No new major market action triggers. 

Volatility continues to be problematic and is making it very difficult to make market decisions. The volatility seems as though it is likely to continue.

Our artificial intelligence (AI) models are showing to be accurate – high volatility with corn, soybean, and wheat prices gradually climbing. 

Strong usage and export data supported the corn market’s rally for the fourth straight day, with traders likely covering more short positions. December corn also continued its rise, moving further above the 50-day moving average.

Corn prices rose on technical and fund buying, finishing just below the session's highs. 

The USDA's latest weekly Crop Progress report, released yesterday afternoon, showed that the corn crop's good-to-excellent ratings remained steady at 65%, up from 53% at the same time last year. The report also indicated that 90% of the crop has reached the dough stage, 60% has dented, and 19% is now mature.

Traders are keeping an eye on late crop development and early harvest progress ahead of next week's USDA production estimates. 

The harvest is gradually moving north, with reports of generally strong yields. Most private yield estimates align closely with the USDA's August forecast. 

The Renewable Fuels Association (RFA) reported that July ethanol exports totaled 136 million gallons, a 7% decrease from June, with Canada remaining the top importer for the 40th consecutive month. This decline was driven by reduced exports to the U.K., India, and the EU. However, DDGS exports rose 16% to 1.09 million tons, primarily to Mexico, South Korea, and the EU. Year-to-date ethanol exports stand at 1.1 billion gallons, up 38% from 2023, while DDGS exports have reached 6.97 million tons, a 15% increase from last year. 

The U.S. Energy Information Administration will release its latest weekly ethanol production and stock numbers on Thursday. There are rumors that India may need to import corn to combat high domestic prices, a situation similar to wheat, though it is uncertain if India will turn to U.S. suppliers, especially as U.S. corn prices have become less competitive globally. 

ANEC forecasts Brazil’s September corn exports at 5.98 million tons.

Soybeans rose due to technical and fund-driven buying, bouncing back after overnight declines. 

The USDA's national crop rating dipped slightly from the previous week, it remains above last year’s level. 

Forecasts suggest dry conditions across much of the Midwest through mid-September, which could reduce yields, particularly following a dry August in key growing regions.

Private estimates this week continue to indicate expectations for a record yield, with the USDA set to release its updated projections on September 12th. 

The market is also watching conditions ahead of widespread planting in Brazil, with CONAB's new forecast for the country due next Thursday. Brazil’s farmers are dealing with above average temperatures and conditions – while not extreme, the conditions could have an early impact on the Brazilian crop.

Soybean meal prices increased, while soybean oil declined due to shifts in product spreads. 

Soybean oil faced additional pressure from China’s canola dispute with Canada, lower palm oil prices before the U.S. session, and the recent drop in crude oil due to demand concerns. 

The USDA corrected Tuesday's reported sale of 132,000 tons of 2024/25 U.S. soybeans to 131,000 tons. ANEC projects Brazil’s September soybean exports at 5.63 million tons.

The wheat complex rose on fund and technical buying, boosted by a weaker dollar during the session.

 Around 70% of the spring wheat crop has been harvested, though some areas report quality issues. 

Reports of India’s domestic wheat price surpassing $9.00 per bushel have fueled speculation that India may need to import wheat, further adding bullish momentum to the market.

Winter wheat planting has begun, aligning with the five-year average, but dry conditions in parts of the Plains could cause delays and limit acreage. 

Export demand has improved, despite Russia dominating the market due to its price advantage, with reports indicating Russia exported 5 million tons of wheat in August. 

Meanwhile, Ukraine's government has reportedly capped 2024/25 wheat exports at 16.2 million tons, down by about 2 million tons compared to 2023/24. 

Weather has affected crop quality and yields in key exporting nations like France, Germany, Russia, and Ukraine, and could potentially impact production in Argentina. 

The USDA’s weekly U.S. export sales report, delayed by Labor Day, is expected on Friday. Additionally, Taiwan's Flour Millers Association is said to have purchased over 100,000 tons of U.S. milling wheat. 

The European Union reports soft wheat exports since the marketing year began on July 1st are at 4.38 million tons, down from 5.66 million tons at the same time last year.