TOP STORIES:

Wheat Down Again on Russian Rainfall

Wheat for December delivery fell 0.9% to $5.98 1/2 a bushel on the Chicago Board of Trade Friday following Russian wheat price down as rain showers hit the Black Sea region. Corn for December delivery were unchanged at $3.98 1/2 a bushel. Soybeans for January delivery rose 0.6% to $10.56 1/4 a bushel.

Managed money funds continued to move money out of wheat Friday, adding up to a 5.4% drop in wheat futures this week. The U.S. move appears to be following in lockstep with Russian wheat futures, said Charlie Sernatinger of ED&F Man Capital. "Over in the Black Sea, the Russian wheat FOB was said to be $251/ton yesterday, down $2 from Wednesday," he adds.

ADM Hopeful on Ethanol Exports -- Market Talk

10:05 ET - Archer Daniels Midland CFO Ray Young says that Chinese buyers are making inquiries about importing ethanol from the US, which could help boost prices for the corn-based fuel additive. Young is optimistic about prospects for ethanol after the industry has struggled for years with high production and low prices, but for now ADM expects to keep two of its own plants offline through the winter. Economic data will help determine when to reopen them, Young says on ADM's quarterly call, but he expects other shuttered plants in the industry will remain closed permanently. ADM shares off 4%. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST:

Farmers Continue to Back Trump, Survey Shows -- Market Talk

1003 ET - Farmers' strong support for President Trump hasn't been moved by the debates, the Supreme Court nomination battle, his coronavirus diagnosis or much else, according to a Farm Journal survey. The agriculture publisher's latest survey of 1,311 farmers, conducted this week, finds 85% of respondents planning to vote for Mr. Trump, the same number as the prior Farm Journal survey in early September. Despite financial pain from the Trump administration's trade wars, farmers have said they trust Mr. Trump to keep their taxes low and further ease regulations. Mr. Biden received 11%, down one point from the early-June Farm Journal survey. (jacob.bunge@wsj.com; @jacobbunge)

Brazilian Soybean Harvest Even Bigger in 2020-2021 Season -- Market Talk

11:59 ET - Brazilian agricultural consultancy Safras & Mercado raised its forecast for the country's soybean production in the 2020-2021 growing season to a record 133.5M metric tons after the group found that farmers had planted a larger area than previously estimated with the crop. The previous record of 125.3M tons was set in the 2019-2020 growing season, Safras says. The consultancy cut its forecast for Brazil's summer corn crop, to 22.9M metric tons because of a lack of rain in some regions. Brazil is the world's biggest producer and exporter of soybeans. (jeffrey.lewis@wsj.com)

Brazil's Official Rhetoric Undermines Agricultural Sector -- Market Talk

10:12 ET - The Brazilian government's "failure to admit that it needs to urgently address rising deforestation" is contributing to volatility in local markets, TS Lombard says, arguing the country's competitive agro sector advances on sustainable practices are undermined by President Bolsonaro's rhetoric. "Bolsonaro is likely to continue denying that [rampant deforestation] exists," the firm says. "This means that the significant progress that Brazil has made on the environmental front in several areas, including renewable energy, will be eclipsed by increasing deforestation." (paulo.trevisani@wsj.com; @ptrevisani)

THE MARKETS:

Coronavirus Sends Hog Futures Lower -- Market Talk

14:52 ET - The resurgent spread of coronavirus -- with daily cases in the US hitting exceeding 88,500 new cases, a new record high -- was a factor pushing hog futures on the CME down Friday. "At the current time there is absolute panic concerning the Coronavirus spreading worldwide therefore curbing demand for many commodities," says Michael Seery of Seery Futures. "The volatility remains exceptionally high as I don't think that situation is going to change anytime soon as seasonably speaking the winter months for livestock can experience tremendous price swings." The most-active lean hog contract finished trading down 0.1% to 65.575 cents per pound, while live cattle futures rose 0.3% to $1.083 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

10-30-20 1731ET