11/03/26 Value Buying Confirmed; Corn Market Wants More Proof

11/03/2026 Click Above to Watch the Morning Market Talk Video Value Buying Confirmed; Corn Market Wants More Proof On the Grains Corn and wheat futures mildly favored the downside overnight, while soybeans traded slightly higher amid modest corrective buying. The general marketplace remains cautious awaiting results of today’s midterm elections. December corn futures dropped to a for-the-move low, despite the ninth largest daily sale on record of 1.730 MMT to Mexico on Monday – 1.135 MMT for 2026-27 and 594,630 MT for 2027-28. While that signaled the top buyer of U.S. corn sees value on the sharp price break, traders apparently want more proof. USDA reported soybean crush slowed more than anticipated to 198.8 million bu. in September. That was down 5.2% from August and 3.0% from year-ago, though the slowdown was due to crush plants not having enough supplies, not a lack of demand. September corn-for-ethanol use totaled 438.4 million bu., down 8.5% from the previous month but up 0.6% from last year. Harvest delays in the western and northern Corn Belt limited new-crop corn deliveries to ethanol plants. Corn Harvest Remains Behind, Soybean Harvest Stays Ahead USDA reported corn harvest advanced 16 percentage points to 74%, though that…