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US corn and soybean futures fell to multi-month lows as large domestic harvests continued to weigh on prices, with corn approaching a four-month low and soybeans hitting a 2-1/2-month low.
December corn closed down 4.25 cents at $4.40 per bushel, while January soybeans dropped 14 cents to $11.88¼; analysts expect the USDA to report a record-large soybean harvest next week.
Rising US crop supplies could maintain downward pressure on corn and soybean prices, while wheat may remain sensitive to developments surrounding Black Sea shipping access.
Corn and soybean basis bids across the US Midwest were mostly steady to higher as low futures prices discouraged farmers from selling their remaining grain supplies.
Analysts expect the USDA to slightly reduce its corn production estimate to 15.962 billion bushels while raising its soybean production forecast to a record 4.597 billion bushels.
Continued farmer selling resistance could support cash grain basis levels, although large harvest supplies and weak futures prices may pressure corn and soybean markets.
CBOT corn futures closed lower, trading near a four-month low as expectations of a historically large US harvest continued to pressure prices.
The USDA is expected to estimate the 2026 US corn crop at 15.962 billion bushels, which would rank as the second-largest harvest on record, while weekly export sales reached 1.3 million metric tons.
Continued large crop supplies could keep pressure on corn futures despite steady export demand.
Slowing farmer grain sales could provide support for local cash prices and offer some underlying strength to grain futures.
Weekly export sales were at the upper end of estimates, while CBOT corn fell 0.7% and wheat gained 0.4%.
Reduced farmer selling could help stabilize or lift grain prices, although seasonal weakness and limited fundamental support could cap rallies.
US Midwest corn and soybean basis bids strengthened as low futures prices discouraged farmers from selling their crops.
Rain-related harvest delays further slowed cash sales, while the USDA reported soybean harvesting 88% complete and corn harvesting 74% complete.
Limited farmer selling could continue supporting local cash grain basis levels, although expectations for record-large soybean production and a near-record corn harvest could pressure prices.
Corn futures edged lower as traders await fresh market catalysts, with December corn down 0.4% to $4.42½ per bushel on the CBOT.
China has expressed interest in purchasing more U.S. agricultural products if both sides roll back reciprocal tariffs, raising the possibility of additional corn purchases.
A potential U.S.-China trade improvement could support corn demand, but futures may remain pressured until concrete buying developments emerge.
Wheat, corn and soybeans are expected to open higher at the Chicago Board of Trade, with projected gains of 3-4 cents, 1-2 cents and 3-5 cents per bushel, respectively.
A weaker US dollar supported wheat competitiveness, while USDA weekly export sales reached 538,000 metric tons for wheat, 1,294,600 tons for corn and 1,456,100 tons for soybeans.
Improved Black Sea export prospects and larger US harvest estimates could limit further upside across the grain complex.
U.S. wheat export sales reached 538,000 metric tons for the week ended October 29, exceeding analyst estimates of 300,000 to 500,000 tons despite declining 37% from the previous week. Corn sales totaled 1.29 million tons, while soybean sales fell 44% to 1.46 million tons and landed below their previous four-week average. Stronger-than-expected wheat demand could provide modest bullish support for U.S. wheat prices, although the weekly decline highlights some cooling in sales momentum.
USDA export data showed mixed commodity demand, with soybean exports reaching a marketing-year high of 2.53 million metric tons while wheat, cotton and soybean sales delivered contrasting signals.
China accounted for 1.59 million metric tons of soybean exports, while corn exports surged 86% week over week to 1.03 million metric tons; soybean net sales fell 44% and wheat exports hit a marketing-year low.
Strong soybean and corn shipments could support agricultural commodity demand, although weaker sales across several products may create pressure on individual futures markets.
U.S. corn export sales reached 1.29 million metric tons for the 2026-27 marketing year, according to USDA export sales data.
The reported figure highlights export demand for U.S. corn, although no comparison with previous sales or market expectations was provided.
The strong reported sales volume could support bullish sentiment in corn markets, depending on subsequent export demand.
Chicago wheat futures gained 0.8% as a weaker US dollar boosted the competitiveness of American agricultural exports, while expectations of stronger Black Sea grain shipments limited the recovery.
