Grains Weaken as Dollar Strengthens and Soyoil Falls
Corn futures are modestly weaker on Monday morning, pressured by a firmer U.S. dollar. The USDA's Economic Research Service has forecasted net U.S. farm income to decrease by $4.3 billion (2.6 percent) in nominal dollars for calendar year 2026 compared to the previous year. After adjusting for inflation, net farm income is expected to drop by $9.1 billion (5.5 percent). The national average diesel price hit a record high of $5.82 per gallon on Thursday, surpassing its previous peak set in June 2022.
The French corn crop's condition has further deteriorated due to severe drought and heat this summer, according to FranceAgriMer. December corn futures are being supported by the 10-day moving average, trading at $5.35 ¼, while resistance is at this week's high of $5.49 3/4.
Soybean prices are mostly 2 to 3 cents lower, while meal is around 30 cents higher. Soyoil futures have dropped over 100 points. The USDA reported daily sales of 250,600 MT of soybeans to unknown destinations in the 2026-27 crop year.