Corn
Price action: December corn rose 1 1/4 cents to $4.63 1/4, near the daily high and hit a three-month low early on.
Fundamental analysis: The corn futures market saw more technical selling most of the session today as the near-term chart posture remains bearish. However, some short covering and would-be bargain hunting did lift prices above unchanged by the close, with prices being short-term oversold, technically. U.S. corn harvest is progressing rapidly, which is prompting commercial hedge pressure on corn futures and will likely continue to limit the upside for futures in the near term.
World Weather Inc. today said harvesting of corn will occur rapidly in most areas during the next two weeks around precipitation in most of the western Corn Belt Sunday into Tuesday, the southwestern to the eastern Corn Belt Oct. 28-29, and much of the Midwest Oct. 30-Nov. 2. Today’s forecast is wetter for Oct. 28-29 than what was advertised earlier this week and at least some rain should fall with another round of precipitation Oct. 30-Nov. 2 but confidence is low for that event.
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 $4.80. The next downside target for the bears is closing prices below chart support at $4.40. First resistance is seen at Tuesday’s high of $4.68 1/2 and then at this week’s high of $4.74. First support is seen at today’s low of $4.53 1/2 and then at $4.50.
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 lost 3 cents to $12.45 1/4, nearer the daily high and hit a seven-week low early on today. December soybean meal fell $0.40 to $348.30, nearer the daily high and hit a 2.5-month low early on. December soybean oil lost 76 points to 65.97 cents, nearer the daily low and hit a nearly four-month low.
Fundamental analysis: The soybean complex futures saw more technical selling featured today as prices are trending lower on the daily bar charts for beans, meal and bean oil. Commercial hedge selling pressure is also stronger as U.S. soybean harvest is progressing rapidly. It appears there is presently a “buyers’ strike” across the grain futures markets.
Bulls got very little traction from USDA this morning reporting daily U.S. soybean sales of 134,000 MT of soybeans to China and 165,000 MT of soybeans to Spain during 2026-27. Chinese state stockpiler Sinograin will auction 512,000 MT of imported soybeans on Oct. 27, according to Reuters.
World Weather Inc. today said favorable U.S. soybean harvest weather is predicted in much of the Midwest this week. Any precipitation that occurs will be brief and light. Meantime, southern Brazil has benefited from recent drying but rain is expected to resume later this week, which may bring back some concern about too much moisture. Center-west and northeastern Brazil rainfall will be limited through the weekend and then rain is expected to evolve and increase next week. The moisture should improve planting, emergence and establishment conditions.
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 $12.80. The next downside price objective for the bears is closing prices below solid technical support at $12.00. First resistance is seen at $12.50 and then at this week’s high of $12.65. First support is seen at today’s low of $12.35 3/4 and then at $12.26.
Soybean meal futures are now 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 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 Tuesday’s high of $354.80 and then at this week’s high of $360.00. First support is seen at today’s low of $343.10 and then at $340.00.
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 this week’s high of 67.52 cents and then at 68.00 cents. First support is seen at today’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 15 cents to $6.28 1/4, nearer the daily low and hit a more-than-three-month low. December HRW fell 18 cents to $6.73, nearer the daily low and hit a more-than-three-month low. December spring wheat futures fell 10 1/4 cents to $6.51 1/2, near the daily low.
Fundamental analysis: The winter wheat futures markets saw more technical selling today as prices are in firm downtrends on the daily bar charts. New reports that the Presidents Trump, Xi and Putin will soon discuss the Russia-Ukraine war, with Russia reportedly receptive to cease-fire talks, helped to sink the wheat futures markets today.
Egypt’s state grain buyer Futures of Egypt has purchased about five cargoes of wheat this week in one of its first known imports in months as Black Sea exports tighten supplies, according to Reuters. The purchase marks a major return for Egypt’s state buyer, which has largely stayed on the sidelines in recent months amid supply disruptions in the Black Sea.
World Weather Inc. today said drought remains in the U.S. Pacific Northwest, and a part of the Great Plains would benefit from additional moisture to induce the best establishment. Most of the Midwest crops are rated favorably, but dryness is a concern in the Delta and part of the Tennessee River Basin. Meantime, some beneficial rain will fall in western Europe through the weekend, improving soil moisture for wheat and barley emergence and establishment. Some new planting may occur as well. Eastern Europe will remain a little too dry, but some showers are expected. Eastern Europe needs greater moisture. Ukraine and Moldova rainfall during the weekend 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. Southern Australia is also expected to produce quite well this season due to timely rainfall in recent weeks and some additional moisture that is expected in some areas. Argentina’s wheat has benefited from recent rain and more may evolve in the next couple of weeks. Temperatures will be mild to cool maintaining a favorable environment for wheat and barley development. Southern Brazil wheat is vulnerable to a quality decline from Parana into Rio Grande do Sul and Paraguay because of too much rain this year, although recent drying has helped to reduce some of that concern temporarily.
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 $6.50 and then at this week’s high of $6.66 1/2. First support is seen at today’s low of $6.21 and then at $6.10.
HRW bulls’ next upside price objective is closing December prices above solid chart resistance at $7.25. The bears’ next downside objective is closing prices below solid technical support at the June low of $6.28. First resistance is seen at today’s high of $7.92 1/4 and then at $7.00. First support is seen at today’s low of $6.67 1/4 and then at $6.70.
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 95 points to 81.83 cents, near the daily high and closed at a three-week high close.
Fundamental analysis: Cotton futures saw more short covering and perceived bargain hunting today but are presently still trapped in the upper boundary of a sideways trading range. Higher U.S. stock index prices today again supported some buying interest in cotton futures. Lower grain futures prices today again limited the upside in cotton.
World Weather Inc. today said U.S. cotton quality was compromised in the southeastern states earlier this season but the drying trend under way now is good for bleaching the crop white again and for supporting better harvest conditions. Similar conditions have occurred in parts of Arizona and southern California, although Arizona needs additional drying. Some rain will impact west Texas and southwestern Oklahoma this weekend into early next week, which may delay early 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 at least 10 more days with rain potential rising after that.
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 80 cents and then at last week’s low of 79.38 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.