 cents in futures on Tuesday due to higher-than-expected corn stocks reported by USDA [1][2] - The USDA's Grain Stocks report indicated that September 1 corn stocks were at 1.532 billion bushels, exceeding trade expectations of 1.336 billion bushels, but still 231 million bushels lower than the previous year [2] - The Buenos Aires Grain Exchange forecasts Argentina's corn crop for 2025/26 at 58 million metric tons, significantly higher than last year's 49 million metric tons [4] Market Data - Preliminary open interest rose by 11,836 contracts on Tuesday, indicating new selling interest in the corn market [1] - The CmdtyView national average cash corn price fell by 6 cents to $3.72 ¼ [1] - December 25 corn futures closed at $4.15 ½, down 6 cents, while March 26 and May 26 corn futures closed at $4.32 and $4.41 ¾ respectively, both down 6 ½ and 6 cents [4] Crop Condition Ratings - Crop condition ratings showed improvements in several states: Illinois up 1 point, Indiana up 2 points, North Dakota up 4 points, Ohio up 7 points, and Michigan up 8 points [3] - Deterioration was noted in Nebraska down 6 points, South Dakota down 4 points, Iowa down 3 points, and Minnesota down 1 point [3]

Market Overview - Corn futures are down 2 to 2 ¼ cents in the front months on Tuesday morning, with the market closing the previous session fractionally lower for front months and up ¾ to 1 ¾ cents for contracts from September '26 and beyond [1] - Preliminary open interest increased by 1,724 contracts on Tuesday, with December down 4,101 contracts and March up 4,903 contracts [1] - The CmdtyView national average Cash Corn price remained steady at $3.78 ¼ on Monday [1] Grain Stocks Report - Analysts surveyed by Bloomberg expect the USDA to report 1.336 billion bushels (bbu) of corn on hand as of September 1, with estimates ranging from 1.26 to 1.45 bbu [2] Crop Progress - As of Monday afternoon, 95% of the US corn crop is listed as dented and 71% is mature, with harvest progress at 18%, slightly below the 19% average pace [3] - Condition ratings remain unchanged at 66% good/excellent, with the Brugler500 index steady at 370 [3] Export Inspections - The Export Inspections report indicated a total of 1.527 million metric tons (MMT) of corn shipped in the week of September 25, which is 10.19% above the previous week and 32.85% larger than the same week last year [4] - Mexico was the largest buyer, importing 663,960 MT, followed by Japan with 251,883 MT and South Korea with 191,564 MT [4] - The marketing year total for corn shipments now stands at 5.097 MMT (200.65 million bushels), which is 52.11% above the same period last year [4]

Market Overview - Soybeans experienced a slight gain of 1 to 2 cents at the close on Friday, but November futures fell by 11 ¾ cents since last Friday. The national average cash bean price increased by 1 ½ cents to $9.38 ¾ [1] - Soymeal futures rose by 20 cents to $3.60, while October futures dropped by $14.10 per ton this week. Soy oil futures decreased by 5 to 14 points at the close, with October down 43 points for the week [1] Speculative Positions - Weekly CFTC data indicated that speculative funds in soybean futures and options shifted to a net short position of 29,302 contracts, reflecting a move of 31,589 contracts to the short side during the week. Commercials reduced their net short position by 27,234 contracts to 92,440 contracts, with an increase in commercial longs [2] - Managed money held a net short position of 898 contracts in soybean oil futures and options, while the net short in soybean meal increased to 103,269 contracts, marking the first time all three segments in the soy complex have been net short since March [2] Export Commitments - The USDA's weekly Export Sales report indicated total export commitments at 11.002 million metric tons (MMT) as of September 18, which is 37% lower than the same week last year. This figure represents 24% of the USDA's export projection, compared to an average sales pace of 45% [3] - Sales outside of China reached a three-year high, with commitments excluding China and unknown destinations totaling 7.2 MMT, the largest since the 2018/19 season [3] Stock Estimates - Analysts anticipate that the NASS will report September 1 soybean stocks at 325 million bushels (mbu) in the upcoming Grain Stocks report, with estimates ranging from 295 to 366 mbu according to a Bloomberg survey [4]