Grain Markets Turn Negative Overnight Amid Favorable Weather

The grain markets opened slightly higher overnight but gave up those gains to turn negative near the end of the session. The soy complex moved lower, with November soybean futures trading slightly weaker. Support for soybeans comes in at $11.75 and last week's low of $11.70.

Flash sales of 136,000 MT of soybeans for delivery to China during the 2026/27 marketing year and 180,000 MT of soybean meal for delivery to the Philippines may offer support. Dr. Michael Cordonnier left his 2026 U.S. corn yield unchanged at 181.0 bu/ac with a neutral bias, citing favorable weather conditions.

The Trump administration extended its exemption of the Jones Act by another 90 days, but narrowed its scope as it attempts to keep domestic fuel supplies flowing during the Iran war. Live cattle and feeder futures are expected to open choppy to higher due to gains in the weekly average cash cattle price and choice boxed beef.