The agricultural markets are closely watching the upcoming WASDE report, set to be released on Tuesday, November 10, 2026. The report is highly anticipated following discrepancies in the USDA's September corn data, which led to unexpectedly high yield and production numbers in October. Analysts and farmers alike are curious whether the November report will align with October's figures or revise them downward as many farmers believe it should.
In other news, an 80-million-bushel corn sale to Mexico provided a brief boost to corn futures, though overall prices remain low due to typical harvest-time pressures. Traders are on the lookout for any signs of increased demand or transportation issues that could shift market dynamics.
Weather patterns are also a key focus. In the Central and Southern Plains, a few remaining showers will move through Texas over the weekend, leaving the area drier and warmer through the week. The Midwest is seeing lighter rains, which should aid in completing the harvest. Meanwhile, the Delta region is expected to benefit from the El Nino pattern in the coming months, though conditions will remain drier this week.
Internationally, monsoon season showers in central Brazil have been less frequent and intense, leading to low soil moisture for early soybean growth. Forecasts predict rain for the first half of November, which could prevent soil conditions from becoming too dry. In Argentina, soybean planting is set to increase throughout November, with frequent frontal passages playing a crucial role in early crop growth.
Several key reports are due this week, including the Monthly Wholesale Trade, Grain Inspections, and the Consumer Price Index (CPI). The CFTC's Commitments of Traders report has been delayed until Monday, November 16, due to the federal holiday.