DTN Closing Grain Comments    10/26 13:50
   Soybeans Plunge Monday in Response to Weak Brazilian Real

   Macro factors pressured row crop futures to begin the new week after
Brazil's incumbent President Lula won a surprising fourth term in office in
Sunday's election over President Trump's ally Flavio Bolsonaro. The Brazilian
real, which had skyrocketed earlier this month when the election headed to a
runoff vote, gave back those gains with Lula's victory. The implication for
U.S. soybeans is, of course, that a weaker Brazilian real works to make
Brazilian exports less expensive to world buyers. However, there is also
concern that Lula's victory will lead to a continuation of the trend seen in
recent history of strong ties between China and Brazil and further investment
by China into Brazil's soybean exporting industry. Other fundamental news was
slim on Monday, with corn and wheat pressured largely as a result of spillover
weakness from the soybean complex. There was little news regarding the ongoing
wars in the Black Sea and Middle East, with energy prices mixed to begin the
week.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed down 1 cent and March corn was down 1 1/2 cents.
November soybeans closed down 15 1/4 cents and January soybeans were down 16
cents. December KC wheat closed down 5 1/2 cents, December Chicago wheat was
down 9 cents, December MIAX Minneapolis wheat was down 7 1/2 cents.