Corn
Price action: December corn rose 1 1/2 cents to $4.41 1/2, nearer the daily high and for the week down 6 1/2 cents.
5-day outlook: The corn futures market bulls have been squelched by the major sell off in the U.S. stock market the past couple weeks. If the stock indexes continue to deteriorate next week, corn bulls may also stay on the sidelines. A rally in the U.S. dollar index today also kept the corn bulls skittish. Bulls also got little traction from USDA this morning reporting daily sales of 101,000 MT of U.S. corn to unknown destinations during 2026-27. Tuesday comes the latest USDA monthly supply and demand report (WASDE) for November. Analysts expect the average U.S. corn yield and production numbers to downtick slightly from the October report.
30-day outlook: World Weather Inc. today said increasing rainfall expected in Brazil’s center-west crop areas next week will 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 corn planting in November. U.S. harvest weather will improve again during the end of this week through next week as dry weather resumes after showers linger in a few areas today.
90-day outlook: Attention of the grain markets will turn from U.S. supplies to export demand in the coming months. Demand for U.S. corn abroad has been decent in recent weeks. China this week said the purchase of further U.S. agricultural goods outside of soybeans hinges on the implementation of a reciprocal agreement to lower tariffs, which puts a damper on hopes for a sizable Chinese entrance to the U.S. feed grains markets in the near-term. The South American growing season and weather patterns there will also move closer to the front burner of the corn futures market for the next few months.
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 rose 5 1/2 cents to $11.93 3/4, near the daily high, hit an 11-week low early on and for the week down 40 1/2 cents. December soybean meal rose $2.00 to $319.20, near mid-range and for the week down $5.40. December bean oil rose 2 points to 62.26 cents, nearer the daily high, hit a six-week low early on and for the week down 364 points.
5-day outlook: The soybean and meal futures markets today saw pauses and some late short covering as bulls work to stabilize prices. A stronger U.S. dollar index today did limit the upside in the soy complex futures. Soybean harvest in most of the U.S. has, or is close to wrapping up for the season, to see commercial hedge selling pressure subside. Bulls got little traction from USDA this morning reported sales of 136,000 MT of U.S. soybeans to China during 2026-27. Malaysian palm oil futures Friday fell to their lowest level since March and had their biggest weekly drop in nearly two years, according to Trading Economics. Tuesday comes the latest USDA monthly supply and demand report (WASDE) for November. Grain analysts expect the average U.S. soybean yield and production numbers to uptick just slightly from the October WASDE report.
30-day outlook: World Weather Inc. today said that in Brazil, summer crop planting will advance well overall during the next two weeks. Rain will delay fieldwork at times with the focus of the greatest rain shifting often enough to allow farming activity to occur during the drier periods. Mato Grosso, Goias, and northern Mato Grosso do Sul to northern Minas Gerais and Espirito Santo are still in need of rain to improve conditions for summer crop development and will benefit from regular rain through the next two weeks. Argentina will see more sunshine than rain during the next two weeks and fieldwork should advance well around the occasional rounds of rain expected. Soil moisture is favorable in much of the country and crops will develop favorably. Santiago del Estero to central Chaco are exceptions and remain in need of rain to improve soil moisture for crop development. Rain during the next week should not be great enough to prevent additional drying and some crop stress may occur. A close watch will be made on rain advertised for Nov. 13-15 that will maintain favorable soil moisture in much of the country and will be timely in the drier areas mentioned above.
90-day outlook: Weather and growing conditions in Brazil and Argentina soybean regions will move closer to the front burner in the coming months, as trader focus shifts from U.S. supplies to South American supplies, as well as export demand for U.S. beans—especially from China.
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 wheat fell 8 cents to $5.91 1/4, near mid-range, hit a four-month low and the week down 12 1/4 cents. December HRW wheat lost 3 1/4 cents to $6.32 1/2, nearer the daily high, hit a four-month low early on, and for the week down 11 3/4 cents. December spring wheat futures fell 4 cents to $6.16, near mid-range, and for the week down 7 3/4 cents.
5-day outlook: The winter wheat futures markets bulls worked to stabilize prices early on today, but had little success as technical selling pressure resurfaced late. Prices have been trending lower since early September. A stronger U.S. dollar index today did limit buying interest in wheat futures. Still more technical selling may resume early next week as prices continue to trend down on the daily bar charts. Any fresh news on the proposed Russia-Ukraine ceasefire talks among Presidents Trump, Putin and Xi will be market-sensitive for wheat futures. Tuesday comes the latest USDA monthly supply and demand report (WASDE).
30-day outlook: World Weather Inc. today said U.S. hard red winter wheat is expected to establish more favorably because of recent rain and the continuation of mild to warm temperatures. Meantime, greater rain in Europe next week and into the following weekend will help improve winter crop establishment, although some crops may move into dormancy this season without being as well established as usual. Russia’s southern region winter grains are not going to be as well established as usual making them more vulnerable to winterkill if winter weather becomes extreme. Some moisture next week will be welcome and should be of use to crops in the spring. India’s wheat planting is under way and will continue over the next few weeks. Some beneficial moisture has fallen in a part of the production region recently, but there is need for more rain over a broader area to ensure the best emergence and establishment in unirrigated fields. Argentina’s wheat benefited from recent rain and more may evolve in the next couple of weeks. Southern Brazil wheat is vulnerable to a quality decline, although Rio Grande do Sul weather has improved recently.
90-day outlook: Focus in coming weeks will remain in the amount of grain being shipped out of the Black Sea region and any progress on a ceasefire between Russia and Ukraine. Decent precipitation came to the southern Plains recently, which is likely to bolster the wheat crop prospects for the coming months. The North Dakota Wheat Commission released its annual HRS Quality Report this week. The report showed protein across the seven states sampled averaged 14.7%, up half a percent from the year prior. Test weights were down 1.4 pounds per bushel to 60.4, the lowest since 2019.
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 40 points to 79.11 cents, near the daily high and for the week up 128 points.
5-day outlook: The cotton futures market saw a technically bullish weekly high close today, setting the stage for some follow-through buying interest from the chart-based specs early next week. Tuesday comes the latest USDA monthly supply and demand report (WASDE).
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. Australia’s 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.
30-day outlook: Cotton traders got a double-edged sword with today’s monthly U.S. jobs report that came in stronger than expected. The stronger reading suggests the U.S. economy and businesses remain resilient. However, the stronger data also makes odds better that the Federal Reserve will raise interest rates in December. Cotton traders will be watching for signs of better export demand for U.S. cotton and weather impacts on remaining crop quality.
90-day outlook: The approaching holiday season and better demand for apparel may offer some better support to cotton futures. However, the recent downdraft in the U.S. stock market likely spooked many consumers. Sustained selling pressure in the stock market into the end of the year would very likely dent holiday apparel demand.
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.