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Futures and options trading involves risk of loss and is not suitable for everyone.

🌽 Harvest Progress: US corn harvest jumped to 60% complete last week, still trailing the 66% five-year average, while soybeans hit 79% and pulled ahead of the 77% average. 🌾 Winter wheat planting reached 76%, just shy of its 77% average pace.

📉 Soybean & Corn Futures: Jan27 soybeans fell 16 cents to about $12.53, a two-month low, after Brazil’s real plunged roughly 12% following Lula’s surprise reelection. 🌽 Dec26 corn slipped a penny to $4.55, its lowest close since early July, pressured by soybeans, harvest progress, and weaker crude.

🇧🇷 Brazil Election Fallout: Lula’s win is a setback for Brazil’s farm lobby, which backed Flávio Bolsonaro and has clashed with Lula over land rights, environmental rules, and taxes. 🤝 The group now plans to work with Congress and the executive branch to push for relief for struggling farmers.

🚢 Wheat & the Black Sea: Dec26 SRW wheat dropped 9 cents to $6.16, its lowest since early July, on reports Russia is weighing proposals to secure Black Sea grain shipments. ⚠️ Russia’s seaborne grain exports fell 62% in September, and rerouting through the Baltic hasn’t yet made up the difference.

📊 CFTC COT Changes: Starting in December, the CFTC will release its Commitments of Traders report twice a week, on Wednesdays and Fridays at 2:30pm CST. 🗓️ We’ll keep publishing full Fund Tracker charts weekly and update our Daily Fund Tracker as new data drops.

🚛 Export Inspections: Soybean inspections hit 2.5mmt, up 20% week over week, with China taking about 67% and year-to-date totals running 42% ahead of last year. 📦 Corn shipments came in at the low end of expectations at 625,233mt, while wheat disappointed at 183,824mt, with year-to-date totals down 35%.