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Today's Corn Belt News Wednesday, November 11, 2026 Tracking agriculture across Iowa, Illinois, Indiana, Nebraska, Minnesota, Ohio, Missouri, and the broader Midwest Corn Belt. Crop Progress Snapshot The 2026 U.S. harvest is moving into its final stages despite recent rain disruptions across parts of the central and eastern Belt. According to Monday afternoon's USDA NASS report for the week ending November 8, national corn harvest progress reached 81% complete nationwide, though continuing to lag behind the five year average pace of 86%. Top producer Iowa reached 72% complete as field crews continue to recover ground following early autumn rain delays, while Ohio advanced to 69% harvested. The national soybean harvest is virtually wrapping up, hitting 92% complete nationwide pacing 1 percentage point ahead of the 91% five year average. Iowa soybean harvest reached 93%, while Ohio pushed to 92% complete. Concurrently, winter wheat seeding for the 2027 crop has passed 90% completion, with Ohio reporting 94% planted and emergence tracking on schedule with good to excellent condition ratings. Weather and Outlook Favorable early week fieldwork windows permitted solid machinery progress before scattered showers and a surge of cooler air moved across the Midwest. The recent precipitation boosted topsoil and subsoil moisture reserves across the central and eastern Belt, benefiting newly established winter wheat stands, though briefly stalling combine passes in heavier ground. Forecasters expect seasonable late autumn temperatures to prevail, giving operators clear opportunities to finish remaining corn acres and wrap up fall tillage as soils dry. Markets and Prices Grain markets reacted sharply to Tuesday's bullish November USDA WASDE and Crop Production reports. In a major surprise, the USDA slashed the national corn yield by 1.6 bushels per acre down to 179.6 bpa (notably driven by yield cuts in Illinois and Indiana), lowering total U.S. corn production to 15.893 billion bushels and trimming 2026/27 ending stocks to 1.758 billion bushels. Meanwhile, national soybean yield was bumped slightly to 53.3 bpa, but ending stocks were trimmed to 300 million bushels on stronger export pace. On the board, December corn futures (/ZC) trade at 447'0 (447.00 cents per bushel), holding firm following the WASDE release. January soybeans (/ZS) sit at 1224'2 (1224.25 cents per bushel for the Jan '27 contract). Wheat futures show December KC HRW (/KE) at 635'6, Chicago SRW (/ZW) at 593'6, and Minneapolis Spring Wheat (/MWE) at 631'4. Policy and Farm Bill Update Legislative attention remains fixed on the Senate following the House passage of the Farm, Food, and National Security Act of 2026 (H.R. 7567). The multi year legislation, which extends core agricultural safety nets and risk management programs through 2031, is facing rigorous committee debate as lawmakers attempt to reconcile stark regional priorities. Key debates continue to center around the expansion of precision agriculture funding, enhancements to crop insurance structures, and guidelines for rural energy investments. The national security components of the bill, particularly those expanding federal scrutiny over foreign investment in domestic agricultural land and limiting financial assistance for foreign sourced energy developments on prime ground, remain a central point of bipartisan interest. Ethanol Outlook The domestic ethanol complex continues to pull steady corn volume as interior processing margins remain supportive. In the latest WASDE updates, the USDA pegged 2026/27 corn for ethanol use at a solid 5.65 billion bushels. Midwest processing plants maintain robust capacity utilization, continuing to provide key local basis support as terminal receipts shift from peak harvest volume toward post harvest storage pull backs. Fuel and Fertilizer Energy benchmarks reflect steady conditions, with WTI Crude Oil (/CL) holding near $87.34 per barrel and Natural Gas (/NG) trading at $3.375 per MMBtu. The stable crude oil environment maintains predictable baseline transportation expenses for grain hauling and post harvest machinery passes. In retail fertilizer and feed markets, soybean oil (/ZL) is positioned at $63.50/cwt, soybean meal (/ZM) at $325.30/ton, and nitrogen suppliers report steady interest in post harvest fall anhydrous applications as cleared fields permit. Diversification and Resilience Midwest operations are continuing to expand risk mitigation strategies through extended crop rotations, the integration of small grains, and the strategic use of perennials. These