CORN

• Corn is trading higher at midday ahead of the USDA’s Quarterly Grain Stocks and Small Grains Summary reports, both scheduled for release at 11:00 AM CST. December corn is up ¼ cent at 5.22-1/2.
• Traders are shifting their focus to the 2026-27 corn crop, where early yield data has been disappointing. Some analysts are looking for a yield reduction of 2–2.5 BPA. The Dow Jones survey pegs ending stocks at 1.924 billion bushels, although some analysts believe stocks could fall below the 1.9-billion-bushel mark.
• The U.S. corn harvest is facing delays in some areas due to heavy rainfall, with additional precipitation in the forecast. As of Sunday, Nebraska and Iowa were just 3% and 5% harvested, respectively, both trailing their five-year averages.

SOYBEANS

• Soybeans are trading higher at midday ahead of the USDA report, supported by a morning export sale announcement. November soybeans are up 7-1/4 cents at 13.05.
• Soybeans are finding support as harvest delays continue, with additional rainfall moving across the central and western Corn Belt. Areas from northern Kansas through northern Missouri, parts of Iowa, southern Minnesota, and northern Illinois could see 3–6 inches of rain from Wednesday into Thursday, potentially further slowing harvest progress.
• Expectations for soybeans in today’s USDA report point to only a slight adjustment, with the Dow Jones survey estimating ending stocks at 323 million bushels.
• The USDA confirmed a sale of 105,000 metric tons of U.S. soybeans to unknown destinations for delivery during the 2026/27 marketing year.

WHEAT

• Wheat is the lone major grain market posting losses at midday, pressured by a sharply stronger U.S. dollar. December Chicago wheat is down 4 cents at 6.88-3/4 and December Kansas City Wheat is down 5-1/2 cents at 7.37-3/4.
• Continued rainfall across the western and southern Plains is easing drought concerns and reducing the weather premium in the wheat market.
• Continued weakness in the wheat market comes despite ongoing disruptions to Black Sea exports, with both Russian and Ukrainian shipments down sharply. Ukraine’s grain exports fell 60% in September, while stocks have increased by 10 MMT compared to a year ago. With no resolution to the export challenges in sight, the Russia-Ukraine conflict could extend into 2027, adding further uncertainty to global grain markets.

Author

Lauren VandenLangenberg