Morning Markets: Corn: +3.
Beans: +3. Wheat: +1.
MARKET SUMMARY:
Good morning. Ag markets in Chicago are again trying to bounce this morning to start Wednesday, with the space trading mostly in the green on what appears to be another attempt at a correction from the oversold condition developed over the last couple weeks. There's not a lot new today input-wise compared to previous days this week, but it appears at least for now that the markets may finally be running out of willing sellers, which should allow for a post-harvest correction to begin unfolding over the next few weeks. This doesn't mean we're going back to revisit the late-summer highs anytime soon, but it should bring about more choppy/sideways trade compared to the near-daily selling that's been seen through most of the month of October. Corn futures this morning are trading 2-3 cents higher, soybean futures are trading 4-6 cents higher, and the Chicago wheat market is trading 2-3 cents higher.
Trivia: What is the world’s largest rodent? (answer below)
Crude Oil is up $1.63 at $101.53
US Dollar is up at $102.35
Dow futures are up 44 points at 52,623
WEATHER:
- Weather focus for the Corn Belt continues to be centered on next week, as the models are in fair agreement on things staying calm for the most part the rest of this week and into the weekend. Rainfall chances improve in the west starting Saturday, but attention is then on the coming low pressure system discussed yesterday afternoon that's expected to impact the central US November 2/3/4. A warmer/drier outlook then returns beyond the middle of next week, but most of the region looks to pick up some sort of rainfall between now and the end of next week, with totals ranging from 1-4" generally speaking.
- Overnight rainfall maps for South America trended wetter in the southern part of the Brazil overnight, but are otherwise little changed from previous runs in the overall pattern. The northern part of the country stays dry at least into the middle of November, but moisture levels today are adequate for early season growth in most areas.
- Outside of ongoing cooler weather, Argentina continues to see little in the way of concern with the forecast over the next couple weeks, as a good mix of rain and sun will continue to keep soil moisture levels at good levels here. Crops could use a shot of heat at some point, but its still early in the season and like Brazil, concern is largely minimal still at this point.
OTHER HEADLINES:
- Weekly ethanol data from the EIA this morning for the week ending October 23rd is expected to show average daily production across the US in the week between 1.082-1.120 mil bbls, while stocks in the week are seen between 23.758-25.600 mil bbls; on average, both figures would be up from last week.
- An election win by Netanyahu in Israel could be behind the strength in oil prices this morning, as the win means tensions in the region likely stay elevated for the foreseeable futures. Netanyahu has the support of President Trump, who said that voters should keep him in power so he could "finish the job in Iran."
- Data from the European Commission shows soft wheat exports out of the bloc at 9.2 MMTs so far in the marketing year started July 1, which is up a little less than 1% from the same period last year.
EXPORT NEWS:
- Private exporters reported sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2026/2027 marketing year.
Answer: Capybara. Native to South America.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
