Corn
Price action: December corn futures rose 3 1/4 cents to $4.23 and near the session high.
Fundamental analysis: The corn futures market saw renewed buying interest from the speculators today as the near-term chart posture for December corn has improved recently, including a minor bull flag pattern forming on the daily chart. Gains in soybeans and wheat futures today also supported better buying interest in corn.
World Weather Inc. today said U.S. corn harvest weather will advance around periodic rainfall during the next 10 days. No crop quality problems are expected because of periodic rain. Concern remains for some of Brazil’s corn country due to some dryness that is prevailing. Improving rainfall will come in early November, but until then pockets of dryness will prevail. Southern Brazil first-season corn planting and development are advancing well. Argentina will 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: Corn bulls and bears are on a level overall near-term technical playing field. The next upside price objective for the bulls is to close December prices above solid chart resistance at the September high of $4.31 1/4. The next downside target for the bears is closing prices below chart support at the October low of $4.09 1/4. First resistance is seen at last week’s high of $4.24 3/4 and then at $4.28. First support is seen at today’s low of $4.18 1/2 and then at $4.14.
What to do: Wait to get current with advised sales.
Hedgers: You should be 100% sold in the cash market on 2024-crop. You should have 20% of expected 2025-crop production forward sold for harvest delivery.
Cash-only marketers: You should be 100% sold on 2024-crop. You should have 20% of expected 2025-crop production forward sold for harvest delivery.
Soybeans
Price action: January soybeans rose 1 1/2 cents to $10.50, near mid-range. December soybean meal rose $3.10 to $290.00, near the daily high and also hit a seven-week high. December soybean oil fell 58 points to 50.07 cents, near the daily low.
Fundamental analysis: The soybean and meal markets today saw speculator buying interest from the chart watchers, as the near-term technical postures for both have become more bullish recently. Spreaders were featured buying meal and selling soybean oil today. Gains in corn and wheat also supported buying interest in the beans and meal today.
In other news, Japan’s government is working to finalize a purchase package, including U.S. pickups, soybeans and gas to present to President Trump in trade and security talks next week.
Brazil’s Abiove forecasts the country’s soybean production at a record 178.5 MMT vs. 171.8 MMT in the previous season. The group forecasts soybean exports at 111 MMT, up from 109.5 MMT in 2025.
World Weather Inc. today said light rain will impact parts of the Midwest most days through this weekend, causing brief interruptions to fieldwork before a more significant rain event Monday into next Wednesday brings limited drought relief to the drier areas and temporarily slowing fieldwork. Drier weather will resume Oct. 30-Nov. 5 and fieldwork should steadily accelerate. Temperatures will be not far from normal in most eastern areas into Saturday while western areas are warmer than usual before Sunday and Monday are warmer than usual followed by cooling Tuesday and next Wednesday.
Technical analysis: The soybean bulls have the overall near-term technical advantage. The next near-term upside technical objective for the soybean bulls is closing January prices above solid resistance at the August high of $10.81. The next downside price objective for the bears is closing prices below solid technical support at the October low of $10.12 1/2. First resistance is seen at this week’s high of $10.56 1/2 and then at $10.72. First support is seen at this week’s low of $10.37 and then at $10.25.
December soybean meal bulls have the slight overall near-term technical advantage and have momentum. A price uptrend is in place 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 the August high of $300.10. The next downside price objective for the bears is closing prices below solid technical support at $275.00. First resistance comes in at $292.50 and then at $295.00. First support is seen at today’s low of $285.40 and then at Tuesday’s low of $283.60.
Bean oil bulls and bears are on a level overall near-term technical playing field. 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 today’s high of 50.97 cents and then at last week’s high of 51.77 cents. First support is seen at 50.00 cents and then at 49.68 cents.
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.
Wheat
Price action: December SRW rose 3 1/2 cents to $5.03 3/4, nearer the daily high. December HRW gained 3 1/2 cents to $4.88 1/2, nearer the daily high. December spring wheat futures rose 3 cents to $5.47 3/4.
Fundamental analysis: The winter wheat futures markets saw some short covering today and were also supported by gains in corn and soybeans. A slightly weaker U.S. dollar index today, following its recent gains, also was price-friendly for the grain markets.
World Weather Inc. today said that in U.S. HRW country, a slow-moving upper-level low pressure system will promote significant rainfall Thursday through Saturday in southeastern production areas of the region, especially central Oklahoma up into southeastern winter wheat areas of Kansas. Topsoil moisture in this part of the region will notably rise as a result. There will be some disruption to fieldwork. However, the rain will be generally good due to its benefits to newly planted winter wheat. Some lighter shower activity and drizzle will occur elsewhere. Some additional rain will then occur Sunday into Monday, favoring northern areas. In the Northern Plains, conditions today through Saturday will continue to be great for late-season fieldwork to advance more due to dry weather and unusual warmth. A storm system will then begin to impact the region late Sunday through Monday with rain and possibly some wet snow, mainly in the eastern half of the region, and this could continue into Tuesday. A lack of much precipitation in the second week of the outlook will further support fieldwork, said World Weather.
Technical analysis: Winter wheat bears still have the solid overall near-term technical advantage. Price downtrends are firmly in place on the daily bar charts. SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $5.25. The bears’ next downside objective is closing prices below solid technical support at $4.75. First resistance is seen at $5.10 and then at $5.20. First support is seen at the contract low of $4.92 1/4 and then at $4.85.
The next upside price objective for the HRW bulls is closing December prices above solid chart resistance at $5.00. The bears’ next downside objective is closing prices below solid technical support at $4.60. First resistance is seen at this week’s high of $4.94 1/2 and then at $5.00. First support is seen at the contract low of $4.77 1/4 and then at $4.70.
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 fell 68 points to 63.74 cents, near the daily low.
Fundamental analysis: December cotton futures today saw renewed technical selling pressure that set the bulls back after recent gains that had suggested the bears were exhausted. A sell off in the U.S. stock indexes today was a negative outside-market element for the cotton futures market.
World Weather Inc. today said any showers that occur in West Texas over the next week to 10 days should be insignificant to the maturing cotton crop. Temperatures will remain above the frost and freeze threshold through the end of this month, but there may be some cooling in early November. Good drying conditions are likely in the southeastern states for the next week. Rain in the Delta should be limited through Friday. Showers and thunderstorms will then pop up and impact a part of the region this weekend and next week. Southwestern U.S. cotton fiber quality improvements have occurred with recent drier weather and harvesting is advancing more normally after rain fell earlier this month, said the forecaster.
Technical analysis: The cotton bears have the overall near-term technical advantage and regained some momentum today. Prices are in a 5.5-month-old downtrend on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 66.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the contract low of 62.71 cents. First resistance is seen at this week’s high of 64.78 cents and then at 65.00 cents. First support is seen at 63.46 cents and then of 63.00 cents.
What to do: Get current with advised sales.
Hedgers: You are 100% sold in the cash market on 2024-crop. No 2025-crop sales are advised at this time.
Cash-only marketers: You are 100% sold on 2024-crop. No 2025-crop sales are advised at this time.