Corn
Price action: December corn fell 5 3/4 cents to $4.42 1/2, nearer the daily low and hit another four-month low.
Fundamental analysis: The corn futures market saw more technical selling pressure today. Losses in soybeans and wheat also spilled over into better selling in corn futures. Continued harvest-related commercial hedge selling is also featured.
USDA this morning reported daily export sales of 315,000 MT of U.S. corn for delivery to Mexico and 136,000 MT of corn for delivery to South Korea, each during the 2026-27 marketing year.
Dr. Michael Cordonnier left his 2026-27 Brazilian and Argentine corn production estimates unchanged at 140 MMT and 60 MMT, respectively, and maintained a neutral bias toward both crops going forward.
World Weather Inc. today said favorable harvest weather in much of the U.S. Midwest recently has been a boon for field-work progress, but a more active weather is underway for this week that will delay fieldwork in the west and some central areas for a little while. Rain in the east will be more brief and less disruptive. Meantime, in Brazil, concern remains over the condition of center-west, where rainfall may offer some short-term benefit to crops. However, very low subsoil moisture will remain a serious concern, especially when drier and warmer than usual weather occurs in later this month. Southern Brazil and Paraguay will see a good mix of rain and sunshine over the next 10 days and flood potential may decrease for a while if sufficient drying time can evolve. Argentina will see a good mix of weather to support corn, soybean, sunseed and sorghum planting in November.
Technical analysis: December corn sees prices trending down on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $4.70. The next downside target for the bears is closing prices below chart support at the June low of $4.25 3/4. First resistance is seen at this week’s high of $4.52 and then at last week’s high of $4.56. First support is seen at today’s low of $4.41 1/4 and then at $4.35.
What to do: Get current with advised sales.
Hedgers: Hedgers should have 60% forward sold. You should have sold all of the December $4.80 puts. Remain patient for hedging opportunities for now. You should also be 10% forward-sold on 2027 crop.
Cash-only marketers: You should have 70% of expected 2026-crop production sold for harvest delivery. You should also be 10% forward-sold on 2027 crop.
Soybeans
Price action: January soybeans fell 2 3/4 cents to $12.14, nearer the daily low and hit a 2.5-month low. December soybean meal lost $1.60 to $318.00, near mid-range and hit a 2.5-month low. December soybean oil rose 20 points to 65.28 cents, nearer the daily high.
Fundamental analysis: The soybean and meal futures markets saw more modest technical selling pressure amid existing downtrends in place on the daily bar charts. Beans and meal continue to be pressured by commercial hedge selling as the U.S. soybean harvest is ongoing but now in the latter stages.
USDA this morning reported daily flash export sales of 134,000 MT of U.S. soybeans for delivery to unknown destinations during the 2026-27 marketing year.
China’s soybean oil inventories surged to a record, with elevated crushing rates boosting supplies while consumption remained sluggish, Bloomberg reported. China has been scooping up the oilseed from both Brazil and the U.S. to feed its massive livestock herd, while also fulfilling Beijing’s pledge to buy American shipments under a trade truce, the report said.
Pro Farmer’s crop consultant, Dr. Michael Cordonnier, maintained his Brazilian and Argentine 2026-27 soybean production estimates at 182 MMT and 54 MMT, respectively, and holds a neutral bias toward both crops going forward.
World Weather Inc. today said additional rain in the Corn Belt into Wednesday will temporarily stall fieldwork across the region, with east-central and northeastern Nebraska central and eastern Minnesota and Wisconsin seeing the greatest delays to farming activity. The soil is already moist from eastern Nebraska and Iowa to eastern Minnesota, where rain into Wednesday will induce saturated or nearly saturated soil conditions and most areas will need multiple days of dry weather before field work can resume.
Technical analysis: January soybeans see a downtrend firmly in place on the daily bar chart. Bulls’ next near-term upside technical objective is closing January prices above solid resistance at $12.75 1/2. The next downside price objective for the bears is closing prices below solid technical support at $12.00. First resistance is seen at today’s high of $12.23 and then at this week’s high of $12.37 3/4. First support is seen at $12.00 and then at $11.85.
Soybean meal futures are trending firmly down on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at $337.00. The next downside price objective for the bears is closing prices below solid technical support at $310.00. First resistance comes in at today’s high of $320.70 and then at this week’s high of $326.00. First support is seen at today’s low of $315.20 and then at $310.00.
Bean oil sees prices trending lower on the daily bar chart. The next upside price objective for the bulls is closing December prices above solid technical resistance at 68.00 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 62.50 cents. First resistance is seen at this week’s high of 66.18 cents and then at last week’s high of 67.52 cents. First support is seen at last week’s low of 64.50 cents and then at 64.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 65% forward sold on 2026 crop. You should have sold all November $11.60 puts, remain patient for hedging opportunities for now. Remain patient on 2027-crop sales for now.
