Corn Soybean and Wheat Prices Rebound Amid Slower Harvest Progress
Corn and soybean prices rebounded this week, supported by short covering and bargain hunting amid slower-than-expected U.S. harvest progress. December corn futures climbed 10 3/4 cents to $5.08, while November soybeans rose 22 1/4 cents to $13.03, near their daily highs. The U.S. Department of Agriculture (USDA) reported that 54% of the corn crop was rated good to excellent as of October 3, down three points from the previous week, with harvest progress at 23%, trailing the five-year average by four points.
Soybean harvest progress was similarly behind schedule, with 25% of the crop harvested, eight points behind the five-year average. Brazil’s soybean crushing capacity expanded by 13% in 2026 to 86.4 million metric tons annually, driven by strong demand for soybean oil and meal. Weather forecasts indicate drier conditions in the U.S. Midwest, which should aid harvest efforts, while Brazil is expected to receive rain that will support planting in the center-west region but may delay fieldwork in the south.
Wheat prices also saw gains, with December soft red winter (SRW) wheat rising 12 cents to $7.04 1/4, and December hard red winter (HRW) wheat gaining 14 cents to $7.56 1/4. The USDA reported that 36% of the U.S. winter wheat crop had been planted as of October 4, lagging behind the five-year average. Geopolitical tensions, including Russian attacks on Ukrainian infrastructure, contributed to bullish sentiment in the wheat market. Weather conditions are expected to improve for winter wheat planting in the U.S., while Europe and the Black Sea region face varying moisture challenges.
Technical analysis suggests that corn prices are trending down, with key support at $4.92 and resistance at $5.25. Soybeans remain in a downtrend, with resistance at $13.35 1/4 and support at $12.73 1/4. Wheat bulls aim to push SRW prices above $7.50, while bears target support at $6.50. Market participants are advised to stay current with recommended sales and remain patient for hedging opportunities.