1. Corn Lower in Overnight Trading on Harvest Pressure

Corn futures were lower in overnight trading while soybeans were little changed amid continued harvest pressure in the U.S.  

Dry weather in much of the Midwest the past week likely helped accelerate collection of corn and soybeans.

The only rain that has fallen in the Corn Belt in the past week was in parts of eastern Minnesota and Wisconsin, according to the National Weather Service.

Eight percent of the corn crop was harvested as of last week, behind the five-year pace of 10%, according to the Department of Agriculture.  

Some 59% of the U.S. corn crop was mature at the beginning of the week, ahead of the normal 49% for this time of year, government data show. Almost the entire crop was dented.

The USDA said 6% of the U.S. soybean crop was in the bin last week, on par with the prior five-year average for this time of year.

About 59% of the soybean crop was dropping leaves, ahead of the average of 50% for this time of year, while 63% was rated good or excellent, unchanged from the previous week.

The USDA will update its weekly crop progress report this afternoon.

Corn futures fell 2½¢ to $3.62¾ a bushel overnight on the Chicago Board of Trade.

Soybean futures for November delivery were unchanged at $10.02½ a bushel. Soymeal gained $1 to $339.60 a short ton, and soy oil fell 0.04¢ to 32.78¢ a pound.

Wheat futures for September delivery fell 3¢ to $5.41¼ a bushel, while Kansas City futures dropped 3¢ to $4.72¼ a bushel.

2. Speculative Investors Extend Net-Long Positions in Corn and Beans

Money managers extended their net-long positions, or bets on higher prices, in corn and beans last week, according to the Commodity Futures Trading Commission.

Investors held 81,815 net longs in corn in the seven days that ended on Sept. 22, the CFTC said in a report.

That’s up from 46,195 contracts a week earlier and the largest bullish position since the week that ended on July 30, 2019, government data show.

Speculators also extended their net-long positions in soybeans to 211,590 futures contracts, up from 189,973 contacts the prior week.

That’s the largest such position in beans in four years, according to the CFTC.

Money managers also increased their bullish bets on hard-red winter wheat to 18,109 futures contracts last week, up from 10,009 contracts a week earlier and the largest bullish position in the grain since the seven days that ended on Oct. 16, 2018.

Soft-red winter wheat was the outlier as investors reduced their net-long positions to 13,234 futures contracts as of last week, down from 13,950 contracts the previous week, the CFTC said in a report.

That marks the smallest bullish position in soft-red winter futures contracts since Aug. 25, the agency said in its report.

The weekly Commitments of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

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3. Frost Advisory Issued For Parts of Nebraska While Arkansas Likely to See Rain

A frost advisory has been issued for parts of central Nebraska overnight tonight as temperatures will fall into the low 30s, according to the National Weather Service.

More frost is likely through Saturday night with some counties in central Nebraska and north-central Kansas potentially seeing sub-freezing temperatures Thursday night, the NWS said in a report early this morning.

Farther east in eastern Iowa and western Illinois, some isolated thunderstorms are possible this afternoon, though severe weather isn’t in the forecast.

In Arkansas, meanwhile, showers are expected in parts of the state today.

“While the threat for organized severe weather remains low, a few strong storms could be seen this morning across far southern (and) southeastern Arkansas,” the NWS said. “Locally heavy rain, hail, and gusty winds are possible with the strongest storms.”