practices are being paired with localized bioenergy projects and targeted livestock integration to diversify revenue streams. The broader adoption of these systems is designed to improve long term soil health, optimize internal nutrient cycling, and provide financial buffers against intense market volatility and unpredictable weather patterns. Livestock and Feed Cattle futures found renewed buyer interest following the bullish grain report dynamics. Live Cattle (/LE) is trading near 219.150 cents per pound, Feeder Cattle (/GF) trades near 330.475 cents per pound, and Lean Hogs (/HE) sits near 55.875 cents per pound. Tighter corn production projections are keeping feedlot managers focused on ration cost control, while pasture conditions across the region settle into standard seasonal dormancy. Farmland Sales and Values The 2026 Corn Belt real estate market is displaying noticeable resilience with moderation, marking a clear transition from rapid capital appreciation to a stable, highly selective environment. This shift is driven by tight overall inventory, heightened buyer caution amid compressed crop returns, and localized demand focused strictly on premium acreage. While national farm real estate averages hover around $4,350 per acre, prime cropland throughout the Corn Belt routinely commands double that figure, averaging between $8,000 and $9,000+ per acre. State level metrics highlight a distinct two tiered market where Class A ground holds firm while marginal acres experience minor softening: Iowa: Overall values remain stable to slightly softer, with high quality tillable ground holding firm despite benchmark surveys noting minor aggregate declines of 1.5%. Public auctions average $11,900 per acre for disclosed sales, though highly productive soils with top CSR2 ratings frequently command premiums between $20,000 and $25,600 per acre in strong counties such as Lyon, Sioux, and Johnson. Illinois, Indiana, and Ohio: Strong competition for premium tracts persists, pushing exceptional farms to auction results between $14,000 and $22,000+ per acre. The broader eastern Corn Belt shows signs of stabilization, with lower quality or blemished parcels drawing fewer bidders due to rising input costs and geopolitical uncertainty. Nebraska: Trends are mixed across the state, balancing localized benchmark gains with an overall statewide average decline of roughly 1% to $3,905 per acre. High quality irrigated tracts in counties like Butler remain highly sought after at $13,000+ per acre, while pasture prices are well supported by strong cattle market fundamentals. Broader Midwest (MN, MO, SD): Performance remains highly variable. High quality row crop land easily commands auction premiums ranging from $8,000 to $19,000 per acre. Meanwhile, recreational parcels and properties near urban development zones exhibit higher price volatility, though a historically low supply of available farms prevents broad downward price pressure. The combination of limited inventory, steady investor interest, and 1031 tax deferred exchanges keeps the market selective rather than weak. Tight margins and elevated interest rates will likely maintain this steady to soft trend for the remainder of 2026, though well marketed, highly productive tracts will continue to draw active bidding. Other Notes Recent export inspections confirm steady grain shipments to primary international destinations, offering vital demand relief to local terminals. Concurrently, regional supply chains are adapting to shifting environmental standards as biofuel advocates push back against restrictive out of state greenhouse gas regulations that impact Midwest ethanol markets. Looking Ahead Future weekly editions will rotate to feature deep dives into regional pest management, state specific policy impacts, and early harvest preparations. #CornBeltAg #MidwestFarming #CropProgress26

Wednesday Day Break Markets Wednesday, November 11, 2026 The commodity complex is digesting a friendly post-WASDE realignment this morning after yesterday's November USDA report delivered surprise yield and supply cuts. Row crops are holding a firm baseline, led by December corn finding support near $4.47/bu following a rare late season USDA cut to national corn yields down to 179.6 bpa, which trimmed ending stocks down to 1.758 billion bushels. January soybeans are trading strong near $12.24 1/4/bu as higher export projections pulled U.S. carryout down to 300 million bushels despite minor yield gains. Meanwhile, energy benchmarks are stabilizing around $87.34/Bbl for WTI crude, and livestock markets are mounting a technical stabilization, with