Soybean and grain futures rose in overnight trading as crop condition ratings continued to decline across major U.S. producing regions. According to the latest USDA Crop Progress report, 63% of U.S. soybeans were rated in good to excellent condition, down from 64% the previous week and a full five points below the 68% rating from one month ago. The soybean harvest has begun, with 5% of the crop harvested, slightly ahead of the five-year average of 3%, while 41% of the crop is dropping leaves, an important maturity milestone.

Corn conditions also slipped, with 67% of the crop rated good or excellent, down one percentage point from last week and four points below the rating a month earlier. Harvest progress sits at 7%, on par with seasonal averages and up from 4% a week ago. Meanwhile, the spring wheat harvest is nearly complete, with 94% of acres harvested, ahead of the 85% reported last week and slightly above the five-year average of 92%.

Planting of winter wheat is underway, with 11% of expected acres now in the ground, compared to 5% the previous week and 13% for this time of year on average. These shifts in crop development are reflected in overnight price movements. Soybeans for November delivery rose 5 1/2¢ to $10.48 1/4 per bushel, soymeal added 10¢ to $285.80 per short ton, and soybean oil futures climbed 0.66¢ to 52.92¢ per pound. Corn futures increased 3 1/2¢ to $4.26 1/2 per bushel, while Chicago wheat for December delivery added 3¢ to $5.28 per bushel, and Kansas City wheat also gained 3¢ to $5.17.

Export activity provided another bright spot for U.S. agriculture this week. Corn, wheat, and soybean inspections for export all increased during the seven-day period ending September 11, according to USDA data. Corn inspections totaled 1.51 million metric tons, up from 1.44 million tons the week before and significantly above the 568,915 tons inspected during the same week last year. Wheat inspections jumped to 755,073 metric tons, rising from 429,116 tons the prior week and also outpacing last year's 590,110 tons.

Soybean export inspections came in at 804,352 metric tons, up from 467,624 tons the previous week and higher than the 590,110 tons recorded during the same week in 2024. Since the start of the marketing year on September 1, corn export inspections have totaled 2.16 million metric tons, nearly double the 1.05 million tons from this point last year. Soybeans reached 1.07 million tons in the first 11 days of September, compared with 747,598 tons in the same period last year. Wheat inspections since June 1 now stand at 7.86 million metric tons, up from 7 million tons during the same timeframe a year earlier.

Weather developments are also drawing attention across the ag sector. Thunderstorms are forecast across parts of the Southern Plains today and tonight, with potential impacts to hard red winter wheat planting in areas like the Oklahoma and Texas panhandles, according to the National Weather Service. Gusty winds and lingering rain systems could delay fieldwork and disrupt early establishment. While no widespread severe storms are expected, isolated systems could create localized disruptions.

Additional storm activity is likely in eastern Iowa, where lightning, small hail, and strong winds are forecast through tonight. More unsettled weather is expected in the region tomorrow, though again, the chance of severe conditions remains low. The combination of declining crop conditions, improved export numbers, and looming weather risks is likely to influence commodity markets, farm operations, and input decisions heading deeper into the fall season.