GCC Weekly Market Commentary > 2026 > October 2026 > Weekly Market Update 10-29-2026

Weekly Market Update 10/29/2026

Oct 29, 2026

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

What candy was originally known as “chicken feed?”
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Market News

MARKET UPDATE: Corn found some support from firm wheat prices and strengthening interior basis levels as harvest pressure appears to be fading. Export demand remains the concern, with corn sales and commitments continuing to lag last year's pace while Brazil aggressively markets its crop. Soybeans continue to lean on strong Chinese demand, with recent purchases helping keep U.S. export targets within reach despite growing South American competition. Wheat was the bright spot, drawing support from stronger export sales and rumors of potential Chinese buying interest. Overall, the market remains focused on export demand, with basis firming in corn, China driving the soybean story, and wheat finding support from renewed optimism on the export front.

CROP PROGRESS: Corn harvest continues, with crop conditions remaining unchanged. Harvest progress has moved nationwide, reaching 60% complete, up from 44% last week. Recent rainfall has slowed activity in some areas, but improved conditions have allowed harvest to regain momentum. Even with the recent push, national progress remains 6% behind the 5-year average. In Kansas, corn harvest is 79% complete, slightly below the 81% 5-year average. Soybean harvest also posted solid gains, advancing to 79% complete compared to 64% last week. Meanwhile, Hard Red Winter (HRW) wheat planting reached 80% complete, up 20 percentage points from the previous week and 1% ahead of the 5-year average.

INTEREST RATE MARKET UPDATE: The Fed voted 10-2 to leave rates where they are, citing that they need more data before making another change. Warsh’s comments after the decision have led markets to price in a hike in December with nearly 90% certainty. It seems as though the economy is getting stronger with inflation still hot, which is fueling the reasoning to most likely hike in December. While the Fed waits to see how their previous decisions affect the economy, the looming midterms could add geopolitical pressure to their next vote.

EXPORT SALES AND INSPECTIONS: Corn export sales totaled 51.3 million bushels this week, 8.8 million bushels behind last week’s value. Current week corn export inspections totaled 24.6 million bushels, down 2.7 million bushels from the week prior. Soybean sales were reported at 94.7 million bushels this week. Soybean export inspections for the week were reported at 91.0 million bushels – landing well above both the running 10-week average and current week trade estimates. All wheat export sales totaled 31.2 million bushels this week, 12.8 million bushels above the upper end of trade estimates and 22.4 million bushels above last week’s values. Of this total, HRW accounts for 2.9 million bushels, HRS accounts for 11.8 million bushels, SRW accounts for 1.2 million bushels, white wheat accounts for 14.6 million bushels, and durum accounts for 0.8 million bushels. Current week wheat export inspections totaled 6.8 million bushels – falling just below the lower-end trade estimates. Milo export sales were reported at 0.1 million bushels this week and no export inspections were reported.

WEATHER: After a foggy start today, conditions will remain mostly cloudy with cool temperatures in the low 60s. Rain chances increase on Friday, with showers and the possibility of thunderstorms developing through the afternoon and evening before tapering off overnight. The weekend looks generally cloudy but seasonable, with highs in the lower to mid-60s and only limited precipitation until another round of showers and thunderstorms arrives on Sunday night. Unsettled weather is expected to continue into early next week, with periodic shower chances, breezy to windy conditions, and gradually cooler temperatures, especially by Tuesday when highs dip into the upper 50s. Drier weather and more sunshine are expected to return by Wednesday.