Grains Surge as Markets Rebound from Last Week’s Losses
Grains surged in overnight trade as corn, soybeans, and wheat rebounded from last week’s losses. Key resistance levels for each commodity will be crucial to watch as markets open. December corn is trading near the $5.00 mark, with bulls targeting $5.05, while support stands at $4.95 3/4. November soybeans bounced off the 40-day moving average support at $12.77 3/4, with resistance at $12.96 1/4 and $13.00. December SRW wheat is higher for the third consecutive session, with bulls aiming to overcome resistance at $7.00 and $7.05 1/4.
The U.S. dollar index rose around 325 points, while front-month crude oil futures were modestly weaker but remained above $90.00. The USDA reported daily sales of 129,450 metric tons of corn and 104,000 metric tons of soybeans for delivery to Mexico during the 2026-27 marketing year.
Brazil’s presidential election is headed to a runoff after Flavio Bolsonaro, an ally of President Donald Trump, outperformed expectations. He will face incumbent President Luiz Inacio Lula da Silva on October 25. A Bolsonaro administration could weaken the Amazon Soy Moratorium, impacting grain markets.
Massive Russian airstrikes targeted industrial and port infrastructure in Ukraine’s Odessa region, escalating tensions and curtailing grain exports. The ICE U.S. Dollar Index hit its highest level since April 2025, driven by a sharp selloff in the euro and rising government bond yields in France.