CORN HIGHLIGHTS:

• Corn futures finished with moderate gains on Wednesday as buying strength in the grain markets helped push December corn futures to its highest close since July 3. December corn closed 3 ¾ cents higher to 435 ¼, and March added 4 ¾ cents to 449 ½.
• Corn futures posted a strong technical close on Wednesday, closing near the top of the trading range for the day. Resistance is still limiting gains at the 200-day moving average which is at 436 ¼ for December and 451 ¼ over top the March contract. Trading through this barrier could trigger stops over the market and encourage additional buying.
• China confirmed the suspension of retaliatory tariffs on U.S. agricultural products Wednesday morning, a development that continues to support the broader grain complex and bolster optimism surrounding trade relations.
• Weekly ethanol production was strong last week as daily production reached 1.123 million barrels/day, a new all-time high. An estimated total of 112 mb of corn was used last week for ethanol production. This is ahead of the pace to reach the USDA target for the marketing year.
• The U.S. dollar index touched its highest level since May during the session before turning lower after meeting resistance. A softer dollar trend could provide further support to U.S. export competitiveness and commodity prices.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher taking out the recent days high on positive Chinese trade news. November soybeans were up 11-1/2 cents to $11.19-3/4 while March beans were up 14-1/4 cents to $11.42. December soybean meal led the complex higher with a gain of $7.40 to $324.80 and December soybean oil was up 0.16 cents to 49.69 cents.
• Beijing’s decision to lift select tariffs on U.S. agricultural goods provided support across both the grain and equity markets. While U.S. soybeans remain priced at a premium to South American offerings, China’s return as an active buyer has helped fuel renewed fund buying and a bullish tone across the complex.
• Technically, soybeans are in overbought territory, with stochastics near 95. However, continued Chinese demand combined with persistent dryness in parts of South America could allow prices to extend their rally beyond expectations.
• StoneX lowered its U.S. soybean yield estimate to 53.6 bpa, down from 53.9 bpa last month, and slightly reduced its U.S. production estimate to 4.303 billion bushels from 4.326 billion. The firm also raised its estimate for Brazil’s new-crop soybean production to 178.9 million metric tons, up 0.1% from the previous forecast and nearly in line with CONAB’s projection.

WHEAT HIGHLIGHTS:

• Wheat closed Wednesday’s session with gains across all three classes. Prices continued to climb during today’s trading, supported by reports that China purchased U.S. SRW wheat and potentially some U.S. white/spring wheat over the past few days. This marks China’s first purchase of U.S. wheat since October of last year. December Chicago wheat gained 4-1/2 cents to 554-3/4 while December Kansas City wheat is up 3-1/2 cents at 540.
• Additionally, wheat found further support from news that China will remove the reciprocal tariff on U.S. wheat imports starting November 10, bringing hope to the market that China will continue to make additional purchases.
• Globally, U.S. wheat export prices have moved above Russian and French origins, driven by yesterday’s five-month high in the U.S. dollar. This strength in the dollar could slow the current rally in the wheat market, as the currency remains steady to slightly higher today.
• Wheat faced some downward pressure today as reports emerged that Russia’s Grain Union, the world’s largest wheat exporter, is considering doubling its grain export quota for the second half of the 2025/26 marketing year — from 10.6 million metric tons to 20 million metric tons. The second half of the marketing season runs from February 15 to June 30, 2026.

DAIRY HIGHLIGHTS:

• Class III milk futures ended midweek trading posting minimal gains, November was up 7 cents to close at $17.09, while December gained 14 cents to close at $17.02.
• Spot cheese remained unchanged today at $1.67375/lb, while spot whey also held steady at $0.7200/lb.
• Spot butter was the only spot market to see movement today, losing 2.75 cents to close at $1.4725/lb, while spot powder remained steady at $1.130/lb.
• Class IV milk futures continued to decline today, posting losses across the board, with the December contract down 27 cents to $13.72.
• October milk settlements came in at $16.91 for Class III and $14.30 for Class IV.

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Author

Amanda Brill