Corn
Price action: December corn fell 7 1/4 cents to $4.67, near the daily low and hit a nine-week low.
Fundamental analysis: The corn futures market saw more technical selling pressure today as the near-term chart posture remains bearish. Combines in the Corn Belt are running mostly in high gear, which is prompting stronger commercial hedge pressure on corn futures. World Weather Inc. said U.S. crop weather is expected to be dry in the Delta, lower eastern Midwest and southeastern states for the next 10 days and that harvesting of corn in the U.S. Midwest will occur rapidly in most areas.
USDA this morning reported weekly U.S. corn export inspections of 672,475 MT during the week ended Oct. 15, down 641,258 MT from the previous week. Net inspections were well below analysts’ pre-report range of expectations from 1.1 to 1.35 MMT.
Traders are awaiting this afternoon’s weekly USDA crop progress reports, expected to show the U.S. corn crop in 56% good to excellent condition as of Sunday, the same as last week. The corn crop is expected to have been 45% harvested as of Sunday.
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 $5.00. The next downside target for the bears is closing prices below chart support at $4.57 1/4. First resistance is seen at today’s high of $4.74 and then at $4.80. First support is seen at $4.65 and then at $4.60.
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: November soybeans fell 7 3/4 cents to $12.53 1/2, nearer the daily low and hit a seven-week low. December soybean meal lost $2.30 to $354.80, near the daily low and closed at a two-week low close. December soybean oil lost 44 points to 66.69 cents, near mid-range and hit a six-week low.
Fundamental analysis: The soybean market saw more technical selling featured today as prices are trending lower on the daily bar chart. Commercial hedge selling pressure is also stronger as combines are rolling full speed over most of the Midwest. World Weather Inc. today said U.S. soybean harvesting in the Midwest will progress rapidly in most areas during the next two weeks around infrequent precipitation that will favor western and northern areas into early next week and likely southern areas Oct. 30-Nov. 2.
Bulls were once again disappointed the fresh U.S. bean sales to China could not lift futures prices. USDA this morning reported daily U.S. soybean sales of 114,000 MT to China and 261,000 MT to unknown destinations during 2026-27. The agency also reported weekly U.S. soybean export inspections totaled 2.002 MMT during the week ended Oct. 15, up 892,365 MT from the previous week. Net inspections were well above analysts’ pre-report range of expectations from 1.2 to 1.6 MMT.
Brazilian farmers had planted 26% of the 2026-27 soybean crop as of last Thursday, according to AgRural, up from 15% a week earlier and 24% during the same week last year.
Traders are awaiting this afternoon’s weekly USDA crop progress reports, with the U.S. soybean crop expected to be 62% harvested as of Sunday.
Technical analysis: November soybeans see a downtrend in place on the daily bar chart. Bulls’ next near-term upside technical objective is closing November prices above solid resistance at $13.00. 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 $12.65 and then at $12.77. First support is seen at $12.40 and then at $12.30.
The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at the September high of $376.90. The next downside price objective for the bears is closing prices below solid technical support at the October low of $344.20. First resistance comes in at today’s high of $360.00 and then at $365.00. First support is seen at $350.00 and then at $344.20.
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 the October high of 70.08 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at the July low of 64.63 cents. First resistance is seen at 67.00 cents and then at 68.00 cents. First support is seen at 66.00 cents and then at 65.00 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 5 1/4 cents to $6.55 1/4, near the daily low and hit a nine-week low. December HRW fell 4 1/2 cents to $6.99 1/2, near the daily low and hit a three-month low. December spring wheat futures fell 6 1/4 cents to $6.70 1/4, near the daily low.
Fundamental analysis: The winter wheat futures markets saw technical selling pressure today as prices are trapped in downtrends on the daily bar charts.
USDA this morning reported weekly U.S. wheat export inspections totaled 240,308 MT during the week ended Oct. 15, down 66,717 MT from the previous week. Net inspections were short of analysts’ pre-report range of estimates from 300,000 to 400,000 MT.
Hard red winter wheat areas will get some rain at the end of the week and into the weekend, but bigger rain is expected next week that will also affect the western and northern Midwest, notes World Weather Inc.
Traders are awaiting this afternoon’s weekly USDA crop progress reports, with the U.S. winter wheat crop expected to be 64% planted as of Sunday.
Technical analysis: SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $7.00. The bears’ next downside objective is closing prices below solid technical support at $6.00. First resistance is seen at last week’s high of $6.81 and then at $6.90. First support is seen at $6.50 and then at $6.35.
HRW bulls’ next upside price objective is closing December prices above solid chart resistance at $7.50. The bears’ next downside objective is closing prices below solid technical support at $6.50. First resistance is seen at today’s high of $7.10 1/2 and then at last week’s high of $7.25. First support is seen at $6.90 and then at $6.80.
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 rose 13 points to 80.13 cents, nearer the daily low.
Fundamental analysis: Cotton futures have been pausing the past two sessions and are presently trapped in a sideways trading range. A firmer U.S. dollar index today limited buying interest, as did lower grain futures prices today. However, a rebound in the U.S. stock market today limited the downside for cotton futures.
Traders are awaiting this afternoon’s weekly USDA crop progress reports.
World Weather Inc. today said the Delta and most of the Southeast remained dry during the weekend and harvesting likely advanced well with exceptions from east-central Georgia to southern Virginia and the rest of North Carolina, where rain fell and some cotton may have been discolored. The Delta and the Southeast will be dry most often through Oct. 30 and rapid harvesting is likely before a precipitation event of low confidence occurs Oct. 31-Nov. 2. Western Texas and southwestern Oklahoma will see mostly dry weather into Thursday that will allow for harvesting to advance white before periods of wet weather Friday into next Monday and a low confidence period of wet weather Oct. 30-Nov. 1 slows harvesting, causes quality declines, and possibly causes some production cuts due to boll rot. A few light showers will occur in the Panhandle today. The Blacklands, south Texas and the Coastal Bend will see infrequent rounds of isolated to scattered showers and thunderstorms during the next two weeks and the remaining cotton harvest will be slowed by the rain while much of the cotton has likely already been harvested.
Technical analysis: December cotton futures have been trading sideways on the daily chart for two weeks. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 84.00 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 last week’s high of 82.25 cents and then at 83.00 cents. First support is seen at last week’s low of 79.38 cents and then at 78.77 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.