Cash-only marketers: You should also have 75% of expected 2026-crop production sold for harvest delivery. You should also have 10% of 2027-crop forward sold.
Wheat
Price action: December SRW fell 6 3/4 cents to $5.99 3/4, nearer the daily low. December HRW fell 9 3/4 cents to $6.36 1/4, nearer the daily low and hit a four-month low. December spring wheat futures fell 6 1/4 cents to $6.19 1/2.
Fundamental analysis: The winter wheat futures markets saw chart-based selling from the speculators resume today, amid firmly bearish near-term technicals. Lower corn and soybean futures prices today also aided the winter wheat bears.
Wheat traders have now taken out most of winter wheat futures prices a war premium tied to Black Sea bottlenecks resulting from fighting between Ukraine and Russia. However, a Reuters report said unabating attacks show how the escalating maritime war between Russia and Ukraine is expanding into a major challenge for NATO in the Black Sea.
U.S. winter wheat planting was 83% finished as of Sunday, up from 76% but behind the 83% average guess and one percentage point off the long-term average of 84%, USDA data Monday afternoon showed. In its first condition ratings for the crop, USDA said 44% was rated good or excellent, well below the 50% average estimate. See how ourCCI ratings show disparity between SRW and HRW conditions .
World Weather Inc. today said drought remains in the U.S. Pacific Northwest, and a part of the northwestern and west-central Great Plains would benefit from additional moisture to induce the best crop establishment. Most of the Midwest crops are rated favorably and rain coming to the lower eastern Midwest, Delta and Tennessee River Basin will bring some dryness relief that will favor wheat establishment. Meantime, western Europe winter crop planting and establishment has advanced favorably after late October rain and the dry bias will continue this week, favoring more fieldwork. Rain should return next week. Soil moisture in Ukraine and Moldova is rated well, but the Danube River Basin still needs significant moisture along with Russia’s Southern Region. Southern Australia is also expected to produce quite well this season due to timely rainfall and some additional moisture would be welcome in a few immature crop areas in the south. Argentina’s wheat benefited from recent rain and more may evolve in the next couple of weeks. Temperatures will be mild to cool maintaining a favorable environment for wheat and barley development. Southern Brazil wheat is vulnerable to a quality decline, although Rio Grande do Sul weather has improved recently.
Technical analysis: SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $6.50. The bears’ next downside objective is closing prices below solid technical support at the June low of $5.90 1/2. First resistance is seen at $6.15 and then at last week’s high of $6.27 1/2. First support is seen at $5.90 1/2 and then at $5.75.
HRW bulls’ next upside price objective is closing December prices above solid chart resistance at $6.75. The bears’ next downside objective is closing prices below solid technical support at the June low of $6.28. First resistance is seen at this week’s high of $6.52 and then at last week’s high of $6.66 1/2. First support is seen at today’s low of $6.33 and then at $6.28.
What to Do: Get current with advised sales.
Hedgers: You should have 60% sold for 2026, with 10% forward sold for 2027-crop.
Cash-only marketers: You have 60% of expected 2026-crop production sold, with 10% forward sold for 2027-crop.
Cotton
Price action: December cotton futures fell 62 points to 77.04 cents, nearer the daily low and hit a four-month low.
Fundamental analysis: Cotton futures saw more technical selling today. Weaker crude oil prices also limited buying interest in cotton futures.
Monday’s weekly USDA crop progress reports showed that 63% of the U.S. cotton crop was harvested as of Sunday. The crop with bolls opening was pegged at 92%.
World Weather Inc. today said west Texas and southwestern Oklahoma see delayed harvesting and some yellowing of the crop. The Delta crops were impacted by some weekend rain and more will fall briefly today and Wednesday causing some disruption to fieldwork. Xinjiang, China harvesting is winding down and late season weather should continue favorable to get the remaining crop baled soon. Northern India and Pakistan harvesting has advanced well with little change likely. Southern India rainfall has been welcome, but more is needed to ensure the best crop development through the balance of this year. Dryness remains a concern in southern Maharashtra, Telangana and northern and western parts of Andhra Pradesh, where some of the cotton still needs some timely rain. Australia planting is under way. Some timely rainfall has occurred over the past few weeks and additional showers into next week will maintain favorable soil moisture for much improved planting, emergence and establishment conditions.
Technical analysis: December cotton futures bears have the overall near-term technical advantage. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 80.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the October low of 77.05 cents. First resistance is seen at 78.00 cents and then at 79.00 cents. First support is seen at 76.00 cents and then at 75.00 cents.
What to do: Get current with advised sales.
Hedgers: You are 70% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.
Cash-only marketers: You are 70% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.