West Central Ag Grain Comments 08/31/26 8:09:48 AM
08/31/26
- Good morning. Chicago ag markets are mostly lower to begin wrapping up the month of August this morning, with wheat futures leading the charge to the downside on what is likely some sort of month-end profit taking and as charts across the space have become overbought in recent weeks. It's a new week, but trade inputs in general into the month of September look to remain largely the same as they've been for days now: US crop production prospects and the arrival of harvest remain talking point A, while talking point B has been a revolving door of geopolitical happenings in the Black Sea and in the Middle East, as well as the looming China meeting in another few short weeks in D.C. Market fundamentals still lean bullish in our opinion, but some sort of correction is likely to happen sooner or later amid the sharp run-up seen since mid-August, whether today ends up being the start of it or not.
Corn futures to get Monday morning rolling are trading 1-2 cents lower, soybean futures are trading 4-7 cents lower, and the Chicago wheat market is trading 10-13 cents lower - Friday afternoon's Commitment of Traders report from the CFTC, with data for the week ending Tuesday, August 25th, showed managed money traders in the week were large buyers of 126,008 contracts of corn (+376,513), buyers of 46,592 contracts of soybeans (+198,254), and buyers of 12,314 contracts of Chicago wheat (-14,171); in the soy products, funds were buyers of 14,013 contracts of meal (+97,036) and sellers of 9,795 contracts of oil (+88,442).
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