CORN HIGHLIGHTS:

• Corn futures faced another day of selling pressure, though to a lessened extent. December corn closed 1 cent lower to $4.25-½. March 2026 futures closed ¼ cent lower to $4.37-½. December 2026 futures shed 1 cent to close at $4.60-00.
• Export sales for 2025/26 corn in the week ending October 2 reached 2.26 million metric tons, landing near the top of analysts’ expectations of 1.4 to 2.5 million. It was the biggest weekly total of the marketing year and stood 84.9% higher than the same week a year ago. Even so, the strong data from more than a month back wasn’t enough to spark fresh bullish momentum in the market.
• The Buenos Aires Grain Exchange reports that Argentina’s corn crop is 37.3% planted, up 0.7 percentage points from the previous week but still trailing last year’s pace. Overall crop conditions remain strong, with 79% rated in the excellent-to-normal range.
• According to the latest CFTC report released Wednesday afternoon, large speculators increased their net short position by 40,635 contracts, bringing the total to 135,310 contracts as of September 30. Like some USDA reports, this CFTC data was delayed due to the federal government shutdown.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher breaking three straight days of losses. Little fresh news has emerged ahead of the weekend. January soybeans were up 2-1/2 cents to $11.25 while March was up 2-1/4 cents to $11.34-1/4. December soybean meal was up $1.10 to $315.10 and December soybean oil was down 0.40 cents to 50.26 cents.
• Argentina’s planting progress reached 24.6%, up 12% from last week, although the Buenos Aires Grain Exchange noted some waterlogged fields that may remain unplanted. Meanwhile, LSEG warns that drought risks in southern Brazil and Argentina could increase in December due to La Niña formation, with southern Brazil already experiencing drying conditions.
• The International Grains Council forecasts 2025/26 global soybean production at 426 million tons, down from 429 million last year, but still the second-largest crop on record.
• For the week, January soybeans managed to gain 1/2 cent but retreated from gains that were as high as 44 cents. March soybeans lost 1-3/4 cents and also retreated from large gains earlier in the week. December soybean meal lost $7.40 and posted a bearish reversal while December soybean oil gained 0.11 cents.

WHEAT HIGHLIGHTS:

• Wheat ended Friday’s session higher, finding support from strength in the broader grain complex, though gains were capped by a firmer dollar. December Chicago wheat closed up at 5.29 ¾, while December Kansas City wheat also posted gains, finishing at 5.13.
• Prospects for stronger demand for U.S. wheat remain limited, as competing origins — Argentina, Russia, and the EU — continue to trade at significant discounts against U.S. wheat.
• Weather for U.S. wheat remains favorable across most of the Plains in the short term, with cooler conditions in the forecast expected to help push the winter wheat crop into dormancy.
• Yesterday, SovEcon and the International Grains Council raised their 2025/26 Russian wheat production estimate by 3 million tons to 83.0 million, adding further pressure to prices, while in Australia, the Grain Industry of Western Australia reported the region is on track to harvest its largest wheat crop in three years.
• The Buenos Aires Grain Exchange reports that the Argentine wheat harvest has reached 20.3% completion, while Russia is set to raise its export duty by 14.6% next week. Despite these developments, global wheat supplies remain unquestionably plentiful.

DAIRY HIGHLIGHTS:

• Class III futures were once again subject to selling pressure ahead of this afternoon’s Milk Production and Dairy Products reports.
• Spot cheese lost 1.625 cents on the day to close at $1.56625/lb. Whey has also pulled back from the recent highs, now trading at $0.76/lb.
• Class IV futures were mixed out through 2026 on a quiet spot session for its products. February futures saw the largest gain of 10 cents to close at $13.70.
• Spot butter was unchanged from yesterday at $1.4775/lb while powder improved slightly to $1.1825/lb.
• October Milk Production totaled 19.470 billion pounds, up 3.7% from October 2024. Milk cows also increased 208,000 head year-over-year.
• A surprise Dairy Products report was released today showing both cheese and butter production rising year-over-year. Cheese production came in at 1.20 billion pounds, up 0.5% from August 2024. Butter production rose 8.1% year-over-year to 173 million pounds.

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Author

Matthew Lucas