Key Takeaways
- • Wheat extended losses for a ninth straight week across Chicago SRW, Kansas City HRW and Minneapolis HRS futures, with managed money flipping to a net short of 74,859 contracts in Chicago wheat per CFTC data.
- • Corn fell as US harvest reached 60% complete as of October 25, lagging average by 6 points, while managed money cut its net long by 90,314 contracts to 55,943.
- • Soybeans dropped 34 1/4 cents in November futures after Brazil's presidential election result, which sent the real sharply lower, and the US harvest reached 79% complete, 2 points ahead of average.
- • Live cattle, feeder cattle and hogs all declined, with the CME Lean Hog Index at $67.30 and managed money's net short in lean hogs reaching a record 47,109 contracts.
- • USDA reported US orange production at 61.7 million boxes versus 63.5 million last year, with Florida at 10.0 million boxes versus 13 million.
Summary
Grain and oilseed markets were broadly lower last week, according to The PRICE Futures Group's weekly ag markets update, with pressure concentrated in wheat, corn and soybeans. Wheat extended its bear run to nine consecutive weeks. CBT soft red winter futures fell 21 1/2 cents, KC hard red winter fell 20 1/4 cents and HRS fell 17 3/4 cents in December contracts. Russia reopened the Kerch Strait to grain vessels for the first time in three months, adding pressure, while reports that China was seeking US SRW wheat eased selling late in the week, though no sales were announced. Winter wheat planting was 76% complete, one point behind last year. Managed money in Chicago wheat held a net short of 74,859 contracts.
Corn declined on good harvest progress and fund selling. The harvest reached 60% complete as of October 25, lagging the five-year average by six points. Crop condition ratings closed the season at 56% good to excellent. Managed money reduced its net long in corn by 90,314 contracts to 55,943 contracts as of October 27. Weekly export sales for 2026/27 were 1.304 MMT, backing off the prior week.
Soybeans fell 34 1/4 cents in November futures, with December meal down $21.50 and December soybean oil down 93 points. Early-week trading gapped lower after Brazil's presidential election produced a surprise result that sent the real sharply lower. The US soybean harvest was 79% complete as of October 25, two points ahead of average. Export bookings for 2026/27 reached 2.576 MMT, and speculators trimmed their net long by 21,536 contracts to 185,400.
Livestock also weakened. December live cattle fell $10.17 and November feeders dropped $10.35, though the CME Feeder Cattle Index rose $6.17 to $351.26. Cash fed cattle sales backed off to $224-225. Hogs extended their decline, with the CME Lean Hog Index down $4.85 to $67.30 and the pork cutout at $70.10/cwt, its lowest since December 2020. Speculators added to their net short in lean hogs, reaching a record 47,109 contracts.
Cotton fell 237 points in December futures as harvest reached 52%, four points ahead of normal, while condition ratings held at 33% good to excellent. Rice closed slightly lower on tight supply, with El Nino concerns for Asian production. Coffee and sugar futures were lower in New York and London, and cocoa was down amid dry conditions in Ivory Coast. USDA estimated US orange production at 61.7 million boxes versus 63.5 million last year.
Corn declined on good harvest progress and fund selling. The harvest reached 60% complete as of October 25, lagging the five-year average by six points. Crop condition ratings closed the season at 56% good to excellent. Managed money reduced its net long in corn by 90,314 contracts to 55,943 contracts as of October 27. Weekly export sales for 2026/27 were 1.304 MMT, backing off the prior week.
Soybeans fell 34 1/4 cents in November futures, with December meal down $21.50 and December soybean oil down 93 points. Early-week trading gapped lower after Brazil's presidential election produced a surprise result that sent the real sharply lower. The US soybean harvest was 79% complete as of October 25, two points ahead of average. Export bookings for 2026/27 reached 2.576 MMT, and speculators trimmed their net long by 21,536 contracts to 185,400.
Livestock also weakened. December live cattle fell $10.17 and November feeders dropped $10.35, though the CME Feeder Cattle Index rose $6.17 to $351.26. Cash fed cattle sales backed off to $224-225. Hogs extended their decline, with the CME Lean Hog Index down $4.85 to $67.30 and the pork cutout at $70.10/cwt, its lowest since December 2020. Speculators added to their net short in lean hogs, reaching a record 47,109 contracts.
Cotton fell 237 points in December futures as harvest reached 52%, four points ahead of normal, while condition ratings held at 33% good to excellent. Rice closed slightly lower on tight supply, with El Nino concerns for Asian production. Coffee and sugar futures were lower in New York and London, and cocoa was down amid dry conditions in Ivory Coast. USDA estimated US orange production at 61.7 million boxes versus 63.5 million last year.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.