Corn
Price action: December corn futures rose 2 3/4 cents to $4.34 1/4, nearer the daily high.
Fundamental analysis: The corn futures market today saw some technical buying amid friendly price charts. Gains in wheat and soybeans today also spilled over into buying interest in corn futures.
The U.S. dollar index today hit a 5.5-month high, which did somewhat limit buying interest in corn futures.
USDA today reported U.S. corn export inspections totaled 1.67 MMT for the week ended Oct. 30, up 426,330 MT from the previous week and within the pre-report range of 1.0 MMT to 1.85 MMT.
Brazil’s first corn plantings were 60% complete as of last Thursday, matching last year’s pace, according to AgRural.
World Weather Inc. today said precipitation during the next two weeks will be infrequent and often light in most areas, allowing fieldwork to advance well around a few rounds of precipitation with the first two occurring Thursday into Sunday and favoring the eastern Corn Belt and the last of low confidence and advertised for Nov. 15-17. Temperatures will warm today and will be much warmer than normal most often Tuesday through Friday before Saturday into next Monday is colder than usual.
Technical analysis: Corn bulls have the overall near-term technical advantage. Prices are trending higher on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $4.50. The next downside target for the bears is closing prices below chart support at the October low of $4.18. First resistance is seen at today’s high of $4.35 and then at the October high of $4.37. First support is seen at $4.30 and then at last week’s low of $4.26.
What to do: Wait to get current with advised sales.
Hedgers: You should be 100% priced in the cash market on 2024-crop. You should also have 20% of expected 2025-crop production sold for harvest delivery.
Cash-only marketers: You should be 100% priced on 2024-crop. You should also have 20% of expected 2025-crop production sold for harvest delivery.
Soybeans
Price action: January soybeans rose 19 cents to $11.34 1/4, near the session high and hit a 16-month high. December soybean meal fell 80 cents to $320.80, near mid-range and hit a seven-month high early on. December soybean oil rose 116 points to 49.84 cents, near the daily high and hit a 4.5-month low early on.
Fundamental analysis: January soybeans today saw technical buying as the near-term technical posture for beans has become firmly bullish, to suggest the chart-based speculators will continue to pursue the long side in the near term. However, January beans and December meal are highly oversold, technically, and due for corrective pullbacks soon. Bean oil was supported today as spreaders unwound long meal short bean oil spreads they had put on recently.
USDA today reported U.S. soybean export inspections totaled 965,063 MT for the week ended Oct. 30, down 195,504 MT from the previous week but within the pre-report range of 800,000 MT to 1.4 MMT.
Chinese importers have stepped up purchase of Brazilian cargoes in recent days as South American prices eased. Buyers have booked 10 cargoes of Brazilian soybeans for December shipment and 10 for March through July.
Brazil’s soybean planting for the 2025-26 season reached 47% of the expected area as of last Thursday, up nine points on the week but behind last year’s pace of 54% for the same period due to irregular rainfall, according to AgRural.
World Weather Inc. today said rain expected in Brazil soybean regions over the coming 10 days should be sufficient and widespread enough to improve crop development in areas that have not seen much moisture recently. Argentina has been seeing and will continue to see a good mix of rain and sunshine to maintain a very good outlook for summer crop planting and early development during the next two weeks, said the forecaster.
Technical analysis: The soybean bulls have the solid overall near-term technical advantage. The next near-term upside technical objective for the soybean bulls is closing January prices above solid resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $10.70 1/4. First resistance is seen at $11.40 and then at $11.50. First support is seen at today’s low of $11.14 and then at $11.00.
December soybean meal bulls have the solid overall near-term technical advantage. A steep price uptrend is in place on the daily bar chart. However, the market is extremely overbought. The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at $335.00. The next downside price objective for the bears is closing prices below solid technical support at $304.00. First resistance comes in at today’s high of $325.20 and then at $330.00. First support is seen at today’s low of $315.80 and then at $312.00.
Bean oil bears have the overall near-term technical advantage as prices are trending down on the daily bar chart. The next upside price objective for the bean oil bulls is closing December prices above solid technical resistance at the September high of 53.88 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at the September low of 48.89 cents. First resistance is seen at 50.00 cents and then at last week’s high of 50.94 cents. First support is seen at today’s low of 48.27 cents and then at 48.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 100% priced in the cash market on 2024-crop. You should also have 30% of expected 2025-crop production sold for harvest delivery.
