TFM Morning Update 11-09-2026

CORN

Corn futures are trading slightly higher to start the week but quiet overall as traders wait for tomorrow’s WASDE report. December corn is up 2 cents to $4.43-1/2 while March is up 1-3/4 cents to $4.57.
Estimates for the USDA report see the corn yield down slightly at 180.3 bpa which would compare to 181.2 bpa in October. The USDA will be using an AI program in this report to attempt to avoid errors like the one in the September report.
Friday’s CFTC report saw funds as major sellers of corn as of November 3. They sold 78,843 contracts which flipped them from a net long position to a new net short position of 22,900 contracts.

Soybean futures are trading slightly higher but also quietly to start the week. November soybeans which are in delivery are up 9-1/4 cents to $11.98-1/4 while March is up 1-1/2 cents to $12.00-3/4. December soybean meal is down $1.30 to $317.90 and soybean oil is up 0.36 cents to 62.62 cents despite lower crude oil.
Analysts expect the USDA to increase soybean yield from last month to 53.5 bpa from 53.1 bpa. StoneX raised its 2026 U.S. soybean yield estimate to 55.0 bpa from 54.1 bpa in October, while increasing its production estimate to 4.725 bb from 4.648 bb.
Friday’s CFTC report saw funds as sellers of soybeans by 52,601 contracts which reduced their net long position to 132,799 contracts. They sold 15,601 contracts of soybean oil leaving them long 40,377 contracts and sold 58,191 contracts of soybean meal leaving them long 111,668 contracts.

All three wheat classes are trading lower this morning as potential peace talks with Ukraine and Russia keep traders bearish. March Chicago wheat is down 1-3/4 cents to $5.89-1/2, KC is down 3-1/2 cents to $6.29, and Minn is down 2 cents to $6.14.
China said Thursday it remains open to increasing purchases of U.S. agricultural products, but only if both sides implement proposed reciprocal tariff reductions. The two countries outlined roughly $60 billion in tariff cuts following their September summit, including about $17 billion in U.S. agricultural goods, though the agreement has not yet been finalized.
Friday’s CFTC report saw funds as sellers of 13,867 contracts of Chicago wheat leaving them net short 88,726 contracts. They sold 4,857 contracts of KC wheat leaving them short 6,722 contracts.

Amanda Brill