live cattle futures recovering to $219.15/cwt and feeder cattle holding firm above $330/cwt. Early Morning Top News November WASDE Delivers Bullish Corn Yield Cut: The USDA delivered a rare late-season surprise in Tuesday's Crop Production and WASDE reports by lowering national corn yield by 1.6 bpa to 179.6 bpa well below average trade expectations. Total U.S. corn production dropped by 141 million bushels to 15.893 billion bushels, pulling 2026/27 ending stocks down aggressively to 1.758 billion bushels. Soybean Carryout Tightens Despite Higher Yield: While the USDA nudged national soybean yield up slightly to 53.3 bpa on record performance across parts of the Western Corn Belt, U.S. ending stocks surprisingly shrank to 300 million bushels. The cut was driven by a 25 million bushel increase in export demand, confirming strong overseas destination buying into late autumn. Cattle Futures Stabilize Off Lows as Cash Bids Consolidate: Live and feeder cattle contracts are uncovering buying support following last week's sharp correction. December Live Cattle (/LEZ26) tick higher to $219.150/cwt and Feeder Cattle (/GFX26) stabilize at $330.475/cwt. Feedyards across the Plains are defending asking prices as post-WASDE feed cost shifts and light show lists keep packer margins under pressure. Where We're At Early Morning Corn CZ26 (Dec): $4.47 0/0 | +5.00cCommentary: December corn futures rebounded to $4.47/bu ($447.00) following the USDA's aggressive 1.6 bpa yield reduction to 179.6 bpa. With nearly 20% of the U.S. crop remaining in the field heading into mid-November, commercial processors are working to protect interior basis as producers lock up bin doors. Soybeans SF27 (Jan): $12.24 1/4 | +17.75cCommentary: January soybeans are trading firm at $12.24 1/4/bu ($1224.25). Strong export sales pace and tight 300-million-bushel ending stocks are underpinning the oilseed board, offsetting higher yield adjustments in Minnesota and Iowa. Wheat (CBOT / KC / MGEX) KC Dec (KEZ26): $6.35 3/4 | -2.75cChicago SRW (Dec): $5.93 3/4 | -7.50cMGEX Spring (Dec): $6.31 1/2 | +10.50cCommentary: Chicago SRW wheat eased to $5.93 3/4/bu while KC HRW holds at $6.35 3/4/bu. The USDA pegged overall U.S. wheat ending stocks slightly higher at 743 million bushels, keeping global supply competition at the forefront despite firm Spring wheat bids. Live Cattle LEZ26 (Dec): $219.150 | +0.975c Feeder Cattle GFX26 (Nov): $330.475 | -4.175c Live cattle futures are attempting to establish a technical floor near $219.15/cwt, while November feeder cattle consolidate around $330.475/cwt. Feedyards are balancing lower wholesale Choice beef cutouts against tight long-term replacement supplies to stabilize country cash negotiations. Lean Hogs December 2026 (HEZ26): $55.875 (-2.75c)CME Lean Hog Index: $66.45 (-0.65c) December lean hog futures slipped further to $55.875/cwt. Seasonal slaughter volume expansion and lower cash index trends ($66.45) continue to keep nearby paper contracts under pressure. The Rest Of The Week: Outlook & Insights Weekly Insight: "Post WASDE Balance Sheet Realignment" The USDA's November report confirmed that paper short funds were caught off guard by corn yield drag. With national corn ending stocks cut nearly 100 million bushels to 1.758 billion, commercial processors can no longer rely on cheap harvest pressure bushels to fill winter pipelines. In livestock, cattle contracts are working through cash alignment, making local show lists and packer slaughter schedules critical to watch over the next 48 hours. Weekly USDA Export Sales (Thursday 7:30 AM CT): Track whether international buyers maintain their aggressive booking pace following the WASDE report's higher soybean export forecast. Post Harvest Grain Movement: Monitor country elevator basis improvements as producers hold farm-stored bushels for higher post-WASDE premiums. Southern Plains Cash Cattle Trade: Watch late-week country fed cattle bids. If feedlot operators hold out for firm cash pricing, paper live cattle futures will complete a technical V bottom. The Weekend Outlook The bias moving into the latter half of the week is "Post-Report Basis Management." Track local country basis gains following the USDA yield cuts, protect physical livestock margins, and let paper screen volatility clear before executing deferred hedges. Notes: The WASDE reset the supply baseline. Physical cash basis and tight farm storage now dictate the market floor. Execute against your risk management plan. #AgTrading #MarketAnalysis #Commodities Futures trading involves significant risk. Information provided is for educational purposes only.

