CORN HIGHLIGHTS:

• Corn futures remained under pressure Friday as broad selling across the grain complex weighed on prices. December corn futures lost 3/34 cents to 474 ¼, while March fell 4 ½ cents to 486 ½. For the week, December corn futures fell 5 ½ cents.
• The USDA released the Weekly Export Sales report on Friday morning. For the week ending October 8, new corn export sales totaled 1.122 MMT (44.2 mb). Mexico and Japan were the largest buyers of U.S. corn for the week.
• Total corn export commitments have reached 814 mb for 2026-27, trending 33% lower than last year. The current total is behind the pace to reach the USDA export target for the marketing year.
• Corn harvest slowed at the end of the week as wet weather and cold conditions are pushing across the Corn Belt. Forecasts next week look to improve as the bulk of corn harvest is still in front of the market, which will likely limit rallies.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly lower, with today’s announced flash sales failing to provide meaningful support throughout the session. The market continues to react to yesterday’s disappointing NOPA crush report, which came in well below expectations. November soybeans ended 2-1/2 cents lower at 12.60-1/2 and January soybeans also fell 2-1/2 cents at 12.75-1/4.
• Soybean export sales totaled 21 mb, at the low end of expectations. Year-to-date commitments have reached 858 mb, up 74% from last year, compared with USDA’s revised forecast for a 12% increase in exports. Sales to China totaled just 126,000 MT, bringing known commitments to 11.27 MMT.
• USDA confirmed U.S. export sales for 2026/27 delivery, including 558,000 tons of soybeans to China and 236,000 tons to an unknown destination. This brings total soybean sales over the past three days to 1.88 MMT.
• CONAB is projecting Brazilian production at 181.6 mmt compared to the USDA estimate of 186 mmt. This is up 0.7% year over year, with exports rising 1.5% and planted area up 1.4% from last season.

WHEAT HIGHLIGHTS:

• Wheat led the grain complex to the downside today, closing with moderate losses in all three classes. Technically, U.S. wheat futures are well into oversold territory – this could mean a bottom is near, but futures can also remain that way for a quite some time during a strong downtrend. In the December contract, Chicago lost 9-1/2 cents to 660-1/2, Kansas City was down 9 cents at 704, and MIAX fell 9-1/2 cents to 676-1/2.
• The USDA reported an increase of 11.8 mb of wheat export sales for 26/27. Shipments last week totaled 11.9 mb, which falls under the 15.4 mb pace needed per week to reach their 750 mb export goal. US 26/27 wheat export commitments now sit at 383 mb, down 33% from last year.
• After bottoming on Wednesday, the Euro has begun to firm up. This has caused weakness in MATIF wheat futures these past two sessions, with deferred contracts breaking below moving average support today. This may have spilled over some weakness into the US market.
• According to the Grain Industry Association of Western Australia, their state’s wheat output estimate was raised by 0.9 mmt to 10.9 mmt. While this would still fall short of last year’s 13.3 mmt total, the boost does reflect milder spring conditions that helped to improve yields. This bearish news may have added to pressure on the US wheat market today.
• FranceAgriMer reports that as of Monday, an estimated 15% of the French soft wheat crop has been planted. This is an 11% increase from the week prior. However, the overall pace lags well behind last year at 24%, and the five-year average of 21%.

DAIRY HIGHLIGHTS:

• Class III milk futures were mixed on the day between 2026 and 2027 contracts despite upside in cheese. November futures added 9 cents to $17.34.
• Spot cheese improved 4 cents to $1.65125/lb while whey made yet another new all-time high at $0.8950/lb after gaining half a cent on the day.
• Class IV futures erased yesterday’s losses as both butter and powder moved higher. November futures added back 50 cents to close at $21.
• Spot butter tacked on 2 cents to finish out the week at $1.3650/lb. Powder added back 1.25 cents after yesterday’s sharp loss to close at $2.1625/lb.

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Author

Brandon Doherty