Key Takeaways
- • Corn, wheat, and soybean futures all declined this week, with December corn down 5.5 cents, December KC wheat down 15.25 cents, and November soybeans down 30.75 cents, according to Brugler Marketing & Management's weekly Ag Marketing Report.
- • Managed money cut its net long in corn futures and options by 86,482 contracts to 230,877 as of October 13, while speculators added to net shorts in CBT wheat and trimmed net longs in KC wheat.
- • Hogs weakened further, with December futures down 90 cents and the CME Lean Hog Index at $75.09, while live cattle firmed with December futures up $1.30 and the CME Feeder Cattle Index up $6.47 to $343.54.
- • CONAB projected Brazil's 2026/27 corn crop at 148 MMT, well above the USDA's 139 MMT, and Brazil's soybean crop at 181.6 MMT, below the USDA's 186 MMT.
- • November soybeans broke key technical support, with the 38.2% Fibonacci retracement at $12.70 1/4 failing on a retest and traders watching the 50% retracement at $12.50 1/4.
Summary
Grain markets extended their losing streaks in the week ending October 17, 2026, according to Brugler Marketing & Management's Ag Marketing Report. Wheat has fallen for seven consecutive weeks and corn for five of the last six. December corn fell another 5.5 cents. The US corn harvest was 33% complete as of October 11, six points behind average, while condition ratings rose 2 points to 56% good/excellent. The Brugler500 index rose 4 points to 346. Ethanol output rose 12,000 barrels to 1.065 million barrels per day in the week of October 9, and inventories increased 199,000 barrels to 23.942 million. Export sales reached 1.122 MMT for 2026/27, a marketing-year high. Managed money cut its net long in corn futures and options by 86,482 contracts to 230,877 as of October 13. CONAB's initial 2026/27 Brazil corn estimate of 148 MMT compares with the USDA's 139 MMT.
Wheat futures fell across all three exchanges. CBT soft red winter futures lost 10.5 cents, KC hard red winter fell 15.25 cents, and spring wheat led the declines with an 18.75-cent loss. Winter wheat planting reached 51% complete, seven points behind last year. Export sales for 2026/27 were 319,901 MT, as buyers have yet to return to US supplies after lost Black Sea shipments. Speculators added 3,495 contracts to their CBT wheat net short, which reached 33,038 contracts. Managed money trimmed its KC wheat net long by 6,649 contracts to 24,040.
Soybeans fell 30.75 cents in November, and December meal and oil also declined. Buyers sold over 1.877 MMT through daily announcements, mainly to China and unidentified destinations. The soybean harvest was 46% complete as of October 11, four points behind average, and condition ratings held at 57% good/excellent. NOPA reported September crush of 196.3 million bushels, down 0.8% year over year. Export bookings for 2026/27 were 574,878 MT. Speculators reduced their net long by 14,169 contracts to 237,491.
Cattle prices firmed, with December futures up $1.30. Cash trade ranged from $222 to $227 in the North and reached $228 in the South. The CME Feeder Cattle Index rose $6.47 to $343.54. Choice boxed beef fell $1.04 to $372.31. Managed money reduced its live cattle net long by 2,172 contracts to 47,748, while feeder cattle speculators added 65 contracts to reach 8,852. Hog futures fell 90 cents in December, and the CME Lean Hog Index dropped $3.32 to $75.09 as of October 14, even as the pork cutout rose a nickel to $80.55, despite a three-year low. Managed money added 8,914 contracts to its lean hog net short, which reached 42,088.
Cotton December futures slipped 54 points. The harvest was 31% complete, two points ahead of normal, and condition ratings rose to 35% good/excellent. Managed money added 1,862 contracts to its net long, bringing it to 65,699. Brugler's technical analysis noted that November soybeans broke below key support, with traders watching the $12.50 1/4 retracement level.
Wheat futures fell across all three exchanges. CBT soft red winter futures lost 10.5 cents, KC hard red winter fell 15.25 cents, and spring wheat led the declines with an 18.75-cent loss. Winter wheat planting reached 51% complete, seven points behind last year. Export sales for 2026/27 were 319,901 MT, as buyers have yet to return to US supplies after lost Black Sea shipments. Speculators added 3,495 contracts to their CBT wheat net short, which reached 33,038 contracts. Managed money trimmed its KC wheat net long by 6,649 contracts to 24,040.
Soybeans fell 30.75 cents in November, and December meal and oil also declined. Buyers sold over 1.877 MMT through daily announcements, mainly to China and unidentified destinations. The soybean harvest was 46% complete as of October 11, four points behind average, and condition ratings held at 57% good/excellent. NOPA reported September crush of 196.3 million bushels, down 0.8% year over year. Export bookings for 2026/27 were 574,878 MT. Speculators reduced their net long by 14,169 contracts to 237,491.
Cattle prices firmed, with December futures up $1.30. Cash trade ranged from $222 to $227 in the North and reached $228 in the South. The CME Feeder Cattle Index rose $6.47 to $343.54. Choice boxed beef fell $1.04 to $372.31. Managed money reduced its live cattle net long by 2,172 contracts to 47,748, while feeder cattle speculators added 65 contracts to reach 8,852. Hog futures fell 90 cents in December, and the CME Lean Hog Index dropped $3.32 to $75.09 as of October 14, even as the pork cutout rose a nickel to $80.55, despite a three-year low. Managed money added 8,914 contracts to its lean hog net short, which reached 42,088.
Cotton December futures slipped 54 points. The harvest was 31% complete, two points ahead of normal, and condition ratings rose to 35% good/excellent. Managed money added 1,862 contracts to its net long, bringing it to 65,699. Brugler's technical analysis noted that November soybeans broke below key support, with traders watching the $12.50 1/4 retracement level.
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