As of 9:31 a.m. CT, December corn prices showed a minor decline, trading down less than a penny at $4.21½ per bushel.

In contrast, November soybeans fell by 5½ cents, reaching $10.24 per bushel. This dip in soybean prices comes amid reports highlighting Brazil’s growing dominance in the global soybean export market.

Al Kluis, managing director of Kluis Commodity Advisors, noted, “A report yesterday suggested that Brazil will surpass soybean export volume from 2023 and 2024 by the end of October this year. The estimate is pegged just above 102 million metric tons for the first 10 months of the year. This further confirms that China is sourcing everything from South America, while tariff wars have cut off business with the U.S.”

Meanwhile, December CBOT wheat experienced a slight uptick, gaining 3¼ cents to reach $5.10½ per bushel. Similarly, December Kansas City (KC) wheat was up just under a penny, trading at $4.93½ per bushel, while December Minneapolis wheat recorded a gain of 4½ cents, reaching $5.60.

Naomi Blohm, senior market advisor at Total Farm Marketing, commented on the grain market’s current state, stating, “Grains are trading sideways as fresh news is hard to come by.” The anticipated weekly U.S. Export Sales report and the October World Agricultural Supply and Demand Estimates (WASDE) report were due for release today but will not be shared due to the government shutdown.

“Basis is still improving,” Blohm added. “The quarterly Grain Stocks report released last Tuesday might be a blessing for end users who now have another chance to secure affordable corn, as early harvest yield results for corn are coming in significantly lower than last year due to disease.”

Cattle and Hog Prices

In livestock markets, December live cattle remained unchanged at $238.88 per hundredweight (cwt). On the other hand, November feeder cattle saw a modest increase of $1.43, trading at $370.25 per cwt, while December lean hogs fell by 85 cents, settling at $85.25 per cwt.

Market Overview

Additionally, November crude oil prices decreased by 38 cents, reaching $62.17 per barrel, and the U.S. Dollar Index December contract rose to 99.01.

In broader markets, as of 9:27 a.m. CT, the S&P 500 Index dropped by 16.91 points, while the Dow Jones Industrial Average was down 176.4 points.

Published: 10 a.m. CT