West Central Ag Grain Comments 09/03/26 8:07:43 AM
09/03/26
- Good morning. Wednesday's corrective behavior at the CBOT has expanded into Thursday this morning, with selling seen across the whole of the space again throughout the overnight hours as traders continue to bank profits and re-evaluate just how long they want to be ahead of next week's WASDE update and what is now a looming US harvest. Like we talked about yesterday, the fundamentals haven't changed and in our opinion are still friendly, but a bull market needs fed daily and we've come to a bit of stand still on the situations both in the Black Sea and in the Middle East. Crop data is desired, with the push and pull between end-user buying and producer hedging likely to remain common short term. Amid the correction, don't lose sight of the fact that corn prices have rallied nearly a dollar in the last four weeks, while soybeans were up closer to a buck and a half on yesterday's high; there is still premium present.
Corn futures to start Thursday morning in Chicago are trading 11-12 cents lower, soybean futures are trading 9-10 cents lower, and the Chicago wheat market is trading 25-27 cents lower.
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