The Final Bell

 Russia Ukraine tension  Trump policy on trade  New lows in soybeans  South American growing  China, hogs & the funds  Live cattle struggled while feeders saw a positive trade

 Russia Ukraine tension  China agreement with Brazil  South American growing  Supply demand fundamentals  FEDS fewer rate cuts?  Retail data for the month of October

 Russia Ukraine tension  Weekend headlines pulling attention  Geo politics vs. trade issues  Does the trade care?  South American progress  Dollar trade

 Seasonality’s of the markets  South America weather  New administration  Strong U.S. dollar  Russia Ukraine situation geo political  Cattle hold onto some positives

The recovery in the corn, soybean, and wheat markets today appears to be driven by several factors, including improved export activity and some technical buying. Market sentiment may also be influenced by shifts in global weather patterns, particularly in South America, and by updates on U.S. harvest progress. Key Points: NOPA Crush Numbers: The latest crush report showed strong soybean processing, indicating healthy domestic demand for soy products. This could bolster market confidence in soybean fundamentals. Corn and Soybean Export Demand: Export sales for corn and soybeans have been robust, with particular interest from key markets like Mexico and China. These positive signals may encourage traders to adjust their outlooks. As always, reassess your marketing plans based on export trends and price opportunities. Corn Demand for Ethanol: Ethanol demand remains steady, with production maintaining levels that support corn prices. However, fluctuating crude oil prices can influence ethanol profitability, which might impact future demand for corn. Mississippi River Levels: Water levels have seen slight improvements in some areas due to recent rains but remain a concern for grain transportation. This continues to add logistical challenges, which may pressure basis levels.

The markets remain on edge with election expectations shaping the forward outlook. Weak prices continue to dominate conversations as the "elephant in the room," causing concerns across the agricultural sector. In the cattle market, midday trading saw a noticeable breakdown, signaling cautious sentiment. Meanwhile, the hog market faced its own pressures, with shifts leaving traders analyzing the potential causes and broader implications for livestock markets overall.

The market is adjusting to a complex mix of factors this week. The Consumer Price Index (CPI) has been a focal point, adding to broader global expectations across markets. Flash sales activity remains a driving factor, with an eye on Brazilian growing conditions, which have been generally favorable. Additionally, the impact of elections continues to weigh on traders' minds, creating a level of uncertainty in pricing movements. For cattle, heavy weights and slower cash sales are contributing to cautious sentiment as the industry assesses near-term demand and pricing prospects.

The grain markets are watching several pivotal factors this week, with money management strategies potentially being the biggest influence. Last week, China purchased about half of its grain needs from the U.S., underscoring the ongoing influence of the Chinese economy on commodity trade. South American weather is improving, leading to favorable growing conditions that may support their yields and impact global grain supply. In livestock, both live and feeder cattle have seen interest from large buyers, helping support prices in recent days. However, questions remain about the durability of this rebound; a shift in fundamentals could put pressure on prices if it were to turn negative. The cattle market’s next steps will largely depend on whether this momentum can hold.

The grain markets started the week off sluggishly after an overbought Friday, leaving traders to wonder if this trend will spill over. The dollar strengthened significantly, adding further pressure to commodity prices. Meanwhile, wheat remains attractively priced, but political discussions and uncertainty continue to weigh on market sentiment. In the soybean complex, soyoil movements and political factors play significant roles, while traders may need to pause to reevaluate before making further moves.

The latest WASDE report brought some mixed reactions, with overall production numbers closely aligning with expectations but a few regional surprises in state-level yields. The corn balance sheet reflected steady demand but highlighted some adjustments in exports and feed usage, keeping stocks relatively tight. Soybean numbers appeared slightly more bullish, with yields revised in key states, reinforcing a tighter supply outlook. The market response was interesting—corn remained stable, while soybeans saw an uptick, possibly fueled by traders' positioning ahead of global demand cues. Technically, both corn and soybean markets show resilience, with soybeans holding key support levels and corn testing resistance, suggesting some upward potential in the short term if demand holds strong.

This week, markets are reacting to shifting trade dynamics amid "Trump Trades" and expectations around a potential Fed interest rate cut, which could provide support across various sectors. Ahead of the WASDE report, there's heightened anticipation, particularly in the soybean complex, where prices have shown explosive movement. Meanwhile, cattle markets are finding solid support, suggesting resilience even as other factors create volatility. These combined influences are keeping traders on edge, awaiting clarity from upcoming reports and policy shifts.

