Wednesday was a negative day for our markets. Harvest corn closed down 21 1/4, harvest soybeans closed down 4 3/4, spot winter wheat closed down 17 and spot spring wheat closed down 6. In the overnight trade corn and the wheat sector are now positive with soybeans still on the negative side. Oil closed up $1.04 yesterday at $90.42 per barrel. It is stronger in trading again this morning with it now priced at $91.64. Our dollar had a high yesterday morning of $0.706 US and has trended lower since then. This morning it is currently valued at $0.702 US.
The USDA released their Quarterly Stocks Report yesterday and they did surprise the corn market with much higher stocks than expected. It came in at 2.095 billion bushels which is up 35% from last year and is a new seven year high. Analysts were looking for a figure closer to 1.918 billion bushels which would have been a small decrease from previous USDA projections. With the higher stocks value corn prices tumbled quickly. They are now lower then both the 20 and 50 moving averages. Most likely the funds were big sellers yesterday and this helped to push prices lower. It is nice to see that prices are positive this morning and as such hopefully the funds will not further liquidate their long position which would push prices lower. With harvest taking place in the US for what is projected as their second largest crop ever the current negative trend in this market is not our friend.
For the soybean market the stocks level came in at 315 million bushels which was about 9 million bushels lower than the average trade estimate. Even with the lower stocks prices still fell in this market. With the lower stocks it shows that the demand side continues to dominate in this market with soybeans being utilised for the increasing US crush market.
On the wheat side they actually increased US winter wheat production for this year from previous estimates and decreased the US HRS wheat production numbers. The net result was stocks level of 1.846 billion bushels which was also lower than the average trade estimate of 1.872 billion bushels.
This report was overall bearish for our market. The next monthly WASDE report on October 9th will utilise these stock levels to begin the new crop year balance sheet. The marketplace will be watching this report to see what other balance sheet adjustments they will make at that time.
Geoffrey Guy | 613-880-2707
Adam Plater | 613-220-8961
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
Cash bids that morning
These are the prices as published with this post (7:51 AM EDT) — they are not current. View today’s cash bids →
| Name | Notes | Basis Month | Futures Price | Fut. Chg. | Basis | Cash Price | Cash Price (tonne) |
|---|---|---|---|---|---|---|---|
| CORN | Spot | Sep 2026 | 4.6475 | +2.75 | 2.05 | $6.70 | $263.67 |
| CORN | Harvest 2026 | Dec 2026 | 4.8800 | +3.25 | 1.60 | $6.48 | $255.11 |
| CORN | Harvest 2027 | Dec 2027 | 4.9900 | +0.50 | 1.15 | $6.14 | $241.72 |
| SOYBEANS | Spot | Aug 2026 | 12.3775 | +4.75 | 4.20 | $16.58 | $609.12 |
| SOYBEANS | Harvest 2026 | Nov 2026 | 12.4400 | +5.00 | 3.70 | $16.14 | $593.04 |
| SOYBEANS | Harvest 2027 | Nov 2027 | 11.9575 | +2.00 | 3.30 | $15.26 | $560.62 |
| WHEAT, SRW | Spot | Sep 2026 | 7.0750 | +1.75 | 1.90 | $8.98 | $329.77 |
| WHEAT, SRW | Harvest 2026 | Sep 2026 | 7.0750 | +1.75 | 1.80 | $8.88 | $326.10 |
| WHEAT, SRW | Harvest 2027 | Jul 2027 | 7.3700 | -1.75 | 1.30 | $8.67 | $318.57 |
| WHEAT, HRW (INCLUDES PROTEIN) | Spot | Sep 2026 | 7.0750 | +1.75 | 2.10 | $9.18 | $337.12 |
| WHEAT, HRW (INCLUDES PROTEIN) | Harvest 2026 | Sep 2026 | 7.0750 | +1.75 | 2.00 | $9.08 | $333.45 |
| WHEAT, HRW (INCLUDES PROTEIN) | Harvest 2027 | Jul 2027 | 7.3700 | -1.75 | 1.50 | $8.87 | $325.92 |
| WHEAT, HRS (INCLUDES PROTEIN) | Spot | Sep 2026 | 7.2775 | -0.01 | 2.00 | $9.28 | $340.89 |
| WHEAT, HRS (INCLUDES PROTEIN) | Harvest 2026 | Sep 2026 | 7.2775 | -0.01 | 1.90 | $9.18 | $337.22 |
| WHEAT, HRS (INCLUDES PROTEIN) | Harvest 2027 | Sep 2027 | 7.59 | +0.06 | 1.75 | $9.34 | $343.19 |
Cash bids are based on 10-minute delayed futures prices. All grain prices are subject to change at any time.
