The upcoming midterm elections on Tuesday could significantly influence farm policy, making it one of the top five things to watch this week. The DTN Newsroom is closely monitoring the elections, with coverage planned for Tuesday evening and a post-election webinar on Wednesday at 9 a.m. The webinar, titled 'What Results Mean for Farmers and Agribusiness,' will be hosted by DTN editors Jake Zajkowski and Chris Clayton.
In export news, U.S. soybean export commitments for the 2026-27 marketing year have reached 1.057 billion bushels, an 80% increase from the previous year and above USDA projections. However, U.S. corn export commitments have declined by 34% compared to last year, totaling 925 million bushels and falling below USDA's projection. Additionally, China has expressed interest in purchasing U.S. soft red winter wheat for the new marketing year, though no U.S. corn or wheat has been sold to China this marketing year.
Harvest activities may be disrupted this week due to a system moving through the country, bringing strong winds, severe weather, and heavy rain. Temperatures are expected to be above-normal ahead of the system, with cooler air moving eastward behind it. The dominant ridge across North America is expected to persist, following the El Nino storm track.
In South America, a stalled front in central Brazil brought much-needed showers for soybean planting and establishment. Southern areas will experience drier conditions this week, which is beneficial as they have been too wet in many areas. In Argentina, another system moving through could lead to more cold air, potentially slowing growth for winter wheat and corn and pushing back soybean planting.
Several key reports are due this week, including U.S. Manufacturing P.M.I., Construction Spending, Grain Inspections, and Crop Progress. On Tuesday, Job Openings (JOLTS) and the Labor Turnover Survey, plus Factory Orders data will be released. Wednesday will see the ADP National Employment Report, U.S. Trade Balance for September, and U.S. Services P.M.I. Other reports scheduled for the week include Grain Export Sales, Preliminary Productivity and Costs, Weekly Jobless Claims, Employment Report, and the CFTC's Commitment of Traders report.