Good Afternoon!
I hope your week is going well so far. It was nice to have no markets on Monday as we were able to catch up on some stuff around home we haven’t had time for. I went and spoke at a morning meeting in Springfield then had the rest of the day free. Next week is Commodity Classic, and I know several of you are going. Please come by and see us at the AgMarket booth. Also, you may try to head to the Morning Riser on Thursday morning-it’s at 7 am featuring Joe Vaclavik and his sidekick Mackenzie, who will record a YouTube podcast picking apart a 15 minute presentation I’ll make to get us started. We look forward to seeing you down there. Keep in touch. For more information on AgMarket, click here. https://hubs.li/Q03qt2Qd0
The markets were closed on Monday but opened on the overnight down across the board. Fortunately, beans found their footing while corn spent the session on the defensive. With a glut of corn in the farmers’ hands, it’s put some pressure on the corn market. Beans are still benefiting from some enthusiasm with potential Chinese purchases along with some harvest delays in Brazil. Outside markets should have provided a mixed bias:
Corn – The corn market started the week with a quiet tone. On Tuesday, March corn closed ¼ higher at $4.27 ¾. This was 2 ¼ off the high and 1 ¾ off the low. Corn export inspections were large and above expectations at 2.005 mmt. This was over a half-million tons ahead of a week ago’s levels and continues a strong run that has lasted this whole marketing year so far. With plenty of talk about strong exports, the need for big US acres is alive and well. If we see the USDA Outlook Forum number of 94 ma come to pass, it would necessitate a big yield to avoid cutting into stocks numbers to a great degree. While we could see a rally on the board with any issues on the production side, cash corn prices are likely to struggle to rally, as basis will be tough to hold with as many bushels as the farmer has in their hands. I’d be more inclined to see December corn hold together than cash corn prices personally. December 2026 corn settled ¾ lower at $4.63 ¾.
Soybeans – Soybeans saw both sides unchanged before moving higher. March beans were up 5 ¼ at $10.39 ½. This was 2 off the high and 11 ½ off the low. March soybean meal was down 2.0 at 310.7, while soy oil was up .64 at 60.03. The weekly inspections showed bean shipments at 669 kmt, which was below expectations and just over half of what we saw a week ago. Bean exports rebounded after news of Chinese purchases boosted prices. However, with the thought that tariffs need to be reworked by President Trump, upcoming business from China is more of a question mark. Fortunately, we’ve seen crush margins stay quite profitable, keeping crush volumes at a new monthly record each month of late. Old beans getting sold on this rally makes sense, but I believe keeping some gambling bushels makes sense. With the farmer having little on hand, we could see similar action as we’ve seen in the past when rallies occur when the farmer doesn’t have much to sell. New crop should see some risk management as well if the grower can make these prices work on their farm. Know those numbers and get a game plan in place. On Tuesday, November 2026 beans closed 4 higher at $11.21 ¼.
Matt Bennett
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