Corn • Soybeans • Wheat

Justin N

Harvest is in full swing across the country as the 2nd week of October draws to an end. The October USDA WASDE report provided significant volatility on Friday, as there was a shift higher in both corn and soybeans expected yields. Locally we are seeing more progress being made with soybean acres in the later part of the week, and some very early corn nearing its finish line.

Corn

December 2026 Corn futures closed at $4.80/bu  this week, after bouncing off the low of $4.70. Hedge funds and managed money were holding a near record long position entering the WASDE report, and with the bearish headline of bumping yields from 178.5 to now 181.2. If those yield numbers hold true, this would mean we are facing the 2nd largest crop in US history, with total production over 16 billion bushels. Locally silage acres are well under way, with average-plus yields being reported.  

Key Market Drivers

  • USDA WASDE burden

  • Harvest bushels coming to market

  • South American planting progress

Farmer takeaway:

Corn futures have fallen below the $5 mark and now have significant headwind. Have your grain marketing plan prepared to execute as harvest is right around the corner.

Soybeans

November 2026 Soybean futures closed the week at $12.92/bu. pushing slightly higher after having a sharp drop immediate reaction to the WASDE report. The USDA bumped the expected yield from 52.8 to 53.1, a small bump but adding almost 30 million bushel to the balance sheet. Locally beans are seeing strong yields, despite white mold creeping into our region.

Key Market Drivers

  • South American planting weather will become increasingly important.

  • Harvest progress and producer selling are creating nearby pressure.

  • Soybean oil and renewable diesel demand continue to provide underlying support.

Farmer Takeaway:

Soybeans remain above their recent median pricing, but something to keep in mind is that the mid-west was delayed out of the gate for their harvest. There will be plenty of bushels coming to market very soon as bins start to fill up.

Wheat

December 2026 CBOT Soft Red Winter Wheat futures closed at approximately $6.70/bu, down about 12 cents on the Friday trading session, and down $1.20 from September highs. USDA increased U.S. wheat ending stocks after reducing export projections, while global wheat stocks remained relatively stable. Wheat remained under pressure from ample world supplies and weakness spilling over from corn.

Key Market Drivers

  • Global export competition remains intense.

  • Northern Hemisphere winter wheat planting is underway.

  • Weather developments in major exporting countries continue to influence trade.

  • Fund positioning and currency markets remain important price factors.

Farmer Takeaway: Global supply is proving a cap to rallies, while weather issues help prevent significant downside.

What We’re Watching Next

·         Harvest pace and final U.S. yield results

·         Export demand, particularly for corn and soybeans

·         South American planting and weather conditions

·         Fund positioning after today's USDA report

·         Monthly USDA and export sales updates

Contact our grain team to discuss cash bids, basis opportunities, contracting alternatives, and post-harvest marketing strategies.

Futures and basis are subject to change. This update is for informational purposes only and is not a recommendation to buy or sell futures or cash grain.