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GRAINS AND LIVESTOCK MARKET DAILY CLOSE Tuesday, November 10, 2026 TODAY'S SESSION Wall Street edged lower on Tuesday as hotter-than-expected October inflation metrics offset early-week momentum, while benchmark futures finished in green territory across key equity indices. Micro S&P 500 futures settled at 7555.00, Micro Nasdaq-100 futures closed at 27902.25, Micro Dow futures finished at 52373, and Micro Russell 2000 futures held at 2832.30. In ag pits, row crop derivatives stabilized following the release of the USDA November WASDE report, which delivered a bullish surprise cut to national corn yield down to 179.6 bu/acre while trimming domestic corn ending stocks. Livestock futures showed modest short covering, with feeder cattle adding gains to $330.475 and live cattle edging up to $219.150 per hundredweight. Energy derivatives rebounded, with WTI crude settling at $86.44 per barrel. TOP STORY OF THE DAY USDA Delivers Bullish Yield Cut to Corn as Energy & Metals Futures Rebound Agricultural markets reacted to the USDA’s November WASDE report on Tuesday. The agency surprised trading desks by cutting national corn yield by 1.6 bushels per acre down to 179.6 bu/acre, lowering domestic corn production by 141 million bushels and trimming ending stocks to 1.758 billion bushels. While soybean yield was raised fractionally to 53.3 bu/acre, expanding export demand projections kept soybean carryout tightly capped. Outside ags, prompt WTI crude oil derivatives mounted a rebound to clear $86.44 per barrel, while gold and silver futures stabilized following recent selling. TODAY'S TOP MARKET SURPRISES Top Macro Surprise: Hot CPI Data Triggers Late Session Index Volatility A hotter than expected October headline CPI increase of 0.4% month over month sparked inflation debate, dampening broader stock market momentum heading into the midweek session. Top Futures Surprise: Rare November Corn Yield Cut Shocks Trading Desks USDA lowered national corn yield projections unexpectedly from 181.2 to 179.6 bpa, sparking immediate short covering across prompt and new-crop corn derivatives. COMMODITIES Top Commodity Gainer: Gold Futures Rebound Above $4,040/oz December gold derivatives led metals higher, bouncing $39.50 to settle at $4040.50 per ounce as safe haven positioning returned following the inflation readout. Top Commodity Loser: Lean Hog Futures Surrender $1.275 December lean hog futures posted the softest tone in livestock, dropping to $55.875 per hundredweight under seasonal packer margin pressure. GRAINS & SOFTS Row crop derivatives closed flat to higher on Tuesday following the WASDE report. December corn settled unchanged at $4.48 0/0 per bushel, holding post-report gains. January soybeans pushed up to $12.26 3/4 per bushel on expanded crush and export forecasts. Soybean meal closed higher at $326.50 per ton, while soybean oil settled at 62.71 cents. Wheat contracts traded mixed, with Chicago December settling at $5.91 1/2. Corn (December 26): Close $4.48 0/0, Trend: Neutral/Bullish Rebound Soybeans (January 27): Close $12.26 3/4, Trend: Bullish Extension Soybean Meal (December 26): Close $326.50, Trend: Bullish Extension Soybean Oil (December 26): Close 62.71¢, Trend: Neutral/Bullish Wheat (Chicago December 26): Close $5.91 1/2, Trend: Bearish Consolidation Wheat (KC December 26): Close $6.33 1/2, Trend: Bearish Pullback Wheat (MIA December 26): Close $6.27 3/4, Trend: Bearish Consolidation Market Note: Combined WASDE yield cuts in Illinois offset regional gains in Iowa and Minnesota, providing fundamental baseline support to interior cash grain basis as harvest activity winds down across the Midwest. LIVESTOCK The livestock complex traded mixed on Tuesday. Live cattle futures bounced to $219.150 per hundredweight, while feeder cattle expanded recent gains to close at $330.475. December lean hogs drifted back to $55.875 per hundredweight. Live Cattle (December 26): Close $219.150, Trend: Bullish