Corn
Price action: December corn rose 1/2 cent to $4.48 1/4, nearer the daily low and poked to a four-month low.
Fundamental analysis: The corn futures market saw a pause today. Gains were limited by continued harvest-related commercial hedge pressure and solidly lower soybean complex prices. Slight gains in wheat futures prices did limit the downside in corn today, as did a weaker U.S. dollar index.
USDA this morning reported daily sales of 1.73 MMT of U.S. corn to Mexico. Of the total, 1.135 MMT is for 2026-27 and 594,360 MT is for 2027-28. The agency also reported weekly U.S. corn export inspections totaled 844,766 MT during the week ended Oct. 29, down 246,540 MT from the previous week.
Today’s USDA crop progress reports are expected to show the U.S. corn crop at 72% harvested as of Sunday.
World Weather Inc. today said that in the U.S. Midwest a significant rain event today into Wednesday will temporarily stall fieldwork across the region, with eastern Nebraska and Iowa to eastern Minnesota seeing the greatest delays to farming activity. The soil is already moist from eastern Nebraska and Iowa to eastern Minnesota where rain during the next few days will induce saturated or nearly saturated soil conditions and most areas will need multiple days of dry weather before fieldwork can resume.
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 today’s high of $4.52 and then at last week’s high of $4.56. 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 17 1/2 cents to $12.16 3/4, nearer the daily low and hit a 2.5-month low. December soybean meal lost $5.00 to $319.60, near the daily low and hit a 2.5-month low. December soybean oil lost 82 points to 65.08 cents, nearer the daily low and closed at a six-month-low close.
Fundamental analysis: The soybean complex futures markets saw renewed technical selling pressure amid existing downtrends in place on the daily bar charts. Beans and meal continue to be pressured by commercial hedge selling as the U.S. soybean harvest is ongoing but now in the latter stages.
USDA reported daily sales of 136,000 MT of U.S. soybeans to China during 2026-27. The agency also reported weekly U.S. soybean export inspections totaled 2.445 MMT during the week ended Oct. 29, down 57,069 MT from the previous week.
Brazilian farmers had planted 53% of the projected 2026-27 soybean area as of last Thursday, according to AgRural, up from 40% a week earlier and six percentage points ahead of the same time last year.
Today’s USDA crop progress reports are expected to show the U.S. soybean crop at 87% harvested as of Sunday.
World Weather Inc. today said favorable harvest weather in much of the U.S. recently has been a boon for field progress, but a more active weather pattern is underway for this week that will delay fieldwork for a little while. Western crop areas will get rain early this week while the east will see it later in the week. Meantime, Concern remains over the condition of center-west Brazil, where rainfall may offer some short-term benefit to crops, but very low subsoil moisture will remain a serious concern especially when drier and warmer than usual weather occurs in later this month. Southern Brazil and Paraguay remain wet and would benefit from some drying, but that is unlikely outside of Rio Grande do Sul leaving the flood potential relatively high. Northeastern Brazil still needs greater rain. Argentina will see a good mix of weather to support corn, soybean, sunseed and sorghum planting in November.
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 $12.75 1/2. The next downside price objective for the bears is closing prices below solid technical support at $12.00. First resistance is seen at $12.25 and then at today’s high of $12.37 3/4. First support is seen at $12.10 and then at $12.00.
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 today’s high of $326.00 and then at $330.00. First support is seen at $320.00 and then at $315.00.
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 66.18 cents and then at last week’s high of 67.52 cents. First support is seen at last week’s low of 64.50 cents and then at 64.00 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 rose 3 cents to $6.06 1/2, near mid-range. December HRW rose 1 3/4 cents to $6.46, near mid-range. December spring wheat futures rose 2 cents to $6.25 3/4, near mid-range..
Fundamental analysis: The winter wheat futures markets are seeing some short covering and pausing at lower levels, suggesting the bears have run out of gas in the present price downtrends on the daily charts. Modest buying support today came from a weaker U.S. dollar index.
USDA this morning reported weekly U.S. wheat export inspections totaled 75,413 MT during the week ended Oct 29, down 119,641 MT from the previous week.
Today’s USDA crop progress reports are expected to show the U.S. winter wheat crop at 85% planted as of Sunday, and in 50% good to excellent condition.
World Weather Inc. today said that in U.S. HRW country, soil moisture is rated favorably in much of the region. However, rain is needed in eastern Colorado and a few immediate neighboring areas of Kansas and southwestern Nebraska, where there is still some dryness prevailing. A little more rain is expected early this week and then a net drying bias is expected for a while. Temperatures will cool down closer to normal this week but will rebound back above normal next week. Wheat establishment will continue to advance well and some faster fieldwork is likely as drier weather resumes. In the Northern Plains, recent precipitation across the crop region has been beneficial for improving soil moisture and alleviating some drought stress. More precipitation will be needed in the coming weeks to further reduce drought conditions and to support winter crops. Seasonable frosts and hard freezes across the crop region have occurred.
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 the June low of $5.90 1/2. First resistance is seen at $6.15 and then at last week’s high of $6.27 1/2. First support is seen at $6.00 and then at $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 $6.56 3/4 and then at last week’s high of $6.66 1/2. First support is seen at last week’s low of $6.36 1/2 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 17 points to 77.66 cents, nearer the session low and hit a four-week low.
Fundamental analysis: Cotton futures saw modest technical selling today. Sharply lower crude oil prices also limited buying interest in cotton futures.
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 have been kept in the best condition due to dryness in recent weeks, but it, too, will be impacted by some rain in the coming week. The southeastern states will also get some rain next week. Meantime, Xinjiang, China harvesting is winding down and late season weather should continue favorable to get the remaining crop baled soon. Northern India and Pakistan harvesting has advanced well with little change likely. Southern India rainfall has been welcome, but more is needed to ensure the best crop development through the balance of this year. Australia planting is under way. Some timely rainfall has occurred over the past few weeks and additional showers into next week will maintain favorable soil moisture for much improved planting, emergence and establishment conditions.
Technical analysis: December cotton futures bears have the overall near-term technical advantage. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 80.00 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 78.00 cents and then at 79.00 cents. First support is seen at 77.05 cents and then at 76.00 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.