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DTN Closing Grain Comments 10/09 14:57
Corn Yield Shock Sends Corn Lower, Soybeans Rally Late to Close Higher
Friday's session centered around the release of the October Crop Production
and World Agricultural Supply and Demand Estimates (WASDE) reports from USDA.
The corn market was stunned by a surprise increase to the national average corn
yield, and subsequently, a large increase to 2026-27 U.S. corn ending stocks,
with the corn market officially erasing all of the gains made since the bullish
WASDE release on Aug. 12, which kicked off the historic rally to early
September highs. Meanwhile, soybeans were more neutral in USDA's changes on
Friday, with the market able to find strength to trade counter to sinking grain
futures and close higher for the session. Outside market news was quiet for
Friday, with energy futures mixed with marginally higher crude prices but lower
diesel futures. There were reports that a tanker was attacked by Iran in the
Strait of Hormuz on Friday, but oil prices were subdued by President Trump's
comments Thursday that the U.S. would not strike Iran before the mid-term
elections in early November. The U.S. dollar was quietly higher on Friday with
the week's move toward 18-month highs being met with some top-heaviness.
Treasury yields were slightly higher through Friday with traders still
expecting a series of Federal Reserve rate hikes through the first half of
October.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 20 1/2 cents and March corn was down 21 cents.
November soybeans closed up 4 1/2 cents and January soybeans were up 4 1/2
cents. December KC wheat closed down 17 cents, December Chicago wheat was down
12 1/4 cents, December MIAX Minneapolis wheat was down 10 3/4 cents.
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