TOP STORIES: 



  Corn Futures Reverse Losses As Crop Expectations Decline 


  Corn for December delivery rose 1.2% to $3.58 a bushel on the Chicago Board of Trade on Friday, as crop estimates were lowered amid optimism about demand from China. Soybeans for November delivery rose 0.2% to $9.68 a bushel. Wheat for December delivery fell 0.5% to $5.50 1/4 a bushel. 


  IHS Markit lowered its yield estimate for the U.S. corn crop after bad weather hit some of the top growing areas last month. The move, ahead of next week's USDA forecasts, supported corn prices. However, even at the new forecast of nearly 15 billion bushels of corn, Market's estimate is higher than last year's production of 13.6 billion bushels. 


  China Maintaining Support For Soy Futures -- Market Talk 


  11:01 ET - Chinese buying of US grains is needed to support prices, as concerns remain about an outsized crop boosting supplies, says AgResource. Meanwhile, the USDA says exporters reported sales of 318,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year, plus 175,000 to the Philippines. China imports have focused on soy over the past few days, sending prices to $9.68 a bushel, a historical high. (paulo.trevisani@wsj.com; @ptrevisani) 


  STORIES OF INTEREST: 


  Brazil 2020-2021 Soybean Harvest to Reach a Record 132.2M Tons - Market Talk 


  13:57 ET - Brazilian farmers will grow a record 132.2M metric tons of soybeans in the 2020-2021 growing season, according to agricultural consultancy Safras & Mercado. Good prices for the oilseeds, along with strong exports, should spur farmers to increase the area planted with the crop, and with favorable weather production can reach that forecast, the group says. Safras's previous forecast for the upcoming season was 131.7M tons, and in the 2019-2020 growing season Brazil produced 125.3M tons, according to the consultancy. Brazil overtook the US in the 2019-2020 season to become the world's biggest soybean producer, and will hold on to the top spot for the 2020-2021 season, according to the USDA. (jeffrey.lewis@wsj.com) 


  THE MARKETS: 


  Livestock Rises As Pork Demand Lingers On -- Market Talk 


  15:40 ET - Live cattle prices bounce back for early losses to close 0.5% higher, at $1.04 a pound, as traders digest a disappointing summer season with too many animals on feed and demand from restaurants still missing. "The beef is looking weaker," trader Dan Norcini tells WSJ. Lean hogs extended their gains rising 1%, to 59.83 cents a pound. Norcini says traditional sales promotion in October, known as Pork Month, is likely to keep prices strong. "Cutout for pork remains strong with hams in demand most probably export related," he says. (paulo.trevisani@wsj.com; @ptrevisani)