--- title: Daily comment for Wednesday, October 7 description: We're both traveling for a conference today, so this will be a bit of a condensed letter. image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-wednesday-october-7#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 Wednesday, October 7 ![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 | 502 | -6 | | Mar '27 Corn | 517 | -5 1/4 | | Nov '26 Beans | 1297 1/2 | -5 1/2 | | Jan '27 Beans | 1314 1/2 | -4 3/4 | | Dec '26 Chi Wheat | 686 1/2 | -17 3/4 | | Dec '26 KC Wheat | 738 1/2 | -17 3/4 | | Dec '26 Cotton | 80.04 | -1.17 | | Crude Oil (spot futures) | 88.90 | -.54 | | US Dollar Index (spot futures) | 102.04 | +.44 | | Dow Jones (spot futures) | 51,444 | -372 | ## Daily Glance We're both traveling for a conference today, so this will be a bit of a condensed letter. ### 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. Tuesday's strength didn't carry over. Corn traded just over Tuesday's high early before turning lower and gave back a little more than half of Tuesday's gain, while beans held up better overnight with meal, trading better than a nickel higher, before joining the rest of the complex lower and slipping back under 1300. Wheat gave back all of Tuesday's gain and then some, with Chicago back under 7.00. That was a bit of a surprise with Black Sea trade still shut down and Russia struggling to move wheat through its other routes. Outside markets were heavier. The Dow lost close to 400 points, the dollar firmed back up, and crude slipped even after the government's EIA raised its fourth quarter Brent forecast by 14 dollars a barrel. ## Key Points/Developments **Technicals:** December corn traded through Tuesday's high to 509 3/4 but couldn't stay there, working down to 500 1/2 before settling back under the 50 day average. The 5.00 area held again, and corn hasn't traded under 495 in five sessions now. 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 got through the 1305 area to 1309 on the high, but the rally didn't stick, and they dipped to 1292 3/4 before settling a few cents under 1300. The 1305 area is still the level to beat on a close, then 1320, with support at the 1290 area, then the 1273 area and the 50 day average near 1262. **Spreads:** The Dec/Mar corn spread widened three quarters of a cent to 15, and the Nov/Jan bean spread widened three quarters to 17, with the front months taking a little more of the selling in both. **Weather:** Outside of a few light showers across the northern Plains and northwest belt late Thursday and Friday, the Midwest stays dry for the next week, and harvest is picking up a little more each day, including in Iowa. More normal rain chances return around the 14th, with a system in the western belt the 14th to 17th. Tropical Storm Isaias formed in the Gulf overnight and is expected to strengthen into a hurricane ahead of a Saturday landfall in the Florida Panhandle. What's left of it heads north into southern Illinois and Indiana Sunday, where the wind is the bigger worry than the rain, since a lot of corn there is already standing on stalks weakened by disease. ## Markets/Trading Implications Even with Tuesday's strong closes, we didn't think either market would get away to the upside with a report this important coming Friday, and at least for today that proved true. The funds were back on the sell side this morning, and with harvest gaining speed in the western belt, there wasn't much reason for anyone to chase it two days ahead of the numbers. For corn, the 5.00 area is still doing its job, but it's back under the 50 day and it still comes down to yield. The average guess has USDA taking about seven tenths of a bushel off, short of the bushel to bushel and a half we've said it takes to offset the stocks number, so the report probably needs to beat the trade to give corn much of a lift. Beans got above the 1305 area today and couldn't hold it, so that remains the line for us. China is back from Golden Week Friday, the same day as the report, and next week should tell us a lot about whether its buying lines up with the talk of doubling up. We'd still expect it to get to its 25 million tons by the end of the year. Call anytime. ## Other Notes - There's been a lot of talk about discolored soybeans coming out of fields in the western belt, beans with brown, black or even pinkish seed coats that are a normal yellow once you cut into them. USDA quit counting seed coat color as a grading factor in 2023 and export buyers have agreed not to discount it, so if your elevator is docking you, it's worth making sure it's for real damage and not just color. - Brazil shipped 7.3 million tons of soybeans in September, even with a year ago, but its corn exports fell 2.3 million tons to 5.2 million as more of its corn goes into ethanol. ## 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 six trading days since this report, corn has lost 20 cents, soybeans have lost 1/4 cent, and Chicago wheat has lost 6 1/4. 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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