CORN HIGHLIGHTS:

• Corn futures failed to hold early session gains as a lack of buying momentum limited the market, despite strength in wheat and soybeans. December corn futures closed 3 cents higher to 445 ½, but 4 ¾ cents off the session high. March futures added 2 cents at 456 ¾. For the week, December corn gained 4 cents, but March was only 1 ½ cents higher.
• USDA reported strong weekly corn export sales Friday for the week ending November 5. U.S. exporters sold 2.88 MMT (113.4 mb) for 2026/27 and 594,400 MT (23.4 mb) for 2027/28. The combined total exceeded market expectations and was the highest weekly total of the marketing year. However, much of the business had already been reported through daily flash sales. Mexico remains the largest buyer of U.S. corn.
• Despite the strong weekly sales, overall export demand remains lackluster. Total commitments stand at 1.089 bb, down 28% from last year, compared with USDA’s forecast for a 4.5% decline in exports for the full marketing year. At this point in the season, commitments typically reach 42% of USDA’s export target. Current sales represent only 33.5% of the recently reduced forecast.
• USDA announced a flash sale of corn on the export market this morning. Mexico purchased 303,300 MT (11.9 mb). This was split with 272,820 MT (10.9 mb) for the 202-27 marketing year and 30,480 MT (1.2 mb) for 2027-28.
• Next week, December corn options expire on Friday, followed by Dec corn first notice day at the end of the month. These events could add volatility to the corn market going into the end of the month.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher, and although they closed 9 cents off their highs, prices held up well from this morning’s levels. Support came from strong export sales, and the potential that the USDA may increase export demand in future WASDE reports. Brazilian weather was also a factor as some key growing areas are dry with lower soil moisture levels.
• Today was expiration day for November soybeans, and they went off the board at $12.43. January soybeans gained 12-1/2 cents to $12.31-1/2 while March gained 12-1/4 cents to $12.37-1/4. December soybean meal gained $4.40 to $329.80 while December soybean oil gained 0.35 cents to 63.77 cents. Crude oil was quiet and currently unchanged at $88.74.
• There were a slew of flash sales reported this morning to help support the rally. 134,000 metric tons of soybeans were reported to China for the 26/27 marketing year, 120,000 metric tons were reported to Vietnam for 26/27, and 100,000 metric tons were reported to unknown destinations for 26/27.
• Today’s Export Sales report was strong for soybeans with an increase of 42.4 million bushels of sales for 26/27 and 0.4 mb for 27/28. This was down 21% from last week and down 38% from the prior 4-week average. Top buyers were China, Spain, and Bangladesh. Last week’s export inspections of 69.2 million bushels were above the 29.4 mb needed each week to meet the USDA’s estimates.

WHEAT HIGHLIGHTS:

• Wheat rebounded today, led by the winter classes. This was likely a technical bounce, despite another fresh high for the U.S. dollar, spurred on by speculative buying. In the December contract, Chicago climbed 9 cents to 593-1/4, Kansas City gained 6-1/2 cents to 628-3/4, and MIAX was up 4 cents at 626-3/4.
• The USDA reported an increase of 6.7 mb of wheat export sales for 26/27. Shipments last week totaled 8.8 mb, which falls under the 15.6 mb pace needed per week to reach their 750 mb export goal. Wheat export commitments for 26/27 now sit at 450 mb, down 29% from last year.
• Another round of trilateral peace talks between the U.S., Russia, and Ukraine is reportedly being planned, although no definitive date has been announced. In the meantime, both sides continue to attack energy and agricultural infrastructure.
• CONAB has lowered their estimate of Brazilian wheat production by 0.5 mmt to 5.26 mmt. For reference, the USDA is using a production figure of 5.8 mmt. Meanwhile, the Rosario Grain Exchange has increased their Argentine wheat production estimate by 0.5 mmt to 24.3 mmt. This is above the USDA’s forecast of 23 mmt.
• According to FranceAgriMer, an estimated 93% of the French soft wheat crop has been planted as of Monday. This represents a 10% advancement on the week. This year is also outpacing last year’s sowing rate of 88% and the five-year average of 82%. Additionally, durum wheat plantings were up 46% on the week to 70% complete.

DAIRY HIGHLIGHTS:

• Spot whey reached a new all-time high today of $0.91/lb. This beats the previous high of $0.8950/lb which was made on October 19th.
• After showing some promise to start the week, spot cheese closed out on a slightly lower note, dropping 0.125 cent to $1.64125/lb.
• Class III milk futures were mixed today as cheese and whey moved in opposite directions. December futures closed at $17.28, up 8 cents.
• Class IV milk futures were lower on the day due to weakness in powder. December futures went home at $19.80, down 32 cents.
• Spot butter improved 0.75 cent to finish out the week at $1.24/lb. Powder was down for a sixth consecutive session, losing 1.50 cents to close at $2.0350/lb.

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Author

Amanda Brill