CORN

• Corn futures are quiet to start the day and would likely be higher if soybeans weren’t lower this morning. December corn is up 1/4 cent to $4.37 while March is down 1/4 cent to $4.44-1/2.
• CFTC data as of October 28 was released and showed funds as buyers of corn by 71,479 contracts which decreased their net short position to 89,506 contracts. Funds have likely bought back many more contracts since then.
• As of October 30, corn export sales are running at a record pace, 31% ahead of last year’s already strong start. With bookings now covering 48% of USDA’s 3.075-billion-bushel target, the export program is well ahead for this point in the marketing year.

SOYBEANS

• January soybeans are down 6-1/2 cents this morning to $10.98-3/4 while March is down 5-3/4 cents to $11.10-3/4. January soybean meal is down $0.60 to $306.80 and January soybean oil is down 0.18 cents to 51.51 cents. 
• Soybeans are significantly lower this morning as trade remains concerned that China won’t meet their purchasing commitment. In addition, soybeans seem to be completing their head and shoulders formation which could point to a bottom at $10.76 on March where the gap is.
• Overall Chinese soybean purchases remain far short of the 12-million-ton target cited by U.S. officials, and Treasury Secretary Scott Bessent pushed the expected deadline back, shifting the timeline from year-end to the end of February.

WHEAT

• Wheat is mixed this morning and is trading quietly with March Chicago wheat up 1 cent to $5.36-1/2, March KC wheat down 3 cents to $5.28-1/4, and March Minn wheat is up 1-1/4 cents to $5.74-1/4.
• In Argentina, analysts expect to see the largest wheat crop on record. Production is now seen at 25.5 million metric tons according to the Buenos Aires Grain Exchange. This has driven local prices paid to producers to an eight-year low.
• CFTC data as of October 28 saw funds as buyers of Chicago wheat by 33,692 contracts, leaving them short 75,133 contracts. They bought back 15,563 contracts of KC wheat leaving them short 51,708 contracts.

Author

Amanda Brill