--- title: Daily comment for Thursday, October 8 description: The soy complex did most of the talking ahead of tomorrow's report. image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-thursday-october-8#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 Thursday, October 8 ![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)  ·  3 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Dec '26 Corn | 500 1/4 | -1 3/4 | | Mar '27 Corn | 515 1/4 | -1 3/4 | | Nov '26 Beans | 1287 1/2 | -10 | | Jan '27 Beans | 1304 1/4 | -10 1/4 | | Dec '26 Chi Wheat | 683 1/4 | -3 1/4 | | Dec '26 KC Wheat | 736 1/4 | -2 1/4 | | Dec '26 Cotton | 79.97 | -.07 | | Crude Oil (spot futures) | 91.34 | +3.06 | | US Dollar Index (spot futures) | 101.92 | -.12 | | Dow Jones (spot futures) | 51,466 | +18 | ## Daily Glance The soy complex did most of the talking ahead of tomorrow's report. Meal was under pressure all day while soybean oil firmed alongside crude, and beans followed meal lower to finish near their lows. Export sales at the low end of expectations didn't help, and there's still some unease over how little last month's summit with China produced on the soybean side. ### 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. Corn had a soft export number of its own, and with sales and shipments running about 3 million tons behind last year's pace, some longs took money off the table in front of the numbers. It slipped under 5.00 briefly but found buyers there again, right about where it has all week. Wheat saw some short covering early that faded, and Chicago finished modestly lower even as export prices overseas keep climbing with the Black Sea ports still shut. Outside markets were jumpy on Iran. Crude rallied early on the President's threat of a strike before the midterms and held most of a 4 dollar gain even after he reversed course midday, while the Dow climbed back from a sharp early drop to finish about even and the 10 year yield hit its highest level since the early 2000s. ## Key Points/Developments **Technicals:** December corn slipped under the 5.00 area to 497 3/4 early but held above 495 again and worked back to settle just over 5.00, still under the 50 day average. That makes six sessions without a trade under 495. Support is the 5.00 area and then 495, with resistance at the 508 area where the 50 day sits, then 515 and the 525 area. November beans topped out at 1302, short of the 1305 area again, and broke through the 1290 support area we flagged yesterday to settle a penny off their low. Next support is the 1273 area and then the 50 day average near 1262, with resistance back at the 1305 area and then 1320. **Spreads:** The Dec/Mar corn spread was unchanged at 15, and the Nov/Jan bean spread narrowed a quarter to 16 3/4. **Weather:** TStorm is closed until next Wednesday, so there are no rating changes this week. The Midwest stays dry for harvest through the weekend outside of whatever Isaias brings. Isaias is now a hurricane and is expected to come ashore just east of Mobile late Friday as a Category 2, a little farther west and a bit sooner than it looked yesterday. It slows as it moves into Tennessee Sunday before working into the eastern Midwest by midweek, and wind is still the bigger concern for corn standing on stalks weakened by disease. ## Markets/Trading Implications Both markets have spent the past week since the stock report stuck in the middle of a range, and today was more of the same with everyone waiting on the numbers. Corn defended the 5.00 area again, but the weakness in beans today is a sign their setup has lost a little of its edge heading into the report. For corn, the average guess has USDA taking about seven tenths of a bushel off last month's 178.5, but the range of guesses is wide enough that the report could say just about anything. Our guess is they trim it somewhat, but it still probably takes the bushel to bushel and a half we've talked about to offset the stocks number and give corn a lasting lift. In beans, the trade has the yield a tenth above last month's 52.8, and with most feeling that crop held up better than corn late in the season, it's hard to see a friendly number. China is the offset, and it still has something like 10 million tons to buy by the end of December to get to its 25 million. Call anytime. ## Other Notes - Export sales for the week ending October 1 came in at 30.3 million bushels of corn, 20.2 million of soybeans and 16.6 million of wheat. - Here again are the average trade guesses for tomorrow's report: ![Screenshot 2026-10-06 160053](https://blog.claytonpopecommodities.com/hubfs/Screenshot%202026-10-06%20160053.png) ## 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 seven trading days since this report, corn has lost 21 3/4 cents, soybeans have lost 10 1/4, and Chicago wheat has lost 9 1/2. Have a nice evening! 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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