TFM Morning Update 10-30-2026

CORN

Corn futures are trading lower once again but may be at short-term support. December corn is down 2 cents to $4.49-1/4 while March is down 2 cents to $4.62-3/4. Both contracts are extremely oversold.
Yesterday’s export sales report was decent for corn with an increase of 51.3 mb, down 15% from last week but up 32% from the 4-week average. Top buyers were unknown, Mexico, and Japan.
The Buenos Aires Grain Exchange updated estimates for corn planting. It held planted acreage unchanged at 8.4 million hectares and said that 47.3% of the crop is now planted compared to 39.8% last week.

Soybean futures are trading lower but have not taken out yesterday’s lows at this point. November soybeans are down 2 cents to $12.17-3/4 while March is down 3 cents to $12.40-1/2. December soybean meal is down $2.80 to $326.50 and soybean oil is up 0.42 cents to 66.06 cents due to higher crude oil.
Yesterday’s export sales report was strong for soybeans at 94.7 million bushels, down 9% from last week and up noticeably from the prior 4-week average. Top buyers were China, Spain, and unknown destinations.
Strong export sales have been a bullish factor that has not translated into higher prices yet. Another export sale of 120,000 metric tons was reported to unknown destinations for the 26/27 marketing year, and China has been a reliable buyer.

Wheat is mixed this morning with December Chicago wheat down 1-1/4 cents to $6.02-1/2, KC down 2-1/2 cents to $6.42-3/4, and Minn wheat up 1 cent to $6.25-1/2. Wheat prices have not taken out the previous day’s low in 2 days and may be seeing a temporary bottom.
Export sales for wheat yesterday were a marketing year high at 31.2 million bushels for 26/27 which was up from the 4-week average. Top buyers were the Philippines, Korea, and Indonesia.
Some pressure has come from news that Russia would begin exporting grains through the Sea of Azov, but overnight Ukraine attacked a Russian oil refinery signaling that the war is nowhere near over. This could support prices going forward.

Amanda Brill