CORN HIGHLIGHTS:

• The corn market finished slightly lower on Wednesday as prices consolidated after Tuesday’s USDA report. Strength in the wheat and soybean market likely supported corn prices during the session. December corn lost 1 cent to 448, while March corn slipped 1 ¼ cents to 460 ¼.
• Despite USDA lowering its corn yield estimate by 1.6 bpa in Tuesday’s report, overall supplies remain comfortable. With projected ending stocks at 1.756 bb and a stocks-to-use ratio of 10.8%, ample supplies could limit rallies unless supported by developments such as worsening South American weather or stronger demand.
• USDA released its long-term baseline projections Tuesday for the 2027/28 marketing year. The agency expects U.S. farmers to plant 95.3 million acres of corn, down 1.3 million from its 2026/27 estimate, with a trendline yield of 184 bpa.
• Due to the Veterans Day holiday, the weekly Export Sales report will be released Friday, while the weekly Ethanol Production report is scheduled for Thursday. Traders will be watching both updates for signs of demand strength.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher, riding the coattails from yesterday’s very bullish WASDE report but were pressured slightly by a sharp jump in the U.S. dollar. The rising dollar value generally pressures commodities by making U.S. exports more expensive than other countries. Soybean oil was the leader of the complex today, partially due to higher crude.
• November soybeans gained 4-1/2 cents today to $12.29, but the contract expires this Friday and January will become the new front month. March gained 3-1/2 cents to $12.38, December soybean meal gained $3.20 to $329.70, and December soybean oil gained 1.11 cents to 63.88 cents. December crude oil is up 44 cents to $86.58 a barrel.
• In Brazil, rainfall has been frequent but lighter than normal across central growing regions and has generally fallen short of forecasts. If the pattern continues, declining soil moisture could leave soybeans in a vulnerable position heading into later stages of the growing season.
• Brazilian soy exports are expected to reach 4.37 mmt for the month of November, according to Anec, which would compare to 3.33 mmt the previous week. This may be due to a decline in the value of the Brazilian real compared to other currencies. Soy meal exports are expected to reach 2.57 mmt from 2.23 mmt the previous week.

WHEAT HIGHLIGHTS:

• Wheat closed the session with solid gains across the board, aided by higher soybeans and sharply higher Paris milling wheat futures. Despite a continuation of the U.S. Dollar Index rally to a nine-month high today, strength in both U.S. and EU wheat likely stemmed from the absence of any peace deal between Russia and Ukraine. In the December contract, Chicago climbed 6-3/4 cents to 599-1/2, Kansas City gained 5-1/4 cents to 639-1/2, and MIAX was up 6-3/4 cents at 635-1/2.
• News outlets have reported that the trilateral peace talks between the U.S., Russia, and Ukraine have concluded. Reportedly, there were no major breakthroughs in regard to ending the war, a ceasefire, or reopening Black Sea trade. However, both did agree to a large-scale exchange of prisoners of war. The market viewed this lack of progress as bullish for wheat prices.
• Technical indicators are showing signs of improving momentum. Daily stochastics have produced bullish crossover signals in oversold territory across all three U.S. wheat classes, while the Relative Strength Index (RSI) has also begun turning higher after remaining relatively flat in recent weeks. Winter wheat remains near oversold levels, while spring wheat has started to move out of that territory.
• Algeria is said to have purchased over 700,000 mt of milling wheat in their tender, paying near $313/mt on a CNF basis. It is thought the grain will be sourced mainly from Argentina, though lesser amounts may come from Russia, Bulgaria, and Romania.

DAIRY HIGHLIGHTS:

• Class III futures closed higher today, supported by strength in the cheese market. December futures gained 49 cents to settle at $17.42.
• Spot cheese gained 2 cents to close at $1.68250/lb, while spot whey posted a stronger move, jumping 3.50 cents to finish at $0.870/lb.
• Class IV futures saw limited movement today, with losses across early 2027 contracts. December futures finished unchanged at $20.25.
• Spot butter slipped 0.75 cents to close at $1.2575/lb, while spot powder saw a sharper decline, dropping 7.75 cents to finish at $2.0725/lb.

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Author

Brandon Doherty