Highlights – Key Market Insights
- Diesel averaged about $3.73/gal in the latest EIA numbers, keeping harvest fuel budgets mostly steady.
- Grains were mixed late last week, with corn and soybeans holding firm while wheat slipped again under heavy global supply.
Commodity Spotlights
🌽 Corn
- December corn hovered near the low $4.10s, as the market continues to weigh a record crop against short-term demand.
- Crop ratings and progress reports kept yield debates lively heading into USDA’s September updates.
- Export demand improved a bit versus South America, offering support on dips.
🌱 Soybeans
- November beans steadied in the low $10s after weeks of pressure from big crop expectations.
- Basis weakened in the Midwest, with light export demand keeping rallies in check.
- Traders are watching closely for USDA yield adjustments and the pace of Chinese buying this month.
🌾 Wheat
- Chicago wheat slid to new contract lows, weighed down by global supplies and a firm dollar.
- Russia’s hefty export program continues to set the tone, pressuring U.S. values.
- Updates out of Canada and Australia suggest world balance sheets remain comfortable for now.
🍚 Rice
- November rough rice stayed in the upper $11s/cwt, sticking inside a narrow range.
- Arkansas reports strong milled sales but lagging rough rice movement into Central America, a basis watch item.
Fuel & Input Cost Watch
- On-highway diesel at $3.73/gal keeps field fuel costs steady as harvest ramps up.
- Fertilizer prices were mixed: MAP around $910/ton, DAP near $853, urea $632, potash $485. Local supply and freight remain key drivers.
Risk Management Quick Take
Harvest pressure is around the corner. This is a good time to lock in a floor with put spreads or minimum-price contracts on a slice of unpriced grain. On the cost side, light pre-buys on fuel or MAP near local lows can help cap expenses without giving up flexibility.
Major Sources
USDA NASS/AMS • EIA • DTN/Progressive Farmer • Reuters • AgWeb • Ever.Ag • The Western Producer • MarketWatch • Arkansas Row Crops Blog