Grain Prices Rise on Short Covering, Crop Yields in Question

Soybean and corn prices rose on short covering and technical buying as investors adjusted their positions ahead of key crop reports. A major private crop tour is pointing towards lower-than-last-year pod counts and yields in some key growing areas, potentially tightening the balance sheet significantly.

Ahead of the open, unknown destinations bought 720,000 tons of U.S. soybeans and China picked up 712,000 tons, both for 2026/27 delivery. This sale to unknown could turn out to be China when it's time for delivery.

Corn was also higher on short covering and technical buying, ending the week solidly higher. The USDA will update supply, demand, and production numbers September 11th, while CONAB's next look at Brazil's crop is set for September 15th.

The wheat complex was lower on profit taking and technical selling. Despite the Black Sea export issues caused by Russia's war on Ukraine, there's been no real improvement in global demand for U.S. wheat.