Morning Markets: Corn: +2.
Beans: +7. Wheat: +5.50.
MARKET SUMMARY:
Good morning. Grain markets have taken leadership of the ag space at the CBOT into Thursday, with corn and wheat futures leading things higher this morning on the back of a rebound in energy prices and as macro sentiment continues to dominate trade this week. Yesterday's election results don't change anything in terms of crop sizes in either the US or South America, nor do they really have a lot of impact on world demand for any of those crops. There will be a lot of political chatter in the weeks ahead, but it's important to remember that underlying fundamentals are more a product of supply and demand than anything else. Corn futures to start Thursday morning are trading 1-2 cents higher, soybean futures are trading 2-4 cents higher, and the Chicago wheat market is trading 3-4 cents higher.
Trivia: Where was the first Steak ‘n Shake located? (answer below)
Crude Oil is up $1.69 at $89.81
US Dollar is up at $101.62
Dow futures are up 304 points at 53,807
WEATHER:
- Midwest weather looks to turn quiet again over the next week to ten days, with the forecasts calling for little if any rainfall following the moisture seen this week. Temperatures cool a bit the next couple days into the weekend, but still stay warmer than normal for this time of year and then warm back up to well above normal into the middle of next week, with highs in the 60's still for a lot the area.
OTHER HEADLINES:
- Rabobank this week said they see Brazil soybean production in the coming 2026/27 season at 178 MMTs, with exports at 113 MMTs. For corn, the group sees production at 141 MMTs, while exports are seen at 38 MMTs.
- The Financial Times reported this week that President Trump's diesel arrangement with Russia is having little success, with tankers diverting to other destinations mid-route. The situation likely keeps upward pressure on US retail prices, which remain elevated due to ongoing refinery attacks and continued shipping restrictions in the Strait of Hormuz.
- El Niño has continued to have little impact on the bulk of Brazil's growing regions to this point, as parts of the Cerrado where most of the country's ag production occurs have continued to see near-average rainfall that has allowed the soybean crop to get off to a normal start. There's concern regarding too much moisture in some southern areas like Parana today, but if rains continue like normal into December, it will remove a considerable amount of production risk.
- Sources in the region say parts of Argentina's crop regions in/around Buenos Aires have also experienced too much moisture, with pictures circulating of fields under water. It's still early and the forecast is drier this week, but El Niño typically means more water than normal for the country's ag belt, which will need to be monitored into 2027.
EXPORT NEWS:
- This morning's weekly export sales report, with data for the week ending October 29th, is expected to show corn sales in the week between 800k-1.8 mil MTs, soybean sales between 950k-2.5 mil MTs, and wheat sales between 300k-650k MTs.
Answer: Normal, Illinois. Intersection of Main Street and U.S. Route 66, 1934.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
