Corn
Price action: December corn rose 1 3/4 cents to $4.44 1/4, nearer the daily high and hit another four-month low early on today.
Fundamental analysis: The corn futures market saw short covering and perceived bargain hunting today. A weaker U.S. dollar index and better risk appetite in the general marketplace also supported buying interest in corn futures. A big drop in crude oil prices late in trading did pull corn prices down from daily highs.
StoneX has estimated the average U.S. corn yield at 183.1 bushels per acre, above USDA’s estimate of 181.2.
As the U.S. corn harvest is winding down, World Weather Inc. today said harvesting should gradually resume during the next 10 days after additional rain today in northern and eastern areas of the Corn Belt, before a much drier weather pattern occurs Thursday into Nov. 15. Precipitation may return to a large part of the Midwest Nov. 16-18 and by that time few crops should be left unharvested.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
Technical analysis: December corn still 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 $4.38 1/2 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 11 3/4 cents to $12.02 1/4, nearer the daily low and hit another 2.5-month low. December soybean meal rose $0.60 to $318.60, nearer the daily high. December soybean oil fell 175 points to 63.53 cents, near the daily low and hit a six-month low today.
Fundamental analysis: The soybean market saw technical selling pressure continue today. A big drop in crude oil prices late in the session also helped to sink soybeans and bean oil. Spreaders today were featured buying soybean meal and selling soybean oil futures.
USDA this morning reported daily sales of 167,000 MT of U.S. soybeans to Spain during 2026-27. StoneX has estimated the average U.S. soybean yield was pegged at 55 bushels per acre versus USDA’s record 53.1 bushels.
As the U.S. soybean harvest is winding down, World Weather Inc. today said weather in the Midwest will improve again during the end of this week through next week as dry conditions resume after rain today and Thursday. Meantime, increasing rainfall expected in Brazil’s center-west crop areas during the coming week should induce better crop emergence and establishment conditions. Some rain may also reach into the northeast part of Brazil, although the resulting moisture will be more erratic. Argentina will see a good mix of weather to support soybean planting.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
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 $12.50. The next downside price objective for the bears is closing prices below solid technical support at $11.50. First resistance is seen at Tuesday’s high of $12.23 and then at this week’s high of $12.37 3/4. First support is seen at today’s low of $11.98 3/4 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 this week’s high of $326.00 and then at $330.00. 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 today’s high of 65.37 cents and then at this week’s high of 66.18 cents. First support is seen at today’s low of 63.77 cents and then at 63.00 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 1 1/4 cents to $5.98 1/2, near mid-range. December HRW fell 3 1/2 cents to $6.32 3/4, nearer the daily low. Both markets hit four-month lows early on today. December spring wheat futures fell 2 3/4 cents to $6.16 3/4, nearer the daily low.
Fundamental analysis: The winter wheat futures markets saw some short covering early on, as well as some perceived bargain hunting. However, gains faded away in late trading as crude oil futures prices dropped sharply. A weaker U.S. dollar index that hit a four-week low today supported wheat futures early on.
Russia will hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10-11, the Kremlin confirmed on Tuesday,according to a Reuters report.
World Weather Inc. today said that in U.S. HRW country, net drying is expected over the next week to 10 days after recent beneficial rain fell. There is still need for more moisture in Colorado, southwestern Nebraska and in some of the southern Plains where drought lingers, despite improved topsoil conditions. Wheat is expected to continue to emerge and establish well in this environment with more rain coming later this month. Temperatures will be warmer than usual throughout the next two weeks, despite short-term cooling in the next few days. In the Northern Plains, recent precipitation across the eastern half of the crop region has been beneficial for improving and maintaining soil moisture and alleviating some drought stress. Montana and the western Dakotas will need more precipitation to improve soil moisture and drought conditions.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
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 $5.50. 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 $6.28 and then at $6.20.
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 107 points to 78.11 cents, nearer the daily high and hit a four-month low early on.
Fundamental analysis: Cotton futures saw short covering and perceived bargain hunting today. A big rebound in the U.S. stock indexes from their overnight lows also boosted cotton. A weaker U.S. dollar index that hit a four-week low today also supported the cotton market.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said recent rain in west Texas and southwestern Oklahoma delayed harvesting and induced some yellowing of the crop. The Delta crops were impacted by rain recently, slowing the harvesting and discoloring some of the remaining crop. The southeastern U.S. has seen good harvest conditions recently and that will continue, despite some showers. Meantime, Australia planting is advancing well following recent rain. Net drying is expected until mid-week next week when some timely rain will return to easternmost production areas.
Technical analysis: December cotton futures bears have the overall near-term technical advantage. However, today’s bullish “outside day” up on the daily bar chart is a solid chart clue that a market bottom is now in place. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 82.30 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the June low of 75.17 cents. First resistance is seen at today’s high of 79.14 cents and then at 80.00 cents. First support is seen at today’s low of 76.47 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.