CORN HIGHLIGHTS:

• Corn futures finished higher for the third consecutive session on Thursday. Technical buying, along with talk of an extension to China’s tariff exemption deadline, helped push prices to test resistance levels above the market. December futures gained 5 cents to 421 ¾ and March added 3 ¼ to 435 ½.
• Corn futures rallied to resistance just over the 420 level, which held upward momentum for the session. Friday and Monday trade may be key to price action if the market sees additional technical buying strength.
• Grain markets found buying support on talk of an extension to China’s tariff relief deadline. Rhetoric has intensified this week, with a mix of both optimistic and cautious commentary as the meeting between President Trump and President Xi approaches at the end of the month.
• Daily ethanol production for the week ending October 10 averaged 1.074 million barrels. This was a new high daily production for that week of the year. A total of 107 MB of corn was used in the production process, which is just below the total needed to reach the USDA market year target
• Corn harvest pressure may continue to act as a limiting factor for the market. Producers are moving into the final two-thirds of harvest, and a steady flow of fresh bushels is making its way into the pipeline.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher thanks to bullish NOPA crush data yesterday but backed off from highs earlier in the day. November soybeans gained 4-1/4 cents to $10.10-3/4 while March gained 4 cents to $10.43-3/4. December soybean meal was up $1.00 to $276.90 and December soybean oil was up 0.07 cents to 50.87 cents.
• The NOPA crush report for September showed U.S. soybean crush topping estimates at 197.86 million bushels, which was up 4.2% from August and up 11.6% from September last year. Domestic demand is encouraging, given Chinese absence.
• Today, Secretary Rollins made multiple announcements regarding the ag sector and soybeans. She said that the U.S. was in talks with some South American nations over the possibility of crushing U.S. and other soybeans in South America. She also said that the U.S. was not waiting to reach a trade deal with China and would open up markets to other countries.
• China has held off on large purchases of Brazilian soybeans for December and January delivery as a result of high Brazilian premiums. China still needs roughly 9 mmt of soybeans and could tap into state reserves to meet short-term needs.

WHEAT HIGHLIGHTS:

• Wheat had a mixed close today; while Chicago finished higher, Kansas City settled on both sides of neutral, and Minneapolis MIAX futures posted small losses. December Chi gained 3-3/4 cents to 502-1/2, KC was up 1/2 cent at 488-3/4, and MIAX lost 1-1/2 cents to close at 549-1/2. Some pressure may have stemmed from a lower close for MATIF wheat futures; some contracts of which made new lows this session
• Globally, Algeria is reported to have purchased about 400,000 mt of durum wheat, paying between $324-$334/mt on a CNF basis. Egypt has also reportedly bought two cargoes of wheat from France, paying $240/mt on a FOB basis. Additionally, there is talk that Egypt may be seeking Black Sea wheat too.
• According to their Agriculture minister, Russia has harvested about 132 mmt of grain so far during the 25/26 season. Russia has kept their total grain harvest estimate steady at 135 mmt, of which wheat would account for 90 mmt. Additionally, grain exports this season are projected at 50 mmt.
• Australia is set to see an increase in rainfall for the second half of this month. This should be beneficial for development of their wheat crop. Western Australia could remain drier than normal, but this is not currently a major concern for the crop.

DAIRY HIGHLIGHTS:

• Class III milk was higher today between the October 2025 and April 2026 contracts. November was up 27 cents to $16.56.
• Spot cheese had a great day, gaining 4.5 cents to close at $1.76875/lb. The 7 loads traded were all in cheddar blocks. Spot whey gained a penny.
• Class IV futures were under pressure again with losses ranging from 7 to 26 cents out into mid-2026. November settled at $14.16.
• Spot butter fell 4.25 cents to cut its weekly gains to 2.25 cents. Spot powder was unchanged, entering Friday down 1.25 cents on the week.

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Author

John Heinberg