Trade:
Corn: 20 to 13 lower (25 cent range)
Beans: 1 to 2 higher (16 cent range)
Wheat: 17 to 11 lower (25 cent range)
Overview:
The Quarterly Stocks report found an additional 177 MBU of corn versus the average trade guess with Sept. 1 stocks of 2.095 BBU, up 35% from Sept. 1 2025. 787 MBU are stored on-farm and 1.31 BBU were stored off. NASS also trimmed the 2025 corn crop 57 MBU on roughly 300,000 fewer harvested acres. Soybeans came in 9 MBU lower than the trade expected at 315 MBU while leaving 2025 basically unchanged. A neutral to friendly read backed by a June-August 2026 indicated disappearance of 744 million bushels, compared to just 683 million bushels the same period last year. On farm storage of 90.4 MBU and 225 MBU off-farm hints at why basis in some areas has been so strong. Wheat stocks came in below average and are down 14% from last year but had slightly higher production.
The daily charts below show the recent trading lower from the pre US-China trade meeting highs. Corn has pulled back almost 50 cents from its recent high but did fill a small gap left in the chart. Funds are still long corn and beans and while this report will certainly shake them out of positions early yields are not great and excess rain in some areas of the western corn belt continue to cause issues and harvest delays. Post report corn traded below its 50DMA and wheat traded right at its 100 DMA. The biggest story this week was the China-US trade talks that the administration said would make farmers “happy”, but the news that came out has not been received well in the markets. Chinese buying and yields will be the story moving forward.
This will be today’s only report but let me know if you have any questions or ideas. Stay safe in the field!
December 2026 Corn
November 2026 Beans
December 2026 Wheat
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About Jody Lawrence
Jody Lawrence has been in the commodity brokerage and agriculture marketing business since 1992 and started Strategic Trading Advisors in 1999 and runs it today with his son Brady. The daily market comment his company publishes has over 7000 subscribers in 33 states and 3 countries and provides a concise overview of the world markets with ideas on farm hedging and marketing. Jody also travels the country giving 60-70 marketing meetings a year through his 22-year strategic partnership with Helena Agri-Enterprises.
About Brady Lawrence
Brady Lawrence is an Agriculture Market Specialist and Financial Advisor that focuses on commodities markets, futures and options brokerage, and helping individuals and families plan for retirement and their financial futures. Brady joined Jody at Strategic Trading Advisors in 2018 after college and supports the market research and brokerage sides of the business.