🇺🇦 Ukraine Grain Routes — Russian attacks have nearly halted Black Sea shipments, so Zelenskiy is asking Poland, Romania, Slovakia, and Hungary to let Ukrainian grain move through their countries. Hungary has signaled it will allow sealed corn trains through, a crucial lifeline since about 90% of Ukraine’s grain exports normally move by sea.
🌽 Grains Slide—Soybeans fell to $12.61, and Dec corn dropped to $4.74 as favorable weather is expected to speed harvest this week. Wheat posted its seventh straight weekly decline despite ongoing Black Sea disruptions.
📊 Fund Tracker—Money managers dumped 83k corn contracts last week and have cut their net long by 168k since mid-September. Funds also sold 8k soybean contracts, but their 250k net long position remains near record levels.
🚢 Flash Sales—USDA announced 558,000mt of soybeans sold to China and another 236,000mt to unknown destinations. Japan also bought 127,000mt of US corn for the 2026/27 marketing year.
📦 Export Sales—Corn sales were strong at 1.1mmt, up 42% from the four-week average, with Mexico leading the way. Soybean sales disappointed at 574,900mt, down 40% from the four-week average, while wheat came in light at 319,900mt.
💸 US Debt Interest—Interest costs on the national debt hit a record $1.05 trillion in fiscal 2026, now the third-largest category of federal spending. Experts say a crisis isn’t imminent, but the growing burden leaves the economy more vulnerable to shocks.
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