Corn
Price action: December corn fell 1 cent to $4.48, near mid-range.
Fundamental analysis: The corn futures market today quickly lost traction after a bullish USDA monthly supply and demand report at midday Tuesday. Buying interest in corn futures today was squelched by a rally in the U.S. dollar index to a 1.5-year high following a warm U.S. CPI report Wednesday.
Weekly USDA export sales data will be delayed one day, to Friday, because of the Veteran’s Day holiday today.
World Weather Inc. today said Brazil corn planting will be slowed by rain during the next two weeks and also in Paraguay, with some opportunities for farming activity during the drier periods. Many areas from Mato Grosso and northern Mato Grosso do Sul to central and northern Minas Gerais, Bahia, and Espirito Santo remain in need of rain to improve conditions for summer crop development and will benefit from regular rain through the next two weeks. Enough rain should fall to induce significant increases in soil moisture that should favorably support crop development deep into the month. Argentina will see more sunshine than rain during the next two weeks and fieldwork should advance well around two rounds of nearly widespread rain and isolated to scattered showers most other days. The soil is moist enough in much of the country to favorably support crop development and maintain high production potential.
Technical analysis: December corn sees a price downtrend on the daily chart in jeopardy but still in place. The next upside price objective for the bulls is to close December prices above solid chart resistance at $4.70. The next downside target for the bears is closing prices below chart support at the June low of $4.25 3/4. First resistance is seen at today’s high of $4.50 3/4 and then at this week’s high of $4.55 1/2. First support is seen at $4.43 and then at this week’s low of $4.38.
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 2 3/4 cents to $12.30 3/4, nearer the daily high. December soybean meal gained $3.20 to $329.70, near the daily high. December soybean oil rose 111 points to 63.88 cents, near the daily high.
Fundamental analysis: The soybean complex today saw more short covering and perceived bargain buying following a bullish USDA report released at midday Tuesday. Buying interest in soybean complex futures today was somewhat limited by a rally in the U.S. dollar index to a 1.5-year high following a warm U.S. CPI report Wednesday.
Weekly USDA export sales data will be delayed one day, to Friday, because of the Veteran’s Day holiday today.
World Weather Inc. today said Brazil soybean planting will be slowed by rain during the next two weeks, with some opportunities for farming activity during the drier periods. Many areas from Mato Grosso and northern Mato Grosso do Sul to central and northern Minas Gerais, Bahia, and Espirito Santo remain 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 two rounds of nearly widespread rain and isolated to scattered showers most other days.
Technical analysis: January soybeans have seen a price downtrend on the daily bar chart at least temporarily negated to begin to suggest a market bottom is in place. Bulls’ next near-term upside technical objective is closing January prices above solid resistance at $12.60. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $11.84. First resistance is seen at $12.42 and then at $12.50. First support is seen at today’s low of $12.18 3/4 and then at $12.10.
Soybean meal futures have also seen a price downtrend on the daily bar chart at least temporarily negated. The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at $345.00. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $315.20. First resistance comes in at $333.00 and then at $337.00. First support is seen at today’s low of $323.40 and then at Tuesday’s low of $319.10.
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 65.00 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 60.00 cents. First resistance is seen at 65.00 cents and then at 66.00 cents. First support is seen at today’s low of 62.68 and then at last week’s low of 61.34 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 6 3/4 cents to $5.99 1/2, nearer the session high. December HRW gained 5 1/4 cents to $6.39 1/2, nearer the daily high. December spring wheat futures rose 6 3/4 cents to $6.35 1/2.
Fundamental analysis: The winter wheat futures markets saw short covering and some spillover buying interest from higher soybean complex futures prices today. Buying interest in wheat futures today was somewhat limited by a rally in the U.S. dollar index to a 1.5-year high following a warm U.S. CPI report Wednesday.
U.S.-mediated peace talks between Russia and Ukraine concluded after less than two hours on the second day of meetings in Abu Dhabi,Bloomberg reported, citing Russian state media.
Weekly USDA export sales data will be delayed one day, to Friday, because of the Veteran’s Day holiday today.
World Weather Inc. today said that in U.S. HRW country, winter crops will continue establishing in a mostly favorable environment. Some welcome and needed moisture will occur during mid-week next week, but some of the driest areas in the northwest may not get much of that moisture. Colder weather in the northeast Thursday and Friday of this week and across much of the region Nov. 21-25 will slow winter crop development rates. In the Northern Plains, dry conditions in the next seven days will be ideal for late-season fieldwork, with wetter conditions expected to develop later next week. Montana and the western Dakotas will need more precipitation to improve soil moisture and drought conditions.
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 $5.50. First resistance is seen at $6.15 and then at $6.25. First support is seen at last week’s low of $5.85 and then at $5.75.
HRW 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 $6.49 1/2 and then at $6.60. First support is seen at last week’s low of $6.22 and then at $6.10.
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 78.52 cents, nearer the daily low.
Fundamental analysis: Cotton futures saw mild selling pressure today amid a rally in the U.S. dollar index to a 1.5-year high today following a warm U.S. CPI report Wednesday. Losses in cotton were limited by a solid rally in the U.S. stock market today.
World Weather Inc. today said mostly dry and favorable harvest conditions continued in western Texas and southwestern Oklahoma Tuesday, while rain fell from the Coastal Bend into parts of south Texas and portions of southern Blacklands, where some increases in soil moisture occurred. Western Texas and southwestern Oklahoma will be dry through much of the next two weeks with infrequent and often light precipitation that should not prevent harvesting from advancing well overall, with much of the region seeing rain this weekend that may cause some cotton discoloration. The San Joaquin Valley and southern Arizona were mostly dry Tuesday and harvesting advanced well. The San Joaquin Valley and southern Arizona will see multiple rounds of rain during the next two weeks that will slow harvesting while concerns over quality declines increase.
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 82.30 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the June low of 75.17 cents. First resistance is seen at this week’s high of 79.90 cents and then at 81.00 cents. First support is seen at 77.50 cents and then at 77.00 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.