CORN HIGHLIGHTS:

• It was a quiet day in the corn market to end the week as prices finished mixed. A strong tone in the wheat market helped lift the December contract higher on the session. December corn gained 1 ¼ cents to 431 ½, and March futures added ¼ cent to 444. For the week, December corn traded 8 ¼ cents higher.
• December corn has now posted three consecutive weekly gains, marking its highest close since late June. Strong export demand and optimism surrounding U.S.–China trade talks have provided support.
• Argentina corn planting is trending slightly ahead of average. Last week, Argentina corn planting was 35% complete, up 5% from last week, and 6% ahead of the five-year average. Argentina is forecast to produce a 53 MMT corn crop this season.
• The U.S. Dollar Index has rallied to 3-month highs, which could be a limiting factor in the grain markets.
• Weather heading into November remains quiet overall, favoring completion of the final stages of harvest.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher for the fifth consecutive day and closed just under yesterday’s high as China made another purchase of U.S. soybeans. November soybeans gained 8-1/2 cents to $10.99-3/4 while March gained 8 cents to $11.23-3/4. December soybean meal gained $6.00 to $321.60 and December bean oil lost 0.97 cents to 48.68 cents.
• China purchased four additional cargoes of U.S. soybeans following the meeting between Presidents Trump and Xi, bringing the weekly total to seven cargoes. The renewed buying is encouraging given that U.S. and South American prices are now near parity.
• Despite the truce and tariff reductions, the U.S. will move forward with an investigation that could allow new tariffs on Chinese goods if trade negotiations falter.
• For the week, November soybeans surged 58 cents and are up nearly $1.00 since mid-October. March futures rose 50 ¼ cents, December soybean meal gained $27.50, and December soybean oil declined 1.59 cents.

WHEAT HIGHLIGHTS:

• Wheat was sharply higher into the close, as unconfirmed rumors swirled that China was making purchases from the U.S. With other fresh news scarce, it is possible that there was also a technical bounce, as both SRW and HRW contracts tested support at their 50-day moving averages before rebounding. December Chi gained 9-3/4 cents to 534, KC was up 11-1/2 at 524-1/2, and MIAX closed 2-1/2 higher at 553.
• Good rains are expected across west-central and northern Brazil this weekend, but lighter totals in the southern regions should be favorable for wheat harvest.
• According to the Buenos Aires Grain Exchange, Argentina’s wheat harvest has reached 8.4% completion. And despite frost in the southern areas, which may have caused some damage, they kept their wheat production estimate unchanged at 22 mmt. For reference, this is above the last USDA estimate of 19.5 mmt.
• According to the Ukrainian Grain Ministry, their nation has harvested 22.8 mmt of wheat, which compares with the USDA production estimate at 23 mmt. In other Black Sea news, Russia’s October wheat exports may total between 5.1-5.5 mmt which would be down from the 5.6 mmt shipped in October of 2024.
• The European Commission now estimates total EU 25/26 grain production at 285.7 mmt, up from their September forecast of 284.2mmt. The soft wheat production estimate specifically was raised from 132.6 mmt to 133.4 mmt.

DAIRY HIGHLIGHTS:

• Class III milk futures were pressured by a poor cheese trade on the day. November futures lost 27 cents to close at $17.39.
• Spot cheese ran into resistance today as prices fell 3.625 cents to $1.78625/lb. Whey improved a penny to $0.71/lb.
• Class IV milk futures were quietly mixed on the day with the December contract seen losing 8 cents to $14.06.
• Spot butter tacked on 3.75 cents to close at $1.61/lb while powder lost 0.75 cents to go home at $1.1325/lb.

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Author

Brandon Doherty