--- title: Daily comment for Friday, October 2 description: Another lower lean to finish the week, though the selling was a good deal more orderly than it was earlier in the week. image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-friday-october-2#main-content) [![CLAYTON POPE COMMODITIES 3-3](https://blog.claytonpopecommodities.com/hs-fs/hubfs/CLAYTON%20POPE%20COMMODITIES%203-3.png?width=300&height=135&name=CLAYTON%20POPE%20COMMODITIES%203-3.png "CLAYTON POPE COMMODITIES 3-3")](https://www.claytonpopecommodities.com/) [All posts](https://blog.claytonpopecommodities.com/newsletters/all) October 13, 2026 # Daily comment for Friday, October 2 ![Picture of Taylor Pope](https://blog.claytonpopecommodities.com/hs-fs/hubfs/1728420772119.jpg?width=50&name=1728420772119.jpg) By  [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope)  ·  4 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Dec '26 Corn | 497 3/4 | -4 1/2 | | Mar '27 Corn | 511 1/2 | -5 1/4 | | Nov '26 Beans | 1278 1/4 | -5 3/4 | | Jan '27 Beans | 1294 1/2 | -6 1/4 | | Dec '26 Chi Wheat | 683 | +1/4 | | Dec '26 KC Wheat | 735 1/4 | -2 1/4 | | Dec '26 Cotton | 78.76 | +1.00 | | Crude Oil (spot futures) | 94.59 | -1.19 | | US Dollar Index (spot futures) | 101.655 | -.145 | | Dow Jones (spot futures) | 51,477 | +236 | ## Daily Glance Another lower lean to finish the week, though the selling was a good deal more orderly than it was earlier in the week. Corn and beans were both weaker overnight and worked back to about unchanged early in the day session, then drifted lower into the weekend, with corn finishing under $5 for the first time since the middle of August. ### Want the rest of today's comment? Leave your name and email to read the full daily market comment, including technicals, weather and trade implications. Wheat went its own way for a third straight day, finishing with a small gain as European wheat and corn prices firmed. Cotton bounced a full cent after a rough week. Following the big yields from StoneX yesterday, S&P Global went the other way with both corn and soybeans under the USDA. They put the corn yield at 177.8 bushels and soybeans at 52.5. Outside markets were busier than ours. Crude dropped as much as four dollars on an announced release of 100 million barrels of diesel reserves by the EU and G7 before getting most of it back, the dollar slipped back from near its 18 month high after a September jobs report that came in well short of expectations, and the Dow gained a couple hundred points. ## Key Points/Developments **Technicals:** December corn traded down to 495 for the second day in a row and held it to the tick, but settled at its lowest close since August 18 and a third straight close under the 50 day average near 507. The 495 area is first support, then the 490 area and 480 below that where the August rally paused, with resistance at the 5.00 area, then the 50 day average and 515. November beans slipped a half cent under Thursday's low to 1273 1/4 before steadying, and the 1284 area turned them back again on the high. Support is the 1273 area, then the 50 day average near 1258, with resistance at the 1284 area and then 1300. **Spreads:** The Dec/Mar corn spread narrowed to 13 3/4 and the Nov/Jan bean spread sits at 16 1/4, with the deferred months taking a little more of the selling in both. **Weather:** TStorm made no changes again today, leaving corn, soybeans and winter wheat all at slightly favorable. Dry, mild weather holds across the central U.S. for at least the next 10 to 15 days, and within a week nearly all of the crop area will have gone a full week without rain. The wettest fields in the western belt still need several days to dry out, but TStorm has a wide open harvest window just about everywhere by the 8th to 10th of October. South America stays wet, with heavy rain continuing in southern Brazil and Paraguay, planting rains reaching central Brazil, and Argentina's soil moisture improving for its early corn. ## Markets/Trading Implications The selling has slowed, but Thursday's small gain didn't carry over, so the stabilization we talked about yesterday is only partly here. Tuesday's fund numbers were also taken the day before the stocks report, which means most of this week's liquidation won't show up until next Friday's update, and until then it's hard to know how much length is left to come out. For now, corn still looks more vulnerable than beans to us. On Wednesday we said it would take at least a bushel and a quarter off USDA's corn yield to undo the stocks number. S&P Global gets about halfway there, and the early yields out of Iowa and the quality problems in the wettest western fields point the same way, but StoneX and YieldCast are both still above USDA, so the October 9 report has a lot of ground to cover either way. Beans have the friendlier setup. Their stocks came in under the guesses Wednesday, the private yield estimates are split on either side of USDA, and China should be back from Golden Week late next week with plenty left to buy if it is going to reach 25 million tons. They'll need that business to stay above their 50 day average. Demand is the piece that can do some of the work for corn, with Europe's crop shrinking and today's flash sale a sign buyers are interested at these prices. We'd still expect any real break to find support with that backdrop, but with harvest running wide open next week and the report next Friday, it's no time to get bold either way. Call anytime. ## Other Notes - For the week, Dec corn lost 30 1/2 cents, Nov beans lost 40 3/4 cents, Chicago wheat lost 20 1/4 cents, and cotton lost 3.84. - USDA announced a flash sale of 218,600 tons of corn, 173,800 for this marketing year and 22,400 each for the two years after. - Estonia has stopped Russian grain from moving through its ports, and if Lithuania and Latvia follow, Russia could lose its Baltic export route. Russia's wheat exports are already running about half of normal, and Ukraine shipped only 1.4 million tons of grain in September. - TStorm is closed next week and resumes regular reports October 14, so our weather updates will be lighter than usual until then. ## Static Notes - Commitment of Traders data covering positions through Tuesday, September 29, the day before the stocks report, showed the funds lightening up across the board. Corn's net long came down nearly 37k to 378k. Soybeans' net long fell 24k to 241k, and wheat's net short grew from 13k to nearly 22k. - Prices during the corresponding week saw December corn lose 14 3/4 cents, November beans lose 27 3/4, and December Chicago wheat lose 24 1/2. In the three trading days since this report, corn has lost 24 1/4 cents, soybeans have lost 19 1/2, and Chicago wheat has lost 9 3/4. Have a great weekend! Clayton and Taylor --- **RISK DISCLAIMER:** Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all investors. Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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