Corn
Price action: December corn futures rose 3 3/4 cents to $4.35 1/4, near the daily high and closed at a four-month-high close.
Fundamental analysis: The corn futures market today saw fresh chart-based buying from the speculators as the near-term technical posture for corn is bullish, amid a price uptrend in place on the daily bar chart. Gains in corn and wheat futures markets also supported buying interest in corn today. The U.S. dollar index today hit another 5.5-month high, which may have somewhat tempered price gains in corn. Better risk appetite in the general marketplace today, evidenced by rallies in the U.S. stock indexes, also benefitted the corn market bulls today.
World Weather Inc. today said late-season U.S. harvest weather will advance around infrequent rainfall during the next 10 days. No crop quality problems are expected because of periodic rain. Meantime, a favorable mix of rain and sunshine is expected in Brazil and Argentina among other South American nations during the next two weeks. There is need for greater rain in portions of center-west and northeastern Brazil and some of that need will be fulfilled in the next couple of weeks. However, subsoil moisture will remain low in northern Mato Grosso do Sul, southern Mato Grosso and southwestern Goias.
Technical analysis: Corn bulls have the overall near-term technical advantage. Prices are trending higher on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $4.50. The next downside target for the bears is closing prices below chart support at the October low of $4.18. First resistance is seen at the October high of $4.37 and then at $4.40. First support is seen at $4.30 and then at last week’s low of $4.26.
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.
Soybeans
Price action: January soybeans rose 12 3/4 cents to $11.34 1/4, nearer the session high and hit a 16-month high. December soybean meal gained $7.40 to $324.80, nearer the daily high and closed at a nine-month high close. December soybean oil rose 16 points to 49.69 cents, nearer the daily high.
Fundamental analysis: January soybeans today saw a quick recovery from Tuesday’s selling pressure, which suggests the market is still technically strong amid the steep price uptrend in place on the daily bar chart. Bean and meal bulls brushed aside a rise in the U.S. dollar index today to a 5.5-month high.
World Weather Inc. today said precipitation in the central U.S. through late next week will be infrequent and often light in most areas, allowing fieldwork to advance well around two rounds of precipitation occurring Thursday into Sunday and favoring northern and eastern areas before a storm system of low confidence occurs Nov. 15-17 slowing fieldwork in many areas. Temperatures will be much warmer than normal most often through Friday, before Saturday is cooler and Sunday into Tuesday is colder than usual followed by warmer-than-usual conditions during the middle to late part of next week.
Technical analysis: The soybean bulls have the solid overall near-term technical advantage. Prices are trending higher on the daily bar chart. The next near-term upside technical objective for the soybean bulls is closing January prices above solid resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $10.70 1/4. First resistance is seen at today’s high of $11.37 and then at $11.50. First support is seen at today’s low of $11.16 1/4 and then at $11.00.
December soybean meal bulls have the solid overall near-term technical advantage. A steep 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 $335.00. The next downside price objective for the bears is closing prices below solid technical support at $304.00. First resistance comes in at this week’s high of $325.20 and then at $328.00. First support is seen at $320.00 and then at this week’s low of $315.30.
Bean oil bears have the overall near-term technical advantage as prices are trending down on the daily bar chart. 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 this week’s high of 50.10 cents and then at last week’s high of 50.94 cents. First support is seen at this week’s low of 48.27 cents and then at 48.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 100% priced in the cash market on 2024-crop. You should also have 30% of expected 2025-crop production sold for harvest delivery.
Cash-only marketers: You should be 100% priced on 2024-crop. You should also have 30% of expected 2025-crop production sold for harvest delivery.
Wheat
Price action: December SRW rose 4 1/2 cents to $5.54 3/4, near the daily high and hit another three-month high. December HRW gained 3 1/2 cents to $5.40, near the daily high and hit a 2.5-month high. December Spring wheat futures fell 1 1/4 cents to $5.56, about mid-range.
Fundamental analysis: Winter wheat markets saw chart-based buying interest from the speculators today. Gains in soybeans and corn also supported buying interest in wheat. Wheat market bulls brushed aside a rise in the U.S. dollar index to a near six-month high today.
World Weather Inc. today said U.S. wheat areas are experiencing mostly good weather for planting, emergence and establishment. Some greater rain may be needed soon in the western high Plains and in northern portions of the Midwest production region. Moisture is also needed in the Pacific Northwest, although none of this is of much concern. Canada’s eastern Prairies are plenty wet and need some drier weather. A boost in precipitation and soil moisture is needed in the central and southwestern Prairies to improve winter crop development potential in the spring. Neighboring areas of Montana might also benefit from some additional moisture. Meantime, wheat establishment in eastern Ukraine, Russia’s Southern Region and western Kazakhstan has improved. Cooling during the next couple of weeks will begin pushing crops into dormancy.
Technical analysis: Winter wheat bulls have the overall near-term technical advantage as price uptrends are in place on the daily bar charts. SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $5.80. The bears’ next downside objective is closing prices below solid technical support at $5.00. First resistance is seen at today’s $5.55 and then at $5.65. First support is seen at $5.40 and then at this week’s low of $5.31 1/4.
The next upside price objective for the HRW bulls is closing December prices above solid chart resistance at $5.75. The bears’ next downside objective is closing prices below solid technical support at $4.90. First resistance is seen at today’s high of $5.40 and then at $5.50. First support is seen at this week’s low of $5.18 1/2 and then at last week’s low of $5.05.
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 rose 3 points to 65.23 cents, near mid-range.
Fundamental analysis: December cotton futures today saw some chart consolidation amid more choppy trading. Higher grain futures prices today limited selling, as did a rebound in the U.S. stock indexes. However, a rise in the U.S. dollar index today to a 5.5-month high was a bearish daily outside-market element for cotton.
World Weather Inc. today said U.S. harvest conditions have been mostly good in southern Georgia, northern Florida, southeastern Alabama and across Texas. Fieldwork has been a little slow recently in parts of the Delta and the remaining southeastern states, but restricted precipitation in the next ten days will be good for ongoing fieldwork. Some rain will impact parts of southern California and Arizona next week to possibly slow some of the late harvest.
Technical analysis: The cotton bulls have the slight overall near-term technical advantage. Prices are still trending up on the daily bar chart but the bulls need to show fresh power soon to keep it alive. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 67.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 63.50 cents. First resistance is seen at last week’s high of 66.10 cents and then at 66.50 cents. First support is seen at today’s low of 64.81 cents and then at 64.54 cents.
What to do: Get current with advised sales.
Hedgers: You are 15% sold in the cash market on the 2025 crop. No 2026-crop sales are advised at this time.
Cash-only marketers: You are 15% sold on 2025-crop. No 2026-crop sales are advised at this time.