GCC Weekly Market Commentary > 2026 > September 2026 > Weekly Market Update 9-3-2026

Weekly Market Update 9/3/2026

Sep 03, 2026

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

What is the largest joint in the human body?
What year did the U.S. completely ban smoking on all domestic and international flights?

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Market News

OUTSIDE MARKETS: Today, major stock indexes are up more than 1% after better-than-expected U.S. economic data and comments from Fed Governor Christopher Waller suggesting a potential hold on interest rates. However, he noted that a hot August inflation report could lead to a rate hike, indicating a need for caution. The VIX has decreased to its lowest level of the week, while the dollar is down to its lowest since last Wednesday. Crude oil prices have dipped, with Brent trading near $95.40 and WTI at $91.30. In August, the U.S. service sector performed strongly, with the S&P Global US Services PMI at 56.5 and ISM Services PMI rising to 55.4, both above analyst expectations. A notable increase in new orders and rising backlogs drove the growth. While employment metrics improved, ISM's employment reading remained in contraction. A key concern is the rising inflationary pressures, as ISM’s input price metric recorded its highest growth since August 2022, indicating ongoing pipeline inflation concerns.

RUSSIA OPEN TO PEACE DEAL: Russian President Vladimir Putin stated today that a peace agreement to end the war is possible, with support from countries like the United States and China. However, he emphasized that Russia and Ukraine must resolve the conflict themselves. The situation remains largely deadlocked along the front line, with both sides increasing long-range attacks and escalating naval assaults on ports and shipping routes. Although Moscow is open to negotiations, the conditions for resuming talks are complex, especially given military activity and airspace concerns. Putin’s comments suggest that while a settlement is possible, significant obstacles remain to rebuilding trust and restarting negotiations.

CROP PROGRESS: Kansas crops continue to advance toward harvest, with corn at 92% dough, 69% dented, and 31% mature, all running ahead of last year and near or above the five-year average. Corn condition is rated 58% good-to-excellent. Soybeans are 87% setting pods and 9% dropping leaves, with 57% rated good-to-excellent. Milo is 89% headed, 39% coloring, and 11% mature, while condition remains more challenged at 30% good-to-excellent. Overall, Kansas crop progress remains solid, but below-normal moisture levels across much of the state will keep yield discussions front and center as harvest nears.

EXPORT SALES AND INSPECTIONS: New crop corn export sales totaled 78.2 million bushels this week as harvest begins to ramp up across the Midwest. Current week corn export inspections totaled 58.9 million bushels, up 6.8 million bushels from the week prior. Soybean sales were reported at 71.6 million bushels this week. Soybean export inspections for the week were reported at 9.2 million bushels – landing below the running 10-week average and below current week trade estimates. All wheat export sales totaled 11.5 million bushels this week. Current week wheat export inspections totaled 15.8 million bushels – landing on the upper-end of current trade estimates. No milo export sales were reported this week and export inspections were reported at 1.9 million bushels; directly on par with the running 10-week average.

WEATHER: Sunny and hot again with highs near 101°F for today and tomorrow. Tomorrow night brings a 20% change of showers and thunderstorms before 9pm. Saturday and Sunday look to be in the upper 90s with another slight chance of thunderstorms on Saturday night. Labor Day will be hot and windy with a high of 98°F. Hot temps remain next week with a 20% chance of thunderstorms on Tuesday night.