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The latest rally has appeared to lose some momentum during Wednesday’s session, although the needle didn’t end up swinging very far in either direction as traders await more news from this week’s trade talks between the U.S. and China. Corn futures managed modest gains, while soybeans incurred mild losses. Winter wheat prices were mixed following an uneven round of technical maneuvering.
Parts of the eastern Corn Belt could catch some more rainfall over the next several days, with some fields set to get another 1” to 2” between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Areas farther west could remain completely dry through the weekend. Later on, NOAA’s new 8-to-14-day outlook predicts some seasonally wet weather moving into the Northern Plains, upper Midwest and Great Lakes region between November 5 and November 11, with warmer-than-normal temperatures likely for the central U.S. during this time.
On Wall St., the Dow trended 115 points higher in afternoon trading to 47,821. The big economic news today was the Federal Reserve trimming interest rates by a quarter of a point, as was largely expected. It’s the second time so far in 2025 that the Fed has elected to cut rates. Another cut could be coming in December.
Energy futures were in the green, with Brent crude oil up more than 0.75% this afternoon to stay above $64 per barrel. Gasoline futures climbed more than 1.25% higher. The U.S. Dollar firmed moderately.
Corn prices fought for small gains
Prices were in the red at times on Wednesday, but a round of late-session technical buying pulled them slightly higher today. December futures added 2 cents to $4.34, with March futures inching 0.75 cents higher to $4.4675.
Domestic ethanol production trended modestly lower in the week through October 24, with a daily average of 1.091 million barrels, according to the latest data from the U.S. Energy Information Administration, out earlier today. Ethanol supplies shifted 2% higher this past week.
In a webinar held earlier this week, Rabobank analysts said they aren’t expecting corn and soybean producers to reach breakeven prices until 2027-28. That’s because despite strong demand, there are still large domestic and global stockpiles to draw down, not to mention high input costs that are squeezing margins. Farm Futures senior editor Bruce Blythe dug into the details – click here to learn more.
Meantime, when it comes to farmland, in the current environment, landowners are in the driver’s seat, according to Ohio State University research attorney Robert Moore. As such, there are definitely some best practices if you have recently acquired farmland. Moore shared five key points for beginning farmland owners – click here to learn more.
European Union corn imports during the 2025-26 marketing year reached 740.5 million bushels through October 26, which is a year-over-year decline of 6.4% so far. This is somewhat correlated with lower EU corn production this past season, which was down 3.4% year-over-year.
Corn settlements on Tuesday were for 693,484 contracts.
Soybean prices put the rally on pause
Wednesday’s session featured some technical selling and profit taking, which led to lightly mixed results. The table is set for tomorrow to be a market-moving day, depending on how this week’s trade talks with China went (they conclude today). November futures added 2 cents to $10.8025, while January futures eased 0.75 cents lower to $10.9450.
The rest of the soy complex was mixed. December soymeal futures shifted almost 0.75% higher, while December soyoil futures were down 0.2%.
As trade talks conclude today between China and the U.S., China offered a goodwill gesture by buying 6.6 million bushels of our soybeans – the first new-crop purchase so far. The grain is comprised of three cargoes that will be shipped in December and January. Agricultural trade will be among the key discussion topics in today’s meetings.
European Union soybean imports during the 2025-26 marketing year reached 133.0 million bushels through October 26. That is a year-over-year decline of around 15%, so far. EU canola imports have slumped 37% lower over the same period.
Diversification is more important than ever, as David Kohl recently noticed after attending a producer panel discussion at the 27th Annual Mid-South Ag Finance Conference in Tennessee. “All three producer panelists shared a common thread: Each has diversified the farm’s income streams,” he noted. “As one put it, their eggs are not in one basket. And each time they diversify, they make sure they have a good basket.” Kohl shares other findings from this conference in his latest blog – click here to learn more.
Soybean settlements on Tuesday were for 647,252 contracts.
Winter wheat prices bounced through a choppy session
Traders dialed in moderate gains following a round of technical buying on Wednesday. December Chicago SRW futures added 3.25 cents to $5.3225, with December Kansas City HRW futures up 2.75 cents to $5.2275.
European Union soft wheat exports during the 2025-26 marketing year have reached 229.8 million bushels through October 26. That is moderately below last year’s pace of 291.3 million bushels so far (-21.1%).
Jordan issued an international tender to purchase up to 4.4 million bushels of milling wheat from optional origins that closes today. The grain is for shipment in January and February.
And finally, if you’re in the mood to improve your physical health, what do you need to consider when working out outside? Eric Braun, senior executive of content – who just happens to have run ultra marathons – is here to help! In particular, Braun has five specific clothing suggestions for your outdoor winter workouts – click here to learn more.
CBOT wheat settlements on Tuesday were for 184,795 contracts.