Rebound Feeder Cattle (November 26): Close $330.475, Trend: Bullish Rebound Lean Hogs (December 26): Close $55.875, Trend: Bearish Pullback Feedyard Note: Country fed cattle trade remained unestablished through Tuesday afternoon, with feedyards holding asking prices firm against tight physical show lists despite WASDE's higher total beef production estimates. ENERGIES & BIOFUELS WTI crude oil derivatives bounced back into positive territory, settling at $86.44 per barrel. Natural gas futures traded softer at $3.294 per MMBtu. Crude Oil (WTI December 26): Close $86.44, Trend: Bullish Rebound Natural Gas (December 26): Close $3.294, Trend: Bearish Consolidation METALS & MACROS Precious metals advanced across the board on Tuesday. Gold futures settled at $4040.50 per ounce, silver bounced to $51.520, and platinum closed at $1541.20. Stock index futures maintained positive positioning across broad contracts. Equity Benchmarks Steady: S&P 500 futures settled at 7555.00, while Nasdaq 100 futures closed at 27902.25. Gold (December 26): Close $4040.50, Trend: Bullish Extension Silver (December 26): Close $51.520, Trend: Bullish Rebound Platinum (January 27): Close $1541.20, Trend: Bullish Extension Nasdaq 100 Futures (/MNQ): Close 27902.25, Trend: Bullish Consolidation S&P 500 Futures (/MES): Close 7555.00, Trend: Neutral/Bullish Dow Futures (/MYM): Close 52373.00, Trend: Bullish Rebound Russell 2000 Futures (/M2K): Close 2832.30, Trend: Bullish Extension MIDWEEK WATCH (NOVEMBER 11) Traders enter Wednesday focused on post-WASDE grain market digestion, weekly EIA petroleum inventory reports, and midweek country cash cattle negotiations. EIA Petroleum Status Report: Track crude oil inventory shifts and domestic refinery throughput following WTI's bounce back to $86.44 per barrel. Post WASDE Grain Basis: Monitor interior country elevators for basis adjustments following USDA's lower corn production figures. Cash Cattle Bids: Watch for initial packer bids as physical feedyards resist lower offers following firm paper livestock trade. Futures trading involves significant risk. Information provided is for educational purposes only.

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Tuesday Noon Market Report: Mid Day Markets, November 10, 2026 This Morning's Top Story A pivotal monthly USDA WASDE report release and active late-season harvest momentum are dictating cross asset movement today, November 10, 2026. This morning’s November WASDE delivered a mixed supply update to the ag complex, trimming national corn production down to 15.893 billion bushels as yield was docked to 179.6 bushels per acre (down from 180.5 bu/acre in October). Conversely, USDA raised soybean yield to 53.3 bu/acre (up from 53.1 bu/acre), pushing national production up to 4.574 billion bushels. In agricultural derivatives, row-crop screen action is reflecting these fresh balance sheet adjustments alongside yesterday afternoon’s USDA Crop Progress update. The progress report showed national corn harvest reaching 81% complete, while national soybean harvest hit 92% complete, signaling that fall combine activity is rapidly entering its final stretch across primary Corn Belt hubs. Meanwhile, physical country cash livestock markets are establishing a firm mid-month baseline following last week's cash trade. Negotiated live cash cattle bids are holding steady near $225.00 to $226.00/cwt live, while northern dressed trade rests near $350.00 to $355.00/cwt. CME Live Cattle (/LE) are trading higher with ask prices near $218.925/cwt, while Feeder Cattle (/GF) show ask prices near $328.825/cwt. Market News (Performance Review & Rebalancing) Capital allocation reflects WASDE balance sheet adjustments, late harvest progress tracking, and cross asset position adjustments. WASDE Brings Mixed Production Updates: The November WASDE trimmed U.S. corn production to 15.893 billion bushels on lower 179.6 bu/acre yields, while lifting soybean production to 4.574 billion bushels on a 53.3 bu/acre yield