Morning Markets: Corn: -1.50.
Beans: -6. Wheat: -3.25.
MARKET SUMMARY:
Good morning. Overnight ag trade has been quietly lower into Thursday, with fresh input outside of this week's crop report still largely lacking. Another round of peace talks in the Black Sea region have seemingly come and gone with little in the way of actual progress again, which is now turning focus to the next round of diplomatic happenings that are set to take place on the sidelines of next week's APEC economic summit in China. While it’s anyone's guess as to what could potentially come from the meetings, we would caution that there's likely to be a lot of periphery noise and headlines that may or may not have any actual material impact to the market place. Algorithm traders are likely to produce an uptick in volatility due to the expected abundance of headlines, but its actual flows of grain - either out of the Black Sea or from the US to China - along with South American crop production, that will still have bigger impacts on price direction longer term. Corn futures this morning are trading near unchanged, soybean futures are trading 1-2 cents lower, and the Chicago wheat market is trading 3-4 cents lower.
Trivia: The first iPod was released in what year? (answer below)
Crude Oil is up $0.06 at $86.59
US Dollar is down at $102.89
Dow futures are down 60 points at 52,518
WEATHER:
- Remnants from the low pressure system that worked across the Midwest on Wednesday could provide additional light precip to the eastern part of the region today, but the forecast otherwise goes back quiet from a rainfall perspective through the rest of the week and into the first part of next week. A steady flow of low pressure systems looks to keep the West Coast downright wet, but high pressure in the east will largely keep these systems from getting to the Midwest through at least next week, before the pattern is seen shifting again.
OTHER HEADLINES:
- This morning's weekly ethanol update from the EIA, delayed a day this week for yesterday's Veterans Day holiday, is expected to show average daily production in the US in the week ending November 6th between 1.140-1.145 mil bbls, while stocks in the week are seen between 24.00-24.90 mil bbls. On average, both figures would be similar to last week.
- CONAB is expected to release monthly crop production data this morning at 7am central time. Traders see the report showing Brazil corn and soybean production little changed from last month, as weather to this point in the season has been just good enough in many areas to support normal development.
- Black Sea peace talks in Abu Dhabi this week yielded little in terms of a diplomatic breakthrough. The two sides agreed in principal to a major prisoner exchange and said that discussions this week were "useful," but territory issues remain unresolved and there has still been no Russian response to a Ukraine-proposed ceasefire for grain shipments. US envoys are expected to continue talks with the two sides individually.
- Ukraine's farm minister said this week that when the marketing year switches in July this summer, new crop beginning stocks could be at the highest level on record due to ongoing export disruptions in the Black Sea. Carryover stocks could possibly reach 30 MMTs if the blockage continues, which would compare to around 10 MMTs on July 1 this year.
- Staying in the region, private analyst SovEcon said this week it now sees Russian wheat exports in the 2026/27 season reaching just 36 MMTs, down another almost 2% from a previous forecast. In a statement, the group said it now sees disruptions lasting at least into the spring of next year, while also adding that risks are increasing for alternate shipping routes as well following a recent expansion of Ukrainian drone/missile targets.
- In non-ag news this morning, shares of AI bell-cow Nvidia are down almost 8% in premarket trading overnight following reports Wednesday that the company's board is working with an outside firm to try and identify potential replacements for current CEO Jensen Huang. Huang, who has arguably become the face of the AI revolution, has come under fire this week for allegedly having multiple affairs, including one with a supposed Chinese spy and another with the company's vice president of healthcare, who directly reported to him.
EXPORT NEWS:
- Private exporters reported sales of 136,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.
Answer: November 10, 2001 was the commercial release for the first iPod.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
