CORN HIGHLIGHTS:

• Corn futures finished higher for the second straight session, following through after Tuesday’s gains. The corn market was led by buying strength in the front end of the market. December corn gained 3 ¾ cents to 416 ¾, and March futures added 3 cents to 432 ¼.
• Bull spreading lifted the front end of the corn market on Tuesday, supported by weekly corn inspections showing a solid shipping pace. End users may be seeking additional supplies to meet export demand.
• Increased precipitation outlook into the end of the month may slow corn harvest. Harvest was anticipated to be 44% complete and with good export demand, should help support the cash market.
• France’s Agriculture Ministry raised its 2025 corn production estimate to 13.7 mmt, which is still 7.6% below last year’s. Reduced size of the French corn crop could help support demand for U.S. corn in the long term.
• On-and-off trade tensions with China are keeping grain markets unpredictable. Corn and other grains are responding to headlines as they emerge during the trading day.

SOYBEAN HIGHLIGHTS:

• Soybeans were unchanged to slightly higher to end the day in more quiet trade. President Trump’s tariff and trade threats to China have kept prices lower, along with the government shutdown and lack of data. November was unchanged at $10.06-1/2 while March was up ¼ cent to $10.39-3/4. December meal was up $1.60 to $275.90 and December bean oil was up 0.23 cents to 50.80 cents.
• The U.S. announced it may provide an additional $20 billion in financing to Argentina to ‘help our neighbors.’ The Argentine peso fell slightly on the news, which could make Argentine grains more affordable for importing countries.
• Soybeans have come under pressure following increased rhetoric from President Trump, including suggestions that tariffs on China could rise and that the U.S. may no longer need to buy soybean oil from China, potentially ending that trade.
• In Brazil, soybean planting is reportedly 14% complete as of October 9, according to AgRural. This would compare to 9% last week and 8% at this time last year. This is the third fastest planting pace for the country on record for this time of year.

WHEAT HIGHLIGHTS:

• Yesterday’s gains didn’t carry over into today, as wheat posted small losses across all categories. Although the market appears technically oversold, there hasn’t been any catalyst to trigger a short-covering rally. December Chi lost 1-1/2 cents to 498-3/4, KC was down 1/4 cent at 488-1/4, and MIAX closed 2-1/2 cents lower to 551.
• South Korean flour mills were reported to have purchased 50,000 mt of U.S. wheat in a snap tender. South Korea is said to be seeking 95,000 mt of wheat from the U.S. and Canada on a separate tender.
• According to FranceAgriMer, their 25/26 wheat export estimate outside of the European Union was kept unchanged at 7.85 mmt. However, exports within the EU were increased by 4.5% to 7.04 mmt.
• The European Commission has said that EU soft wheat exports totaled 5.5 mmt between July 1 and October 12. This represents a 23% decline versus last year’s 7.1 mmt that was shipped.
• Russia has reportedly restarted exports of wheat to Indonesia, after a 9-month hiatus. Indonesia is said to have renewed quarantine certificates to allow the imports of 52,000 mt in October. For reference, Indonesia imported 1.3 mmt of Russian wheat in 2024, compared with 123,000 mt so far this year.
• The Ukrainian economy ministry reports that farmers have sown 2.8 million hectares of wheat through October 14. This is roughly 15% less than what was planted in a similar timeframe last year. Planted areas for barley and rapeseed also saw declines.

DAIRY HIGHLIGHTS:

• Class III milk futures turned lower during today’s session, with November losing 9 cents to settle at $16.29.
• Spot cheese gained momentum, closing up 1.5 cents at $1.72375/lb, while spot whey remained unchanged at $0.6300/lb.
• Spot butter gained 3 cents during the midweek session, closing at $1.6700/lb, while spot powder fell 1.5 cents to settle at $1.115/lb.
• Class IV milk continued its slide, closing lower across all contracts, with December down 30 cents at $14.52.

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Author

Brandon Doherty