Grains Rally as U.S. Dollar Weakens Amid Harvest Progress

Grains markets showed strength on October 6, 2026, as the U.S. dollar retreated, providing support to corn and soybean prices. Corn futures rose by about a nickel, benefiting from a weaker dollar and early harvest activity. The USDA rated 54% of the corn crop as good to excellent, down three percentage points from the previous week, while harvest progress reached 23%, lagging behind the five-year average. December corn futures faced resistance at key moving averages, with support levels identified at $5.18, $5.14 ¾, and $5.00.

Soybeans gained 12 to 13 cents, with meal futures also higher. Harvest progress for soybeans was estimated at 25%, though still behind the five-year average. Brazil’s soybean crushing capacity expanded by 13% in 2026, reaching 86.4 million metric tons annually, driven by demand for soybean oil and meal. November soybeans found support at the 40-day moving average, with resistance at higher moving averages.

Wheat futures were mostly higher, with SRW wheat firming for the fourth consecutive session due to short-covering. The USDA reported that 36% of the winter wheat crop was planted, though behind the five-year average. Improved weather conditions were expected to aid harvest and planting progress. December SRW wheat futures were supported by the 10-day moving average, with resistance at higher moving averages.

Live cattle and feeder futures posted solid gains, supported by improving wholesale fundamentals. Cash cattle trade averaged $219.80 last week, with boxed beef prices rising on Monday. Hog futures were mostly weaker, correcting after recent strength, with the CME lean hog index down to $79.63 as of October 2. December lean hogs faced support at the 20-day moving average, backed by the 10-day moving average and last week’s low.