estimate. U.S. wheat ending stocks edged up to 743 million bushels. Livestock Futures Post Moderate Bounce: CME Live Cattle and Feeder Cattle futures are trading with constructive green lifts mid day. Live Cattle (/LE) contracts show ask prices near $218.925/cwt (+0.925). Feeder Cattle (/GF) are holding ask prices near $328.825/cwt (+0.825). Grains Firm Following Yield Adjustments: December Corn (/ZC) is trading with ask prices near $4.51/bu ($451.00) following the corn yield cut. January Soybeans (/ZS) show ask prices near $12.2675/bu ($1226.75), supported by Soybean Oil (/ZL) at 62.64 cents while Soybean Meal (/ZM) sits at $325.10/ton. December Chicago Wheat (/ZW) shows ask prices near $5.9425/bu ($594.25), KC HRW Wheat (/KE) trades near $6.3675/bu ($636.75), and Hard Red Spring Wheat (/MWE) trades near $6.2725/bu ($627.25). Physical Cash Cattle Bids Solid: Country fed cattle cash trade remains supported early in the week as packers compile showlists following recent negotiated trade. Hog Futures Soften: Lean Hogs (/HE) are trading with ask prices near 55.90 cents as traders align paper margins against seasonal pork cutout trends. Contract Snapshots Corn (/ZC): Support 442 - Resistance 462 - Status: Constructive; Dec contract ask trading near $4.51/bu ($451.00) as WASDE trims national yield. Soybeans (/ZS): Support 1205 - Resistance 1245 - Status: Constructive; Jan contract ask trading near $12.2675/bu ($1226.75) with national harvest at 92%. Wheat (/ZW): Support 580 - Resistance 612 - Status: Neutral; Dec Chicago wheat ask trading near $5.9425/bu ($594.25). KC HRW Wheat (/KE): Support 622 - Resistance 652 - Status: Neutral; KC HRW wheat ask trading near $6.3675/bu ($636.75). Hard Red Spring Wheat (/MWE): Support 612 - Resistance 642 - Status: Neutral; Spring wheat ask trading near $6.2725/bu ($627.25). Live Cattle (/LE): Support 215.00 - Resistance 222.50 - Status: Green Bounce; Active contract ask trading near $218.925/cwt. Feeder Cattle (/GF): Support 322.00 - Resistance 335.00 - Status: Green Bounce; Active feeders ask trading near $328.825/cwt. Lean Hogs (/HE): Support 54.00 - Resistance 58.50 - Status: Soft; Active lean hogs ask trading near 55.90 cents. Chart of the Day: Live Cattle (/LE) Technical Setup Action: Protect Margins / Respect $217 Technical Support. Why: Live Cattle are mounting a mid day bounce with ask prices near $218.925/cwt as paper markets stabilize following recent country cash resets and packer processing adjustments. Tactical Note: The contract is testing technical resistance near $220.00 to $221.00. Utilize electronic rallies to maintain trailing downside risk protection across late autumn marketings. Market Pulse & Strategy Institutional trading desks are actively recalibrating grain algorithms following this morning's WASDE yield adjustments. With national corn harvest at 81% and soybeans at 92%, seasonal combine pressure is fading, shifting trader focus to domestic crush/feed usage and export pace. Pro Takeaway: With corn yield trimmed to 179.6 bu/acre and harvest nearly wrapped, local elevator basis spreads will begin to firm up into mid November. Keep protective trailing stops active under long grain positions, and use electronic cattle bounces to lock in downside risk floors. Notes WASDE Adjustments vs. Feedyard Leverage: The USDA's cut to corn production (down 141 million bu) confirms late-summer weather stress. In livestock, tight feeder calf availability and lower beef production forecasts continue to underpin long term feedyard leverage despite recent paper pullbacks. The Rest of the Week Wednesday, November 11: EIA Ethanol and Biofuel Production data. Thursday, November 12: Weekly USDA Export Sales report. Check for international export bookings across row crops. Friday, November 13: Weekly country cash cattle market summaries. #LiveCattleFutures #FeederCattle #CornFutures #WASDE #SoybeanHarvest #MerchantCreek Futures trading involves significant risk. Information provided is for educational purposes only.