Cash-only marketers: You should be 100% priced on 2024-crop. You should also have 30% of expected 2025-crop production sold for harvest delivery.
Wheat
Price action: December SRW rose 9 1/2 cents to $5.43 1/2, nearer the daily high and hit a three-month high. December HRW rose 7 1/4 cents to $5.31 3/4, near the daily high and hit a 2.5-month high. December spring wheat futures rose 5 1/2 cents to $5.85 1/2.
Fundamental analysis: News China has expressed interest in purchasing U.S. wheat for the first time in over a year following last week’s trade truce lifted the wheat futures markets today. A major grains importer in China made inquiries over the weekend for U.S. wheat cargoes loading from December to February, according to people familiar with the matter. The winter wheat futures markets saw technical buying featured today as the near-term technical postures for the winter wheat futures markets have quickly turned from bearish to bullish.
USDA today reported U.S. wheat export inspections of 350,293 MT for the week ended Oct. 30, up 80,873 MT from the previous week and within the pre-report range of 250,000 to 450,000 MT.
Sovecon raised its forecast for Russia’s wheat exports in 2025-26 by 0.4 MMT to 43.8 MMT, amid improved crop estimates and an increased export activity.
World Weather Inc. today said that in U.S. HRW country, dry and unusually warm weather is expected across the region this week, which will further support any remaining fieldwork but will leave unirrigated western production areas with a continued need for greater moisture. It could take until Nov. 14 or Nov. 15 for a potential weather pattern change that involves cooler-trending temperatures and some increase in precipitation. In the Northern Plains, some light rain and snow are expected in the region this week. This will not be enough to have much impact on topsoil moisture though and is unlikely to have much negative impact on remaining fieldwork.
Technical analysis: Winter wheat bulls have the overall near-term technical advantage as fledgling price uptrends are in place on the daily bar charts. SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $5.80. The bears’ next downside objective is closing prices below solid technical support at $5.00. First resistance is seen at today’s high of $5.45 and then at $5.50. First support is seen at today’s low of $5.31 1/4 and then at $5.25.
The next upside price objective for the HRW bulls is closing December prices above solid chart resistance at $5.75. The bears’ next downside objective is closing prices below solid technical support at $4.90. First resistance is seen at today’s $5.33 and then at $5.40. First support is seen at today’s low of $5.18 1/2 and then at last week’s low of $5.05.
What to Do: Get current with advised sales.
Hedgers: You are 30% sold in the cash market on 2025-crop production. You have 10% of expected 2026-crop production sold for harvest delivery next year.
Cash-only marketers: You are 30% sold in the cash market on 2025-crop production. You have 10% of expected 2026-crop production sold for harvest delivery next year.
Cotton
Price action: December cotton rose 14 points to 65.68 cents, nearer the daily high.
Fundamental analysis: December cotton futures today saw a pause and some chart consolidation. Gains were limited by a rise in the U.S. dollar index today to a 5.5-month high. Selling interest in cotton was limited by good gains in the grain futures markets today.
World Weather Inc. today said frost and freezes occurring in West Texas last week ended the growing season for some areas, but not all. Harvest weather over the coming week should be good with no precipitation expected. Limited rainfall in the Delta and southeastern states over the next couple of weeks will allow late-season harvesting to advance well. Southwestern U.S. cotton harvesting will also advance well over the next 10 days due to warmer-than- usual temperatures and no rain.
Technical analysis: The cotton bulls have the slight overall near-term technical advantage. Prices are still trending up on the daily bar chart but the bulls need to show fresh power soon to keep it alive. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 67.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 63.50 cents. First resistance is seen at last week’s high of 66.10 cents and then at 66.50 cents. First support is seen at 65.00 cents and then at 64.54 cents.
What to do: Get current with advised sales.
Hedgers: You are 15% sold in the cash market on the 2025 crop. No 2026-crop sales are advised at this time.
Cash-only marketers: You are 15% sold on 2025-crop. No 2026-crop sales are advised at this time.