CORN HIGHLIGHTS:

• Despite general selling in the grain markets, corn futures finished the day slightly higher as December futures consolidated around the 450-price level. December corn gained 3 cents to 451 ¾, while March corn gained 2 ¼ cents to 465.
• Weekly ethanol production climbed to 329 million gallons, up 7 million gallons from the previous week. Production exceeded market expectations and reached its highest level since July. An estimated 110 mb of corn was used for ethanol production.
• USDA will release the Weekly Export Inspections report on Thursday morning. Corn exports have been off to a disappointing start for the 2026-27 marketing year, trending behind the pace to reach the USDA target. Weekly export sales improved to 60 mb last week.
• Harvest pressure could continue to weigh on corn futures as producers work to complete the remaining 40% of the U.S. corn harvest, adding newly harvested supplies to the market.
• Mid-term elections are on Tuesday, November 3. As the election date moves closer, markets in general could see some position squaring and choppiness as the results could shift some policy changes and uncertainty.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower, once again giving up gains from earlier in the day to fade into the close despite sharp gains in crude oil. Fund liquidation appears to be driving the market lower, with long positions being reduced despite limited new fundamental bearish news. Brazilian weather risks tied to a strong El Niño pattern could provide the next major catalyst for a rally.
• November soybeans lost 4-3/4 cents to $12.24-1/2 with the high of the day up at $12.37-3/4. November did close slightly below the 100-day moving average, which could be significant technically. March soybeans lost 5-3/4 cents to $12.46, December soybean meal gained $1.10 to $335.70, and December soybean oil lost 1.15 cents to 65.56 cents despite crude oil being up $2.80 to $102.70 a barrel.
• This morning, the USDA reported a sale of 120,000 metric tons of soybeans for delivery to unknown destinations for the 26/27 marketing year. Export sales have been a bit slow this week, but at this point, China has purchased 60.3% of the 25 mmt of U.S. soybeans it has committed to. China must complete these purchases by the end of the year.
• According to a study by Serasa Experian, the strong El Nino weather pattern could cut total Brazilian production of soybeans by around 10% to 163.6 mmt which would compare to 181.2 mmt last year. Potential losses would be concentrated in the center-west production regions with losses in Mato Grosso alone, potentially reaching 9.7 mmt.

WHEAT HIGHLIGHTS:

• Wheat posted losses in all three classes despite a firmer start this morning. Talk of Russia re-opening Black Sea shipping lanes may largely be to blame for today’s drop in price. In the December contract, Chicago dropped 11-1/4 cents to 599, Kansas City was down 7-1/2 cents at 643, and MIAX fell 8-3/4 cents to 619-3/4.
• Paris milling wheat futures closed off their daily lows but still posted bearish key reversals, adding pressure to the U.S. market. Both MATIF and U.S. wheat futures are deeply oversold, potentially setting the stage for a corrective rally.
• According to the European Commission, EU soft wheat exports have reached 9.2 mmt, since the season began on July 1. This is about a 1% increase year over year. The top importers of this wheat were Saudi Arabia, Nigeria, and Algeria.
• Russia has reportedly issued permits for grain vessels to leave the Sea of Azov for the first time since July 10. These permits will allow passage through the Kerch Strait, and will be issued through November 15. It appears that these ships will receive a naval escort as well. This news likely contributed to today’s weakness in the wheat market.
• Scattered rain is forecast across the southern Plains late this week, followed by more widespread precipitation early next week. The rain could disrupt fieldwork but should also improve drought conditions and soil moisture for winter wheat establishment.

DAIRY HIGHLIGHTS:

• Class III futures ended the day mostly lower, with November bucking the trend, gaining 25 cents to close at $18.31/cwt.
• Spot cheese gained 0.50 cents to close at $1.73500/lb, while spot whey fell sharply, losing 3.25 cents to settle at $0.8100/lb.
• Class IV futures closed lower across the board, with November down 5 cents to settle at $20.45/cwt.
• Spot butter fell 2.50 cents to close at $1.2850/lb, while spot powder lost 2 cents to settle at $2.04/lb.

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Author

Amanda Brill