As of 9 a.m. CT, the agricultural markets have shown significant fluctuations with corn prices dropping by 4½ cents, settling at $4.18½ per bushel. In parallel, November soybean prices have also taken a hit, down by 5¼ cents at $10.35¾ per bushel.

Wheat prices reflected mixed signals; December CBOT wheat fell slightly by 1¼ cents to $5.27 per bushel, while December KC wheat gained 1½ cents, reaching $5.12¾ per bushel. December Minneapolis wheat decreased by a penny, priced at $5.73¼.

Market Insights

“Corn’s strong price action from late last week carried over, supported by a rise in crude oil prices of over $1.50,” noted Cole Raisbeck, a commodities broker at Kluis Commodity Advisors. He added, “Bulls now aim for the $4.30 gap left from early July.” In contrast, soybeans continue to face pressure largely due to China’s absence in the export market, exacerbated by the strengthening U.S. dollar. Crop ratings this week indicated a 4 percentage point drop in soybean conditions, a decline anticipated after a dry August across much of the eastern Corn Belt.”

Global Developments

This morning, the USDA announced that the Philippines has committed to purchasing 185,000 metric tons of soybean cake and meal for the 2025/2026 marketing year, signaling ongoing international demand despite current market pressures.

Livestock and Energy Markets

In the livestock sector, October prices have also seen declines. Live cattle dropped by $1.35 to $238.18 per hundredweight (cwt), while feeder cattle decreased by $2.85 to $360.85 per cwt. Lean hogs were down by 70¢, settling at $94.85 per cwt.

In energy markets, October crude oil prices fell by $1.36, currently at $64.23 per barrel. The U.S. Dollar Index for September has also dropped to 98.26.