CORN HIGHLIGHTS:

• A strong U.S. dollar and weakness in the soybean market pressured corn futures on Tuesday, as prices finished the session with moderate losses, as December prices continued to consolidate around the 430 level. December corn futures lost 2 ¾ cents to 431 ½, and March lost 2 cents to 444 ¾.
• The wheat market has provided some support to the corn market recently as rumors of Chinese buying interest in U.S. wheat have triggered a short covering rally in the wheat market. As wheat futures turned higher today, the corn market pulled off session lows.
• The U.S. Dollar Index is trading at its highest level since early August on Tuesday afternoon. The index is trading back above the 100-basis point level and was likely a factor in the selling pressure across the entire commodity complex.
• In a Reuters analyst poll, the U.S. corn crop was forecasted to reach 83% complete as of Sunday. The corn market is likely past the stage of harvest pressure.
• Brazil soybean planting has lost pace and is slightly behind last year due to dry weather. If the soybean planting in Brazil is delayed, corn planting will likely follow and could push the key corn crop in Brazil past beneficial weather windows and impact yield.

SOYBEAN HIGHLIGHTS:

• Soybeans closed sharply lower on Tuesday, giving back Monday’s gains as the market reacted to news of China purchasing soybeans from Brazil over the weekend. The entire soy complex finished the session under pressure, struggling to find any footing throughout the day. November soybeans closed 11-4 cents to 11.08¼, while January soybeans also declined 12-6 cents to 11.21½.
• Soybeans continue to struggle as the market reaches its most overbought level in the past 12 months. Fund buying has been very strong over the last 6 sessions at an estimated 75,000 contracts of beans. Meanwhile, Brazil’s soybean prices have regained the export advantage, once again trading below U.S. prices and drawing renewed international buying interest.
• Scattered rains across Brazil are expected to continue improving soil moisture over the next two weeks, supporting early crop development. However, in parts of the central-west region, precipitation has been uneven, leaving some areas drier than others.
• StoneX lowered its U.S. soybean yield estimate to 53.6 bpa, down from 53.9 bpa last month, and slightly reduced its U.S. production estimate to 4.303 billion bushels from 4.326 billion. The firm also raised its estimate for Brazil’s new-crop soybean production to 178.9 million metric tons, up 0.1% from the previous forecast and nearly in line with CONAB’s projection. The U.S. soybean harvest is currently estimated at 91% complete according to a Reuters analyst poll.
• The USDA’s NASS is scheduled to release its November Crop Production Report on Friday, November 14. The U.S. soybean production forecast currently stands at 4,260 million bushels, which is 41 million bushels below the USDA’s previous estimate and 114 million bushels lower than last year’s production if realized.

WHEAT HIGHLIGHTS:

• Wheat closed with green on the screen despite lower closes for most other ag commodities, as well as a three-month high for the U.S. Dollar Index. Support appears to be coming from potential Chinese interest in U.S. wheat. December Chicago wheat gained 6-3/4 cents to 550-1/4, Kansas City wheat was up 4-3/4 at 536-1/2, and MIAX wheat lost 1-1/4 to 557-1/4.
• Ukrainian wheat exports during October reportedly totaled 1.5 mmt, which was a decline from the 1.8 mmt shipped in September. Meanwhile, European Union 25/26 soft wheat exports have reached 8 mmt as of November 2, down 3.8% from last year.
• Ukraine’s economy ministry estimates that planting of winter crops is 90% complete with 5.9 million hectares sown so far. Winter wheat specifically has been planted on 4.303 million hectares, which represents 90.1% of the expected total of 4.778 million hectares.
• With the U.S. government still shut down, a Bloomberg survey suggests that U.S. winter wheat planting may be 92% complete, which would be above last year’s pace of 87% at this time. Additionally, the crop’s conditions are expected to have risen 2% to 52% good to excellent versus 41% at this time last year.
• According to their agriculture ministry, Kazakhstan has harvested 27.1 mmt of grain in 2025, which is up from the 26.8 mmt collected in 2024. Of that total, wheat accounts for 20.3 mmt, also higher than last year’s 19.8 mmt crop.

DAIRY HIGHLIGHTS:

• Class III futures were down with small to moderate losses. November fell 3 cents to settle at $17.03.
• Spot cheese gave back another 3.3750 cents to finish at $1.67375/lb today, this time barrels dragging the average down more than blocks. Spot whey gained a penny.
• October and December Class IV contracts were unchanged, while the others all face double-digit losses into late 2026.
• Spot butter hit a new low at $1.50/lb with a 7.75 cent loss, totaling 11 cents on the week so far. Powder was unchanged at $1.13/lb.

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Author

Brandon Doherty