Grains and oilseeds are mixed on Tuesday following yesterday’s negative trade. The U.S. dollar continued to recover from last week’s lows. Crude oil is higher. Stock futures are steady.
CORN
December corn is up 0.75 cents at $4.22 ½. March corn is up 0.50 cents at $4.39 ¼.
December futures traded just 2.25 cents lower on Monday after recovering from losses earlier in the session. Corn had the best close out of the grain markets yesterday, with lower trade more of a sympathy move, compared to strong selling in soybeans and wheat.
The U.S. corn harvest progressed to 11 percent complete as of last week, compared to 13 percent the same week last year. Progress was still above the five-year average for the week, with harvest moving along quickly in the “I” states.
The USDA confirmed the flash sale of 122,947 MT of corn sold to Mexico. Of the total, 100,593 MT are for the 2025/26 marketing year, and 22,354 MT are for 2026/27.
SOYBEANS
November soybeans are down 4 cents at $10.07. January soybeans are 3.50 cents lower at $10.27. Soybean oil is moderately lower. Soybean meal continued to push lower following Monday’s sharp losses.
November soybeans finished 14.50 cents lower on Monday, and closed about 37 cents lower than Friday’s high. Again, the lack of trade talk between President Trump and Xi on Friday led to downward pressure. The lack of soybean sales to China is old news, but hopes of China buying any U.S. beans are fading.
Chinese traders reportedly booked 10 cargoes of Argentine soybeans after Argentina cut its export tax on grains until Oct. 31. Volumes of up to 650,000 MT are slated for delivery in November, which is during the prime U.S. shipping window.
The U.S. soybean harvest reached nine percent complete, compared to 12 percent a year ago. Progress was on par with the five-year average.
The European Commission proposed another delay to its deforestation law for another year. The rule prohibits imports of commodities such as rubber, soybeans, and beef from deforested areas.
WHEAT
December Chicago wheat is up 1 cent at $5.11 ¾. KC wheat is up 0.25 cents at $5.02 ½. Spring wheat is up 0.50 cents at $5.64 ½.
Chicago futures led the complex lower, finishing 11.75 cents lower on Monday and posting fresh life of contract lows. Yesterday’s selloff brought a large amount of selling interest with higher volume and open interest, a bearish indicator on a large down day.
Prices resumed their long-term downtrend and are quickly approaching the psychological support of $5. A bear trap could sucker in more shorts in another move lower before moving higher. It’s too early to tell if that is on the table.
Winter wheat planting reached 20 percent complete, up nine percent from the previous week but three percentage points behind last year’s pace. Four percent of the crop had emerged, unchanged from a year ago.
French wheat prices fell to a five-year low this week due to increasing global supplies. Russian wheat export prices did increase slightly this week.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.