USDA Report Looms as Grain Futures Hover Near Recent Highs

Grain futures are trading near recent highs as traders position themselves ahead of the upcoming September crop report from USDA. Key levels to watch include $550 for December corn and $1324-$1325 for November soybeans.

The market is anticipating lower yield numbers from the USDA, with most analysts expecting corn and soybean production figures to come in below recent pro-farmer estimates.

Producers have reported significant agronomic challenges tied to early-season weather, including heavy rainfall that leached nitrogen from the soil profile. As temperatures rose later in the season, plants that had already lost access to sufficient nitrogen were unable to properly develop ears.