Corn Rallies as Wheat Surges in Technical Rebound
U.S. corn and wheat prices climbed Tuesday, powered by technical buying and fresh export demand. While soybeans edged slightly lower, grain market momentum is shifting amid weather outlooks, global tenders, and harvest progress.
Corn and wheat markets found upward traction on Tuesday, fueled by a mix of technical rebounds, export optimism, and ongoing global tenders. The momentum came despite muted USDA crop progress updates, leaving analysts to rely on private estimates as the fall harvest accelerates.
Corn Prices Find a Footing December corn futures climbed 2.25 cents to $4.13, with March contracts adding 2 cents to $4.2925, reflecting a technical bounce of over 0.5%. Support came from export inspections totaling 44.5 million bushels last week, despite a 34% week-over-week drop. Mexico, Spain, Japan, South Korea, and Portugal were top buyers.
Corn prices enjoyed a moderate technical bounce on Tuesday, with December futures up more than 0.5% today.
Private surveys suggest the 2025 corn harvest reached 44% completion through October 12, up sharply from 29% the previous week. However, crop quality ratings edged lower, with just 64% now rated in good-to-excellent condition.
Taiwan issued a tender for 2.6 million bushels of feed corn, with arrival expected in April 2026. The U.S. remains a strong contender, especially after Taiwan pledged $10 billion in U.S. ag imports. Brazil's corn output for 2025-26 was slightly revised upward to 5.46 billion bushels, according to CONAB.
Soybean losses were mostly minimal, with November futures easing around 0.1% lower on Tuesday.
Winter Wheat Leads the Gains Wheat saw the strongest gains Tuesday, with December Chicago SRW futures up 3.75 cents to $5.0025 and Kansas City HRW contracts rising 7.25 cents to $4.8850. The rebound was driven by technical buying and short-covering, supported by international buying activity.
Saudi Arabia finalized a tender for 18.4 million bushels, primarily sourced from Australia and Brazil. South Korea is seeking 3.5 million bushels from North America, closing Wednesday.
U.S. winter wheat planting is 66% complete, outpacing seasonal averages under favorable conditions. Meanwhile, wheat export inspections dipped 19% to 16.3 million bushels, but cumulative exports are 18.1% ahead of last year's pace.
Chicago SRW prices rebounded moderately higher on Tuesday, with December futures up almost 0.75% today.
Soybeans Face Modest Losses Soybean futures slipped slightly, with November down 1.25 cents to $10.0650 and January off 1 cent to $10.2425. Soybean inspections reached 36.5 million bushels, down 27% from the previous week. Harvest is estimated at 58% complete, while CONAB adjusted Brazil's projected soybean crop slightly lower to 6.527 billion bushels.
Ag market experts highlight how broader economic news can impact commodity inputs. Lower fuel and fertilizer prices-fallout from global market swings-could offer margin advantages to producers.
Financial Strategies and Risk Management in Focus Experts like David Kohl of Virginia Tech are urging producers to track financial performance, manage cash flow, and adopt a marketing plan to weather market volatility. Meanwhile, JJ Keske from Advance Trading emphasized strategies to capture market carry and reowning opportunities for corn.
Wall Street and Energy Markets Weigh In Outside the grain markets, the Dow surged 399 points to 46,466, buoyed by easing U.S.-China trade concerns. Energy futures dipped, with Brent crude falling 1.25% to under $63/barrel and gasoline prices also trending lower. A weaker U.S. Dollar added modest support to grain prices.