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Soybean - Regional Processor Bids & Crush Report Regional Processor Bids & Current Market Data The grain complex is navigating a dynamic session as commercial desks react directly to the 11:00 AM CST release of the USDA’s November WASDE report alongside yesterday's Crop Progress update. CBOT January soybean futures (/ZS[F27]) are trading at $12.26 ¾ per bushel, rallying back after initial post-report adjustments. Physical interior demand across Western Corn Belt processors remains well supported; while active harvest deliveries reaching 92% completion nationwide have replenished nearterm pipelines, processors are maintaining firm cash basis levels to incentivize direct plant deliveries through late autumn. AGP David City NE Oct/Nov $11.88 -38 cents AGP Eagle Grove IA Oct/Nov $11.83 -43 cents Shell Rock Soy IA Oct/Nov $11.96 -30 cents AGP Manning IA Oct/Nov $11.78 -48 cents AGP St. Joseph MO Oct/Nov $12.18 -8 cents AGP Dawson MN Oct/Nov $11.58 -68 cents AGP Aberdeen SD Oct/Nov $11.83 -43 cents CBOT Soybean Futures (January /ZS[F27]): $12.26 ¾ /bu (Trading up near $12.27/bu following the 11:00 AM WASDE release) Soybean Oil (December /ZL[Z26]): 62.82 ¢/lb (Consolidating near 62.8 cents amid broader bio-feedstock updates) Soybean Meal (December /ZM[Z26]): $327.60 /ton (Holding steady to firm, backed by consistent domestic feed intake) National Cash Index: ~$11.66 /bu (Reflecting solid interior plant spot baseline bids) SPECIAL ADD-ON: 11:00 AM CST November WASDE Update The USDA released its November World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports today at 11:00 AM CST, introducing fresh baseline fundamentals to the market: Yield & Production Adjustments: The USDA updated U.S. soybean production expectations as late harvest yield reports were finalized, adjusting key yield parameters relative to October trade expectations. Balance Sheet Impact: Domestic ending stock projections were refined to reflect the combination of updated final production figures, ongoing domestic crush processing pace, and international export commitments. Market Reaction: Futures digested the numbers with immediate two way volatility at the 11:00 AM CST release window, with January futures finding firm technical support near $12.26/bu as commercial buyers absorbed the new supply-demand baseline. Macro Market Analysis The macroeconomic landscape is balancing the new USDA balance sheet numbers against broader commodity moves, with WTI crude futures (/CL[Z26]) holding near $86.69/bbl and gold (/GC[Z26]) trading around $4,029.90/oz. Commercial desks are evaluating post-WASDE trade signals alongside final North American crop movement and ongoing fieldwork across South America. The South American & Export Channel: Export channels remain active, with international buyers monitoring post WASDE price levels to cover spot U.S. Gulf and Pacific Northwest positions. In South America, Brazilian soybean planting is advancing smoothly under favorable early soil moisture, maintaining long-term global supply expectations. NOPA Processing & Volume Check Domestic soybean processors continue to provide a structural anchor for the soy complex, with processing margins supported by steady oil-share and meal contributions: Crush Operations: Member processing facilities continue to run active daily schedules as late autumn crop receipts keep plant pipelines full heading into winter operational periods. Soybean Oil Stocks: Interior soybean oil inventories remain well managed, supported by ongoing feedstock utilization across the domestic renewable diesel and bio-energy sectors. Logistics & Biofuels Processing & Feedstock Flow: Biofuel processors and domestic crushers keep spot bids competitive to protect operational inventories. Freight movement across regional rail networks, trucking lines, and Mississippi River barge channels is clearing the final phase of harvest grain logistics smoothly. Weekly Crop Progress & Livestock Status Yesterday afternoon's USDA Crop Progress report (released Monday, November 9) confirmed that the 2026 U.S. soybean harvest has reached its final home stretch: Soybean Harvest Reaches 92% Complete: USDA reported national soybean harvest advanced to 92% complete running 1 percentage point ahead of the 91% five-year average pace. Iowa reached 93% complete, while Nebraska reached 90%. Corn Harvest Reaches 81%: The national corn harvest advanced to 81% complete (vs 86% five-year average), maintaining steady elevator space turnover across the Corn Belt. Screwworm Vigilance: Strict biosecurity protocols remain active along Southern transport routes, while domestic livestock feedlot consumption of soybean meal holds steady. Looking Ahead & Action Plan Producer Action Plan: Use post-WASDE market action around January futures near $12.26/bu to evaluate remaining unpriced bushels. With national soybean harvest now 92% complete, focus shifts toward post-harvest basis improvement and storage strategy as combine pressure subsides. Speculator Focus: Monitor how the market settles following today's 11:00 AM WASDE release. Watch the January $12.15 support and $12.35 resistance windows alongside product share adjustments inside crush margins. Harvest Wrap Up Watch: As harvest completion approaches 95% nationwide, market focus transitions entirely from crop progress to final WASDE balance sheet absorption, commercial storage flows, and South American weather developments. #Soybeans #SoyCrush #AgMarketing