Commodity Markets Mixed Corn Dips While Wheat and Cotton Rally

On October 5, 2026, the corn market saw a slight decline, with December corn futures falling by half a cent to $4.97 1/4, marking a six-week low. The drop was attributed to a pause in trading and some chart consolidation, exacerbated by a rally in the U.S. dollar index to a 1.5-year high, which limited gains in corn futures.

In contrast, soybeans received some buying support, with November soybeans rising by 2 1/2 cents to $12.80 3/4. December soybean meal, however, lost $0.40 to $347.10, hitting a four-week low, while December soybean oil gained 73 points to 69.35 cents, reaching a three-week high. The support came after the USDA reported daily U.S. soybean sales of 104,000 metric tons to unknown destinations for the 2026-27 marketing year.

Wheat futures experienced short-covering bounces, with December SRW rising by 9 1/4 cents to $6.92 1/4, December HRW gaining 7 cents to $7.42 1/4, and December spring wheat futures increasing by 10 1/2 cents to $7.08 1/2. The gains were partly driven by concerns over Russian airstrikes targeting industrial and port infrastructure in Ukraine’s Odessa region, as reported by Reuters.

December cotton futures surged by 198 points to 80.86 cents, near the daily high, driven by short covering and bargain buying. The rise was also supported by gains in soybeans and wheat, as well as a rally in U.S. stock indexes. Meanwhile, the live and feeder cattle futures markets saw some profit-taking and chart consolidation, with December live cattle falling by $1.50 to $219.975 and November feeder cattle losing $1.025 to $330.125.

Lean hog futures showed a more positive trend, with December lean hog futures rising by $0.825 to $70.95, hitting a two-week high. The gains were attributed to short covering and bargain hunting, suggesting a potential market bottom. However, the gains were limited by a continuing downward trend in cash hog market prices.