Key Takeaways
- • Corn, soybeans, wheat, and oats all traded lower on November 4, 2026, with Chicago wheat trends down and support levels cited at 591, 580, and 568 for December contracts.
- • Mexico bought 315,000 tons of U.S. corn and South Korea bought 136,000 tons, while Spain bought 167,000 tons of U.S. soybeans, according to Dow Jones market reports.
- • The U.S. harvest was 74% complete for corn and 88% complete for soybeans as of last week, with good but not great yields reported.
- • Malaysian palm oil cash prices fell on expectations of large production, with RBD palm olein offered at $1,102.50 per metric ton for November delivery.
- • U.S. September oilseed and grain export data showed soybean exports of 134.3 million bushels, down from 104.9 million a year earlier, and wheat exports of 56.8 million bushels versus 118.7 million a year earlier.
Summary
Grain and oilseed markets closed lower on November 4, 2026, according to the Dow Jones Grains Report. Wheat fell in both Chicago and Kansas City in consolidation trading, with Chicago trends described as down and Kansas City trends also down. Chicago support was cited at 591, 580, and 568 for December, with resistance at 621, 645, and 662. Winter wheat planting was 83% complete and 65% emerged, with 4% of the crop rated good to excellent.
Corn was lower on speculative and fund selling and reports of good harvest progress amid warm and dry weather. Harvest was 74% complete with progress below normal. Mexico bought 315,000 tons of U.S. corn and South Korea bought 136,000 tons. Oats also declined, with trends down on the weekly charts.
Soybeans and soybean products were a little lower on strong harvest progress, despite buying from China. The harvest was 88% complete. Crude oil futures fell sharply, and that selling spilled into the soy complex. Spain bought 167,000 tons of U.S. soybeans. Dow Jones reported that China is expected to buy more U.S. soybean cargoes in the coming weeks, but tariffs will remain high. Lula's election as Brazilian president over the prior weekend surprised the market, weakened the real against the dollar, and pressured agricultural prices, particularly those tied to Brazilian selling.
Rice closed higher on lower domestic production and concerns about El Nino affecting world output. Palm oil fell on expectations of large production, and Malaysian cash prices for November refined palm oil were quoted at $1,097.50 per metric ton, down $7.50.
U.S. Commerce Department data showed September 2026 soybean exports of 134.3 million bushels, compared with 104.9 million a year earlier, and wheat exports of 56.8 million bushels versus 118.7 million. Corn exports for September were 278.9 million bushels, up from 274.7 million a year earlier.
Corn was lower on speculative and fund selling and reports of good harvest progress amid warm and dry weather. Harvest was 74% complete with progress below normal. Mexico bought 315,000 tons of U.S. corn and South Korea bought 136,000 tons. Oats also declined, with trends down on the weekly charts.
Soybeans and soybean products were a little lower on strong harvest progress, despite buying from China. The harvest was 88% complete. Crude oil futures fell sharply, and that selling spilled into the soy complex. Spain bought 167,000 tons of U.S. soybeans. Dow Jones reported that China is expected to buy more U.S. soybean cargoes in the coming weeks, but tariffs will remain high. Lula's election as Brazilian president over the prior weekend surprised the market, weakened the real against the dollar, and pressured agricultural prices, particularly those tied to Brazilian selling.
Rice closed higher on lower domestic production and concerns about El Nino affecting world output. Palm oil fell on expectations of large production, and Malaysian cash prices for November refined palm oil were quoted at $1,097.50 per metric ton, down $7.50.
U.S. Commerce Department data showed September 2026 soybean exports of 134.3 million bushels, compared with 104.9 million a year earlier, and wheat exports of 56.8 million bushels versus 118.7 million. Corn exports for September were 278.9 million bushels, up from 274.7 million a year earlier.
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