Corn rose 0.6% and soybeans gained 0.3%, while Ukraine's grain export transportation increased 26% month-on-month to 1.08 million metric tons in October.
Potential progress toward reopening Black Sea shipping lanes and expectations of large Russian and Ukrainian exports could continue pressuring wheat prices despite weaker-dollar support.
CBOT December corn could stage a moderate rebound toward $4.55 per bushel before resuming its downward trend toward the $4.22-1/2 support zone.
The contract is stabilizing around support, but a break below $4.43 could expose the next downside target at $4.38-3/4.
Unless corn breaks above $4.55, the bearish technical outlook remains intact, potentially keeping pressure on prices.
Chicago wheat futures gained 0.5% as a weakening US dollar improved the competitiveness of American agricultural exports, while expectations of stronger Black Sea supplies limited gains.
Corn futures rose 0.4% and soybeans added 0.1%, but wheat remains near four-month lows after falling approximately 25% from its early September highs.
Potential reopening of Black Sea shipping lanes and expectations of large US harvests could continue pressuring grain prices, although concrete progress on port access may shift market sentiment.
Chicago wheat futures rose 0.5% to $6.01-3/4 per bushel as a weakening US dollar improved the competitiveness of American grain exports. Corn gained 0.4% and soybeans advanced 0.2%, but wheat remains near four-month lows after falling around 25% from its September highs, with expectations of increased Black Sea exports weighing on prices. A weaker dollar could provide further support to agricultural commodities, although potential Black Sea shipping reopening and record US crop production could limit gains.
Australia's 2026-27 grain and oilseed harvest is forecast to reach 63 million metric tons, exceeding earlier expectations despite remaining 8% below last year's strong crop. Rabobank expects improved global grain supply to pressure prices, while ASX January 2027 and 2028 grain contract prices have already declined, though less than CBOT prices. The stronger supply outlook could intensify downside pressure across global agricultural commodity markets.
Reuters analyst Wang Tao published intraday technical targets and key support and resistance levels across major commodity markets, including oil, precious metals, industrial metals, and agricultural products. Brent oil faces resistance at $95.48, $97.22, and $98.97, while spot gold has support at $4,095, $4,071, and $4,056; WTI resistance stands at $88.68 and $90.76. These technical levels could guide short-term trading decisions, but the analysis does not establish a broader directional catalyst for commodities.
US Gulf soybean barge bids strengthened on Wednesday as continued exporter demand and improving sales supported the market, while corn barge bids eased slightly. The USDA confirmed private sales of 167,000 metric tons of US soybeans to Spain, with November soybean CIF bids rising 1 cent to 116 cents over CBOT futures and corn bids falling 1 cent to 93 cents over futures. Continued export demand could provide support for soybean basis, while slowing farmer sales and weak futures may keep pressure on grain markets.
Corn futures rebounded on Wednesday after hitting a four-month low, supported by bargain buying and technical buying as the market recovered from oversold conditions.
December corn gained 1-3/4 cents to $4.44-1/4 per bushel, while wheat and soybeans remained under pressure amid expectations for large US harvests.
The upcoming USDA crop estimates and export sales data could drive further volatility in grain markets as traders assess supply conditions and export demand.
U.S. equities closed higher on November 5, with the Dow Jones Industrial Average up 3.03%, the Nasdaq up 1.44%, and the S&P 500 up 1.58%.
Mega-cap technology stocks led gains: Microsoft and Amazon each rose more than 6%, while Apple gained more than 5%. The session also showed a sharp split within AI-linked equities. AI infrastructure and related names declined, including CoreWeave, down more than 9%, and NEBIUS, down more than 7%.
Memory-sector stocks also fell, with Seagate Technology down more than 8%, Micron Technology and SanDisk down 7%, and Western Digital down more than 6%. In optical communications, Marvell Technology and Lumentum dropped more than 7%, while Coherent and Corning fell more than 5%.
The divergence highlighted stronger demand for major platform technology companies while several memory, cloud-service and optical-communications stocks moved lower.
Soybean futures fell 1% to $12.02 1/4 per bushel after StoneX raised its 2026 U.S. soybean yield forecast to 55 bushels per acre, reinforcing expectations of abundant supplies.