This week, markets are digesting the impact of recent election results, with many eyes on how these outcomes might shape future policies. In agriculture, the StoneX Customer Harvest Survey is offering fresh insights into yield expectations, which could show market sentiment ahead of Friday’s WASDE report. Meanwhile, the Federal Reserve meeting adds another layer of anticipation as investors await signals on the direction of interest rates. Consumer sentiment continues to be a key focus, with recent reports hinting at how economic uncertainty might influence spending patterns and market movement in the coming months.

This week, the markets reflect an election-season tone, with overall quiet trade as investors and traders look for clearer signals. Key events loom ahead, with the Federal Reserve meeting on Wednesday expected to set the tone for interest rates, while Friday’s WASDE report will provide crucial insights for agricultural markets. Meanwhile, discussions with China could impact trade relations and market sentiment. In the cattle market, we’re seeing a notable shift, potentially driven by fluctuating consumer confidence. As these factors unfold, the market remains on edge, anticipating moves that could set the stage for the remainder of the season.

The market feels the tension of election season, with much of the trade remaining quiet as it watches for signals. While crude oil has seen some action, grains are capturing attention, potentially setting the stage for tomorrow’s market shifts. With key reports like the WASDE and updates from the Federal Reserve on the horizon, traders are also monitoring developments in China and assessing the latest progress out of South America. In the livestock sector, fat cattle movement continues to trend, though technical uncertainties in live cattle keep market watchers cautious.

The main highlight this week has been export activity, especially with Mexico's demand for corn. On Friday, they purchased 716 million tons of old-crop (OC) corn from the U.S., underscoring their ongoing need for future imports. Drought remains a concern in several regions, though there are signs of potential replenishment in some areas. Fall basis prices are also influencing decisions as we move into the November 1 grain marketing window, which is an important date for managing grain contracts and forecasting the market's direction.

As we head into the end of the month, markets are keeping an eye on several key developments, starting with election prep in the U.S., which could bring more volatility across agricultural and financial markets. A potential divergence in the soybean complex is also taking shape; factors like South American weather and Chinese demand may pull soybean oil and meal prices in different directions, creating varied impacts within the broader soybean market. Meanwhile, cattle contracts are seeing intense trading activity, with "fireworks" as traders position themselves ahead of the month's close. The cattle market has been dynamic, with price fluctuations driven by concerns over cattle supplies, packer demand, and shifting trade expectations

The wheat market is facing some unique pressures as Russia's export taxes and variable weather continue to impact trade flows. In Brazil, weather remains a central focus as growers look for favorable conditions to support crop progress. Outside markets, including energy, are adding another layer of volatility, especially with ongoing global shifts in supply and demand. With elections around the corner, political uncertainty is weighing on market sentiment. Meanwhile, in the livestock sector, pork prices are being closely watched, with recent fluctuations adding to the complexity of market planning.

Jeff Peterson of Heartland Farm Partners recaps the factors that shaped today's market activity. Corn closed 1 to 4 cents lower. Soybeans closed 10 to 13 cents lower. Wheat closed mostly 10 cents lower. All three livestock complexes closed higher. - Why do you think corn and soybeans are starting the week of weaker? - Are the funds playing much of a role in the corn and soybean markets at this time? - Do you think we will continue to see the strong corn and soybean export sales like we had last week? - How were export inspections this morning? - What is the latest on the Mississippi river level? - What would it take to get corn and soybean prices to move higher from here? - How do you think corn and soybean future’s spread trade from here? - What do you think will happen to corn and soybean basis levels?

Export sales have been strong this week for both corn and soybeans, providing some support to the market. All eyes are on the upcoming Chinese stimulus meeting in early November, which could influence demand and pricing. However, uncertainty remains regarding South American crop outcomes, as well as the impact of dry conditions in the U.S.—though it may still be too early to raise alarms on that front. Politics continue to weigh on the ag sector, while depressed soybean prices add additional pressure. Meanwhile, balance sheets for corn and beans are increasing, adding further complexity to market dynamics.

Export sales are in focus, while election jitters are starting to impact market sentiment. Soybeans faced some pressure, with key factors dragging the market down. There's still a question of what's not supporting broader trade action. Meanwhile, anticipation builds for tomorrow’s Cattle on Feed report, and winter wheat is being eyed for pasture use as ranchers look for options in the face of evolving market conditions.