Morning Markets: Corn: +1.75.
Beans: +1.75. Wheat: -1.75.
MARKET SUMMARY:
Good morning. It's been another quiet overnight session at the CBOT going into Thursday, with markets trading on either side of unchanged and in light volume as there simply continues to be little in the space for traders to get excited about. There's a whole lot of ongoing potential flashpoints still, but they're not new and traders have been well aware of the fundamental backdrop for months now. They want to know what's going to happen in the Black Sea, what's going to happen with Chinese buying, and what's going to happen with South American crop sizes. Once stale longs have finished exiting this space, it will be answers to these questions that likely spur the next significant price move. In the meantime, choppy/directionless trade is likely to emerge once post-harvest lows are formed presumably at some point in the next few weeks. Corn futures into Thursday are trading 1-2 cents higher, soybean futures are trading 2-3 cents higher, and the Chicago wheat market is trading either side of unchanged.
Trivia: What year was the first Ford Model T produced? (answer below)
Crude Oil is up $2.56 at $99.71
US Dollar is up at $101.79
Dow futures are down 313 points at 52,746
WEATHER:
- Rainfall forecasts have continued to trend wetter into the back half of next week and first part of November, but are little changed in the meantime as there continues to be little to moisture in the forecast for the Corn Belt into the weekend. The western part of the region sees storm chances the first part of next week and then into the middle of the week, but the models don't have these rains making it into the eastern or central parts.
OTHER HEADLINES:
- This morning's weekly export sales report for the week ending October 15th is expected to show corn sales in the week between 700k-1.5 mil MTs, soybean sales between 1.8-3.0 mil MTs, and wheat sales between 250k-550k MTs.
- An international brokerage firm said this week that Brazilian corn shipments to Europe during the month of October are expected to reach 1.65 MMTs, which would be up from about 200,000 tons in the same month a year ago amid supply disruptions in Ukraine and lower domestic production caused by heat and drought over the summer. EU marketing year corn imports in total are up some 40% from last year through mid-October.
- The Rosario Stock Exchange in Argentina this week, in a monthly update, said they now see 2026/27 wheat production reaching 23.8 MMTs, up nearly 2 MMTs from last month's estimate mostly on better than expected yields. The group made no change to corn or soybean production estimates, which stand at 47.8 and 67.5 MMTs, respectively.
- The IRS this week is expected to issue more formal guidance regarding the Trump administration's red-dyed diesel program, with an announcement expected regarding temporary relief from tax-related reporting and recordkeeping requirements related to the fuel. The IRS is also expected to clarify that it won't challenge temporary failures to meet return-filing, reporting or recordkeeping requirements related to the taxable use of the fuel between October 1 and January 1.
- Canadian Prime Minister Mark Carney confirmed this week that he had a lengthy telephone conversation with President Trump on Wednesday, with the two discussing Iran and the broader Middle East, the situation in the Black Sea, and trade among other things. Carney indicated in the talks that Canada was ready to resume negotiations, but there no was indication that a breakthrough had been reached.
- The status quo remains little changed in the Middle East, where Iran's Revolutionary Guard overnight claimed that four vessels carrying oil were attacked in the Persian Gulf while an additional three vessels struck naval mines near the Strait of Hormuz. Saudi Arabia is also facing increased drone attacks.
EXPORT NEWS:
- Private exporters reported sales of 202,000 MT of soybeans for delivery to China during MY 2026/2027.
Answer: 1908. Detroit, Michigan.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
