Good afternoon. Wait-and-see mode was very prevalent through the day on election Tuesday, with volume in the corn and soybean markets some of the lowest since the end of Summer. Aside from the lack of interest in taking new positions due to assumed market volatility, new state-level laws put in place in the last four years that make election day a public holiday in some states have likely also contributed to the low volume trade. All eyes will be on tonight's election results, with trade activity likely quickly picking back up in the overnight hours into tomorrow.

CZ closed Tuesday at 4.18 1/2, up 2 cents. CH was up 2 cents also at 4.32. SF closed at 10.01 3/4, up 4 1/2 cents. SH finished at 10.14 3/4, up 3 cents. WZ was up 3 3/4 at 5.72 1/2. Inside days for corn and beans. Products were mostly lower, December soybean meal closed at 299.50, down 10 cents/ton, and December soybean oil closed at 44.99, down 57 points. Inside day for meal also. Livestock markets were lower, December live cattle closed at 184.77, down 30 cents, January feeders were down 7 cents at 242.35, and December hogs closed at 81.12, down $2.10. Outside markets are mixed, crude oil futures are up 50-60 cents/bbl, the Dow Jones index is up 400 points, and the US$ index is down 40-50 points. The S&P500 is up 70 points and the NASDAQ is up 250 points. Stock indexes spent most of the day on Tuesday drifting higher.

Spreads ended the day higher, corn spreads were unchanged to 3/4 of a cents higher, and soybean spreads were up a penny and a half to up 4 and 3/4. CZ/CH closed at -13 1/2, unchanged, and SX/SF was up 2 cents at -8. The ZW/ZH wheat spread traded in to -17 1/2 today, its highest level since September 16th.

USDA this morning announced daily sales flashes of 124,000 mt's of corn for delivery to unknown destinations during the 2024/25 marketing year. Daily export business continues to illustrate US corn's competitive position in the global market.

Along with much needed increases in soil moisture levels, recent improvements in rainfall have also significantly improved river levels across the Midwest, especially on the Mississippi. Gauge readings this morning at St. Louis showed river levels above 8 ft, which is well above the -1 to -2 ft reading that was seen through most of October and September. As mentioned earlier, US corn is competitive on the global market, and improved river levels will help take advantage of an export window that won't last forever. The current situation in Ukraine would indicate better exports in 2024/25 than were seen in 2023/24, while Argentine corn has been getting planted at a normal pace which means exports should be available by January/February. As a reminder, the current book of corn export business is up more than 40% compared to last year even without hardly any business from perennial buyer China.

Aside from political happenings in the US on Tuesday, there were also political happenings going on in Israel. Prime Minister Benjamin Netanyahu fired his defense minister Yoav Gallant, saying he had no trust in him over the management of Israel's ongoing military operations. Sources familiar say the two men had been clashing for months over the objective's of Israel's ongoing war in Gaza. Said Netanyahu, "a crisis of trust gradually opened... and this crisis does not allow for the normal continuation of the management of the campaign. In light of this, I decided today to terminate the term of office of the Minister of Defense." He also mentioned that these differences had become public, and that the "enemy" had been benefiting from them. Foreign Minister Israel Katz was appointed to succeed Gallant according to a statement from Netanyahu's office. The move comes as the war in the Middle East extends into its thirteenth month, and also as Iran has recently promised fresh retaliation between now and the end of the year.

The mid-day GFS run expanded the coverage of the expected rainfall seen into this weekend and early next week for the mid-south, but otherwise sees the same pattern that was advertised overnight and yesterday. Consistent western US troughing will continue to provide southwest flow through the Midwest, which mixed with ridging in the southeast that is allowing gulf moisture to work north, provides ample rainfall opportunities for the Midwest and broader eastern half of the US over the next two weeks. This trough/ridge pattern is also the main contributing factor to the temperature outlook over the next 10-15 days, which looks to stay cool in the west and warm in the east. As we move further into November though, cold fronts will continue to periodically meander through the Midwest, providing much cooler air when they do.

Forecasts for South America at mid-day trended slightly wetter in the short term for Argentina and southern Brazil, but otherwise also continue to offer the same general pattern that has been in place for a couple weeks now. Keep in mind that La Niña typically is synonymous with drought in Argentina, meaning a surplus of early season moisture will likely be beneficial down the road. This will also keep attention heightened surrounding even the slightest mention of a drier than normal forecast. There was little update for Brazil at mid-day, as areas in the central part of the country continue to be well-watered and see little to no stress over the short term.

Following tonight's election, we remind readers that there is an FOMC meeting that begins tomorrow and goes through Thursday, and also a WASDE report form the USDA due out on Friday; market volatility and excitement is not likely to decline over the coming 72 hours. Good luck with tonight's happenings, get out and vote.