StoneX also increased its corn yield estimate to 183.1 bushels per acre, while the USDA reported a 167,000-metric-ton soybean sale to Spain for the 2026/27 marketing year.
Larger-than-expected harvest estimates could continue pressuring soybean futures unless stronger export demand and consumption absorb the expanding supply.
Soybean futures extended losses, falling 1% to $12.02¼ per bushel after StoneX raised its 2026 U.S. soybean yield forecast to a record-focused 55 bushels per acre from 54.1 previously.
StoneX also increased its corn yield estimate to 183.1 bushels per acre, while U.S. soybean exports received a 167,000-metric-ton sale to Spain and corn futures gained 0.4%.
Higher expected crop supplies could continue pressuring soybean and corn prices unless stronger export demand absorbs the expanding production outlook.
CBOT corn futures rebounded on Wednesday, closing higher after hitting a four-month low during the trading session.
December corn (CZ26) gained 1-3/4 cents to $4.44-1/4 per bushel after touching $4.38-1/2, while rain disruptions slowed U.S. harvesting and farmer crop sales.
The technical rebound and reduced selling pressure could support further stabilization, although upcoming USDA export sales data may influence the next price move.
U.S. Midwest corn and soybean basis bids held steady to higher as slow farmer selling prompted some buyers to raise cash-market bids despite ongoing harvest supplies.
Soybean harvesting reached 88%, ahead of the five-year average of 84%, while corn harvesting stood at 74%; meanwhile, U.S. exporters sold 167,000 metric tons of soybeans to Spain for 2026/2027 delivery.
Weak export demand and continued harvest pressure could limit further gains, although slower farmer selling may provide support for Midwest cash grain prices.
CBOT corn and wheat futures rebounded on Wednesday from four-month lows as bargain buying and technical buying lifted prices after recent heavy selling.
Corn gained 3.25 cents to $4.45¾ per bushel, while wheat rose 2.5 cents to $6.02¼; soybeans fell 9 cents to $12.05 after touching an 11-week low.
The rebound could extend if oversold conditions and slower harvest-related cash sales continue easing pressure, although record-large crop expectations may limit upside.
U.S. ethanol production reached its second-highest level on record last week, averaging 1.143 million barrels per day, according to the EIA.
Production increased from 1.118 million barrels per day the previous week, while September corn used for ethanol totaled 438 million bushels, down 9% month over month but up 1% year over year.
Near-record ethanol production could support continued corn demand, potentially providing a bullish influence on corn futures.
US Midwest corn and soybean basis bids were mixed as farmer selling stalled amid relatively low prices, while expectations for record-large crop supplies weighed on grain markets.
The USDA reported soybean harvesting was 88% complete and corn harvesting 74% complete, while StoneX raised its US crop estimates and Chicago corn and soybean futures reached fresh multi-month lows.
Large expected harvests and uncertainty over export demand could continue pressuring corn and soybean prices.
CBOT grain markets show a mixed outlook, with wheat holding near unchanged, corn slightly weaker, and soybeans facing a 6–9 cent decline amid harvest and supply pressure.
U.S. soybean and corn harvests are 88% and 74% complete, respectively, while StoneX raised its estimates for this year's U.S. crops and traders remain disappointed with Chinese soybean demand.
Large crop prospects and export competition could continue pressuring soybean and corn futures, while wheat may find support from a weaker dollar.
Large Mexican corn purchases totaling more than 2 million tons could signal that U.S. corn futures are approaching a market bottom, according to Total Farm Marketing analyst Naomi Blohm. Mexico purchased 1.73 million tons in a record ninth-largest single-day flash sale, followed by another 315,000 tons the next day, while corn traded at $4.42¾ per bushel. Strong export demand and potential El Niño threats to South American production could support a recovery in corn futures.
CBOT December corn faces further downside risk after breaking below the key $4.42-1/2 support, potentially exposing its June 30 low of $4.25-3/4 per bushel.
The $4.42-1/2 level has become resistance, while a move above $4.44-3/4 would be needed to signal a potential hourly trend reversal.
Corn could extend its decline toward $4.25-3/4 unless buyers regain control and stabilize the market.