Corn
Price action: December corn fell 6 1/4 cents to $4.48 3/4, near the daily low and hit a 3.5-month low.
Fundamental analysis: The corn futures market saw still more technical selling today. Lower wheat and soybean prices today also limited buying interest in corn. U.S. corn harvest is progressing rapidly, prompting better commercial hedge selling. USDA Monday afternoon said 60% of the U.S. corn crop was harvested as of Sunday, up from 44% a week earlier but behind the five-year average of 66%.
Pro Farmer crop consultant Dr. Michael Cordonnier left his 2026-27 corn production estimates for both Brazil and Argentina unchanged at 140 MMT and 60 MMT, respectively.
World Weather Inc. today said favorable harvest weather is predicted in much of the U.S. Corn Belt this week. Any precipitation that occurs will be brief and light. Meantime, southern Brazil benefited from recent drying but rain developed during the weekend and was expected to continue frequently through the next ten days. Center-west and northeastern Brazil rainfall will be limited through mid-week and then should start to increase.A close watch on that rain will be warranted since it may be erratic and light initially.
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 $4.75. The next downside target for the bears is closing prices below chart support at $4.40. First resistance is seen at this week’s high of $4.56 and then at $4.60. First support is seen at $4.45 and then at $4.40.
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 9 1/2 cents to $12.43, near the daily low and closed at a two-month-low close. December soybean meal lost $5.60 to $334.60, near the daily low and hit another two-month low. December soybean oil lost 30 points to 66.71 cents, nearer the daily low.
Fundamental analysis: The soybean and meal futures saw more technical selling pressure. Soybean and meal futures have also been pressured this week by the Brazilian real depreciating against the U.S. dollar – making Brazilian beans more price-competitive versus U.S. beans on world trade markets.
Selling pressure in beans and meal today also came from commercial hedge selling as the U.S. soybean harvest is progressing rapidly.
After a better-than-expected start to the planting season, a few weather concerns are starting to emerge in Brazil, said Dr. Michael Cordonnier, Pro Farmer crop consultant. Too much rain in southern Brazil has been accompanied by cooler-than-normal temperatures and localized frosts, he said. The pattern for several months has seen heavy rain in Parana, Rio Grande do Sul and Santa Catarina. The other concern is dryness in parts of central and northeastern Brazil. Cordonnier maintained his 2026-27 production estimates for Brazil and Argentina at 182 MMT and 54 MMT, respectively. He noted Argentina still has not planted enough of the soybean crop to register on a nationwide basis.
World Weather Inc. today said the two-week outlook for the Midwest is still mostly favorable for soybean harvesting. Fieldwork will advance well around some mostly light precipitation into Friday that will favor western into central areas, before a more significant precipitation event Sunday into Wednesday of next week temporarily stalls farming activity. A close watch will be made on rain Sunday into Wednesday of next week and although some moderate to heavy rain is likely, the soil should be dry enough to absorb much of the precipitation without becoming excessively muddy.
Technical analysis: January soybeans see a downtrend in place on the daily bar chart. Bulls’ next near-term upside technical objective is closing January 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 this week’s high of $12.62 and then at $12.75 1/2. First support is seen at this week’s low of $12.39 and then at $12.25.
Soybean meal futures are trending 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 $350.00. The next downside price objective for the bears is closing prices below solid technical support at $325.00. First resistance comes in at today’s high of $343.00 and then at $345.50. First support is seen at $335.00 and then at $332.00.
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 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 last week’s high of 67.52 cents and then at 68.00 cents. First support is seen at last week’s low of 65.55 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 3/4 cents to $6.10 1/4, nearer the session low and hit a 3.5-month low. December HRW fell 8 1/2 cents to $6.50 1/2, near the daily low and hit another 3.5-month low. December spring wheat futures fell 5 1/2 cents to $6.28 1/2.
Fundamental analysis: The winter wheat futures markets saw still more technical selling today as prices are in firm downtrends on the daily bar charts. Lower corn and soybean prices today also helped to pressure winter wheat futures. Peace prospects potential between Russia and Ukraine are lingering, which is limiting buying interest in wheat futures.
USDA Monday afternoon reported U.S. winter wheat plantings were 77% complete as of Oct. 25, up thirteen percentage points on the week, but still one point behind the five-year average.
World Weather Inc. today said drought remains in the U.S. Pacific Northwest and a part of the Great Plains and those regions would benefit from additional moisture to induce the best crop establishment. Most of the Midwest crops are rated favorably, but dryness is a concern in the Delta and a part of the Tennessee River Basin. Recent rain in the west-central high Plains region during the weekend and for a while this week will improve wheat establishment in some of the previously driest areas. Meantime, some beneficial rain has fallen in western Europe recently and that has improved winter crop establishment or soon will. This week’s weather will be drier once again. Eastern Europe still has some dryness from Slovakia through Hungary, Serbia and parts of Romania and moisture is needed to induce the best winter crop establishment, but the region will be dry biased for a while. Recent rain in Ukraine and Moldova was ideal in bolstering soil moisture for better winter crop establishment. Russia’s Southern Region, though, still needs significant rain to get crops as well established ahead of dormancy as possible. Not much rain is the pipeline.
Technical analysis: SRW 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 $6.00. First resistance is seen at this week’s high of $6.27 1/2 and then at $6.43 3/4. First support is seen at $6.00 and then at the June low of $5.90 1/2.
HRW 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 the June low of $6.28. First resistance is seen at this week’s high of $6.66 1/2 and then at $6.75. First support is seen at $6.40 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 100 points to 78.06 cents, nearer the daily low and hit a three-week low.
Fundamental analysis: Cotton futures this week have seen a technically bearish downside price breakout from a sideways trading range. More losses in the grain futures markets also weighed on cotton.
Monday’s weekly USDA crop progress reports showed the U.S. cotton crop at 52% harvested as of Sunday, with 89% bolls opening. USDA said 37% of the crop was in poor to very poor condition, with 30% fair and 33% in good to excellent condition.
World Weather Inc. today said some rain will impact west Texas and southwestern Oklahoma this week, which may delay harvesting and could induce a little yellowing of the crop. The Delta crops have been kept in the best condition due to dryness in recent weeks. The dry bias will continue for another week but rain is possible after that. The southeastern states will also get some rain next week. Meantime, Australia planting is under way. Some timely rainfall has occurred over the past few weeks and additional rain this week will bolster soil moisture for much improved planting, emergence and establishment conditions.
Technical analysis: December cotton futures have seen a bearish downside breakout from a sideways trading range on the daily chart, also breaking a price uptrend 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 82.50 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 today’s high of 79.06 cents and then at this week’s high of 80.41 cents. First support is seen at 77.50 cents and then at 77.05 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.