Today’s Authors:

RM         Ryan Moe

MK         Matt Kayl

AG         Alex Gokey

ST           Sam Trcka

PC          Phillip Claussen

Outside Markets:  DJIA +21.24, S&P 500 +51.50, NASDAQ +325.41, US$ Index +0.31, WTI Crude -1.67 (MK)

• Wall Street is holding steady this morning
• Major indexes opened mixed but have stayed in positive territory as trading progressed
• Reuters reported that stocks are confident that the Fed is widely expected to hold rates this Wednesday following last month’s increase
• Despite stocks pricing in another two rate hikes due to inflation indicators remaining elevated, Wall Street is confident in no hike this month due to a fall back in crude prices
• With earnings reports AND a Fed decision this week, this week is going to determine A LOT for near future
• 
• • Anthropic just officially unveiled its US IPO paperwork
  • Reuters reported that Anthropic unveiled its IPO paperwork, setting up for a blockbuster market debut which will test investors’ confidence in the broader AI market
  • The company had submitted confidential filing in June and, in recent weeks, details from that filing highlighted sweeping AI ambitions and concerns about “existential risks to humanity” that advanced AI poses
  • The company has committed more than $600 billion in spending with about eight partners over the past decade
  • The company has had a net loss of $80.7 billion for the first half of this year, this IPO will more than likely determine whether or not the AI fad will continue on or be the start of the collapse
  • But hey, nothing like having one sector keep the entire financial system afloat…
• 
• • Oil prices fell this morning yet again
  • Brent crude and WTI futures fell 1.87% and 1.67% respectively
  • CNBC reported that oil prices fell amid talks between Saudi Arabia, Turkey, Pakistan, and Iranian officials in Tehran raised hopes of deescalation  
  • President Trump also weighed whether to pursue an agreement with Tehran or launch any further military action, reversing some hardline statements from weeks past
  • However, attacks by the Iranian-allied Houthis against the Saudis have continued, with the Houthis bombing energy infrastructure and civilian targets
  • I’m tired of this war, Grandpa…
• 

• Corn:  CZ26 -4.75¢, CH27 -4.25¢, CK27 -3.50¢, CN27 -3.50¢ (AG)

  
  • Corn is working lower again today
  • The new normal
• • A notable jump in harvest progress on a national scale
  • Harvest progress report came in yesterday at 60% complete, only 6% below the average
  • IA is the clear straggler, still being 20% below average as of yesterday’s report
  • 
• • The western corn belt has a good chunk of rain in the forecast over the rest of the week
  • So, I would not expect a large jump in harvest progress for the ECB
  • 5-day rainfall forecast
  • 
• Doesn’t really matter what way you try to spin it, CZ26 charts are ugly
• • • • CZ26 daily chart
      
    • • Support on the daily is at the psychological $4.50 mark
      • On the weekly, we are working on our 5^thconsecutive down week
      • CZ26 weekly chart
    • 
    • 
    • • Zooming way out, we are approaching some support established way back in 2024
      • So, I guess that’s your hopeful technical news on the corn front for the day
      • Basis WoW is mostly stronger across the belt everywhere but Western MN and the eastern Dakotas
      • WoW Oct dlv basis map
  • 

  • Soybeans: SX26 -2.50¢, SF27 -3.00¢. SH27 -3.75¢, SK27 -4.25¢ (ST)

    • FND for Nov futures will find us on Friday
    • You know the drill…go home long Thursday and risk delivery
    • We saw a little bit of a dead cat bounce overnight and into this morning after yesterday’s beatdown from the Brazilian election results
    • But like any dead cat….it didn’t stay up for long
    • So, here we are, back in the red
    • 
    • • SF27 is at least still trading safely above yesterday’s move low  

• Just the lingering bits of soybean harvest remain
• By those who were too wet, or those who always just take the extra time
• 
• • About time!
  • The CFTS has announced that it plans to publish the Commitment of Traders reports twice a week starting in December
  • Not sure on an exact start date yet
  • But will see reports on Wednesdays and Fridays
  • 
  • • Still not perfect, but progress is progress
    • 
  • • Spot bean basis is mixed across the country from last week
    • With the heart mostly unchanged and the east firmer
    • While the west widens thanks to larger than expected yields
    • 

    • Wheat: MWZ26 -5.00¢, KWZ26 -7.00¢, WZ26 -1.50¢, OZ26 -6.00¢ (PC)

      • Over the last week or so we posted the KWZ26 futures chart highlighting possible longer term bullish trendline support…  
• It didn’t hold this week

• Winter wheat is 76% seeded versus 77% for the average of the 5 previous years

• MW 14 pro +180Z to +210Z in the spot market on Monday.  Unchanged
• MW 15 pro +160Z to +240Z in the spot market on Monday.  Unchanged to up 10

Weather:  (RM)

• The South Americans have loved what they have seen so far in terms of weather

• From what I can gather, these rains have fallen in rather timely fashion
• Dripping it out versus getting a big shot is a far better way to get the same millimeters of accumulated rainfall
• The 7-day forecast shows that the good times should continue to roll

• Rain striping across the WCB will give an extension to the break some started taking yesterday

Picture of the Day:  (RM)

I’m in Iowa right now, and the political ads make it sound like the world has already ended, and previous leaders have destroyed the country…or, if someone else is elected, they will destroy the country.  The market says differently.  Seems like a great idea to turn off the news.

Pulled this from the Van Trump Report this morning

If you’re attending the NGFA Country Elevator Conference, please join us!

You didn’t need to, but now you know (RM)

Many farmers claim to have the best pumpkin patch in all the land.  However – they’re going to have a hard time unseating Morton, IL which was named the “Pumpkin Capital of the World” in 1978.  Morton has attained this prestigious honor because it is home to Libby’s which produces ~85% of the world’s canned pumpkin products.

For those of us whom have a bit of a red tint to the area just below our head…we’re still looking for the “Pumpkin Cannon Capital of the World”

StoneX Financial Inc. – FCM Division

StoneX Markets LLC

Toll Free: 800-854-6490 ext. 12941

Direct: 952-852-2941

Cell: 612-368-6958

Mitch.polzin@stonex.com

NASDAQ: SNEX

 

StoneX group Inc.

605 Hwy 169 N.

Suite 600

Plymouth, MN 55441

© 2026 StoneX Group Inc. all rights reserved. The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors.Full Disclaimer.This email is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to theRegulatory Disclosuresection for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.