Grains and oilseeds are steady on Friday following the overnight session. The U.S. dollar is lower. Crude oil is moderately lower. Stock futures are steady to higher, with the S&P 500 grinding back toward its October highs.

CORN
Corn futures continued to consolidate near the upper end of their trading range this week, with gains limited below $4.40 on the March contract.

U.S. corn export sales during the week ending Oct. 30 totaled 1.97 MMT, compared to 1.97 MMT the previous week. Mexico remained the top buyer of U.S. corn during the week, followed by Japan and South Korea.

The EIA reported this week that U.S. ethanol production reached a record 1.126 million barrels per day last week. Ethanol processing margins have taken a step back, but the access to domestic bushels and strong ethanol exports have kept incentives in place for strong corn crushings.

Parts of the Corn Belt remain under drought heading into the early stages of winter. Government models currently predict drought relief in Illinois, Indiana, and Ohio over the next three months.

SOYBEANS
Soybean futures have broadly struggled this week, falling back to minor support levels. The market continues to weigh demand signals, or the lack of demand. Soybean meal has been the weakest market in the complex.

U.S. soybean export sales during the week ending Oct. 30 fell to 1.25 MMT, compared to 1.45 MMT the previous week. China was finally reported on the U.S. sales sheet for the first time since the country was announced to had begun buying U.S. soybeans.

The USDA confirmed that private exporters sold another 462,000 MT of soybeans to China for the 2025/26 marketing year. That brings the confirmed total of flash sales to 2.713 MMT.

U.S. Treasury Secretary Scott Bessent said China is expected to fulfill its alleged commitment of 12 MMT of U.S. soybean purchases by February, moving back the goal post of the original New Year deadline.

WHEAT
Strong global wheat supply prospects continued to pressure the wheat market this week. March Chicago futures were able to rally off their lows on Thursday, but maintained their current trading range around $5.40.

Export demand remains fair. U.S. wheat export sales rose slightly to 516,000 MT during the week ending Oct. 30. Mexico was the top buyer of U.S. wheat during the week.

Statistics Canada released its final crop report of the season, showing that the country’s total wheat crop reached 39.96 MMT, up 11.2 percent from a year ago and a record.
—

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.