Corn Futures Rebound as Traders Reassess Friday’s WASDE Report

what happened

According to Newsmetry API, December corn futures rose 0.8% on Monday to $4.83 1/2 a bushel on the Chicago Board of Trade. December wheat added 0.3% to $6.72 3/4 a bushel, while November soybeans declined 0.3% to $12.88 1/4 a bushel.

Traders continued to assess Friday’s WASDE report as the USDA was closed for Columbus Day/Indigenous People’s Day. The report showed corn yields and production above analysts’ expectations, triggering a sharp selloff in corn futures. Prices reversed course during Monday’s session. Matt Zeller of StoneX wrote that trading was largely unwinding Friday’s post-WASDE move, while numerous corn tenders were announced after the earlier decline.

Wheat futures received support from expectations of additional supply-chain disruption as Russia continued strikes against Ukraine’s energy infrastructure, despite President Trump saying Sunday that both sides would stop attacks on energy facilities. AgResource said the conflict could further constrain refinery capacity heading into winter and add to inflation concerns. Soybean futures remained under pressure from unprofitable Chinese crush margins. Charlie Sernatinger of Marex cited a negative $20 a ton margin and said processing could slow sharply over the next three weeks, including at Sinograin.

The USDA will publish its weekly Grain Export Inspections report at 11 a.m. ET Tuesday and its Crop Progress report at 4 p.m. ET Tuesday. The EIA is scheduled to release its Weekly Petroleum Status Update at 10:30 a.m. ET Thursday.

why it matters

The session shows markets reassessing the bearish WASDE reaction while weighing potential supply disruptions and weak Chinese soybean-processing economics. Those themes connect grain prices with broader inflation risks.

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