Weekly Market Update 9/24/2026
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Here is your weekly market update from the Garden City Co-op Grain Origination Team.
Trivia
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What was the name of the first human-made satellite launched into space by the Soviet Union in 1957, triggering the Space Race
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Which city served as the capital of the United States immediately before Washington, D.C., became the permanent seat of government in 1800?
Answers at the bottom.
Market News
MARKET UPDATE: Grain markets stayed mostly quiet today. The December corn contract closed down 1 ½-cents to settle at $5.2750 after a round of technical selling. Traders continue to monitor trade discussions between the US and China and ongoing geopolitical tensions in the Middle East. Lack of any major new developments provided little price support. Forecasts calling for widespread rainfall across much of the Corn Belt over the next week maintained additional bearish sentiment in the marketplace.
December wheat futures closed down 4 ¾-cents today to settle at $7.67. Prices have continued to steadily decline lower over the past month, as seen today after technical selloffs and profit-taking. Continued weak export demand and rain in the forecasts across the Plains ahead of winter wheat planting has continued to weigh bearish on the market.
November soybean futures closed down ¾-cents today to settle at $13.1775. A flash sale of soybeans to China helped maintain modest grain market support this afternoon while the remaining soybean complex was mixed. Overall, sluggish export demand and a lack of bullish news from trade negotiations between President Trump and China pulled prices lower to close.
TRUMP/XI PREVIEW: The planned discussions between President Donald Trump and Chinese President Xi Jinping are expected to center on stabilizing the U.S.-China relationship, with trade, tariffs, technology, rare earth minerals and geopolitical tensions among the major issues. For U.S. agriculture, the biggest focus will be whether improved relations translate into stronger Chinese demand for American commodities, particularly soybeans, while potentially opening additional opportunities for corn, sorghum and other agricultural products. Any reduction in trade barriers or new purchasing commitments could provide support for export demand and ultimately influence commodity prices, local basis and grain movement. For farmers and the grain industry, however, the key will be watching what happens after the meeting: actual Chinese purchases and shipments will matter more to the market than the headlines themselves.
CROP PROGRESS: Nationally, crop conditions are rated 57% good-to-excellent, down from 66% a year ago and still below the 5-year average of 59%. Several key states, including Kansas, Nebraska, and Missouri, saw weekly declines in condition ratings. Kansas dropped 2 percentage points from the previous week and remains below its 5-year average. Corn harvest advanced rapidly to 40% complete, compared to 19% last year. Meanwhile, HRW wheat planting reached 17% nationally, with Kansas reported at 10% planted. Crop conditions remain mixed, stress showing up across parts of the Plains and western Corn Belt.
EXPORTS: Export demand remain sluggish across grains, with traders looking for a fresh catalyst, trade developments & new crop movement to drive direction, corn CIF NOLA bids declined this week for nearby shipment, as demand has been light and buyers are waiting for new crop supplies. PNW bids are thin until you get to December. Milo remains minimal however with Xi and President Trump meeting could be a perfect political gamesmanship to meet trade agreements. Soybeans nearly coming to a standstill LW, China was top buyer with 4 cargoes. CIF NOLA bids cooled this week and the PNW saw some premium removed. Wheat sales hit below estimates slowing the pace in the complex HRW leading demand to Mexico and Japan bids are flat in then export market remaining overpriced globally.
WEATHER: Another cloudy and cooler day while showers have graced most of our area. Highs today are near 76°F with a 30% chance of showers and thunderstorms, increasing to 60% later tonight. Similar forecast tomorrow with a high near 75°F with chances for showers. Precipitation amounts are estimated between a tenth and quarter inch. Sunshine returns Saturday and Sunday with highs in the low 80s and overnight lows near 60°F. Favorable chances for showers return Monday night and continue through Wednesday afternoon, with temperatures in the 70s.
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Trivia Answers
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Sputnik 1
- Philadelphia, Pennsylvania