CORN HIGHLIGHTS:

• Corn futures ended the day lower as harvest pressure and long liquidation limited the market. December corn lost 4 ½ cents to 456, and March futures fell 4 cents to 470 ¼. December posted its lowest daily close since July 10 and was down 18 ½ cents on the weekly for a fourth consecutive weekly lower close.
• USDA announced a flash export sale of corn on Friday morning as Unknown Destination purchased 116,000 MT (4.6 mb) of corn for the current marketing year. This was the third announced sale of corn for the month of October.
• Corn export sales have been lagging to start the marketing year. Total export sales commitments for the marketing year are at 222.19 MMT, down 34% from the pace of last year. The USDA is forecasting a 3.8% decline.
• Favorable weather forecasts across much of the Corn Belt heading into next week should support harvest progress as some producers will be nearing completion of the corn harvest. A strong harvest pace has likely kept pressure on corn prices.
• November option expired on Friday, while not a major trading month for corn futures; prices have a tendency to trend to areas of large open interest. For corn calls, that area was around the 455 level.

SOYBEAN HIGHLIGHTS:

• Soybean futures ended the day higher, supported by another sharp rally in crude oil as Middle East tensions continued to build. The growing geopolitical risk has added war premium to energy markets, with December crude oil gaining roughly $12.50 over the past two weeks.
• November soybeans gained 3-1/2 cents to $12.56-1/2 while March soybeans gained 4-1/2 cents to $12.76. Soybeans appear to have put in a bottom this week, but it may be dependent on the moves in crude. December soybean meal lost $1.20 to $346.10, while December soybean oil gained 0.09 cents to 66.83 cents. Crude oil is up $3.97 to $103.45 a barrel.
• Iran has threatened strikes against civilian and economic targets in the region, including airports, if conflict with the U.S. and Israel resumes. Iranian officials have also discussed targeting undersea communications cables in the Persian Gulf.
• Yesterday’s export sales report was very strong for soybeans with sales of 104 million bushels at the high end of expectations and the highest weekly total in nearly 3 years, thanks to accelerated Chinese purchases. There have been flash sales of soybeans nearly every day this week.
• Soybean planting progress remains ahead of schedule in Brazil as overall weather conditions have been supportive. Some concerns remain over excessive wetness in southern growing areas, which could slow fieldwork or create localized crop issues. Brazil is currently forecast to produce another record soybean crop in 2026/27.

WHEAT HIGHLIGHTS:

• With the exception of Dec SRW futures, wheat closed lower across the board. All three classes are very oversold technically, but traders right now are more focused on potential Black Sea peace talks. In the December contract, Chicago gained 1/4 cent to 625, Kansas City lost 1-1/4 cents to 664-1/2, and MIAX fell 1/4 cent to 641-1/2.
• Crude oil is up sharply this afternoon, fueled by new Houthi rebel attacks on Saudi Arabia. Additionally there is talk that the U.S. and Israel may launch new attacks on Iran. Despite the added war premium, wheat closed near session lows, seeming unconcerned.
• Trilateral talks are tentatively scheduled for November 10, between the U.S., Russia, and Ukraine. Fighting continues in the interim. However, the chance for peace has kept pressure on the wheat market both domestically and globally. For the week, December Paris milling wheat futures lost 9.75 Euros, which is the biggest weakly move (for that contract) since late August.
• According to the Buenos Aires Grain Exchange, overcast conditions in the Pampas region of Argentina are causing a lack of sunlight for their wheat crop. If this continues to be an issue, it could reduce yields. Additionally, there may have been some recent frost damage to their wheat. Nevertheless, the BAGE is currently projecting Argentina to have a bumper wheat crop at 23.4 mmt.
• TurkStat has estimated Turkey’s 2026 wheat harvest at 24.8 mmt. This would be an increase of 37.9%, if realized. Total cereal grain production is also expected to rise by 30.9% to 44.8 mmt.
• FranceAgriMer has indicated that about 45% of the French soft wheat crop was planted as of Monday, representing a jump of 30% from the week before. Despite the big increase, this still lags behind last year’s 53% pace. However, it was 3% over the five-year average.

DAIRY HIGHLIGHTS:

• Class III prices continue to drop on pressure from spot market and yesterday’s Milk Production report. December futures fell 44 cents to $16.78.
• Spot cheese was gained a half a cent to close out the week at $1.7275/lb. Whey was unchanged at $0.8425/lb.
• Class IV prices were pressured lower due to a drop in powder. December futures lost 27 cents to close at $20.65 and $19.70 respectively.
• Spot butter improved a penny to $1.34/lb while powder ticked lower, losing 4 cents to go home at $2.0950/lb.
• September Cold Storage data saw both cheese and butter inventories down from last month but higher year-over-year.

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Author

Amanda Brill