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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

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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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Ag Headlines & News Today: Tuesday, November 10, 2026 Harvest 2026 is moving into its final stretch across the country. Following late autumn field updates showing national corn harvest reaching 81% and soybean harvest surging past 92%, producers and commodity traders are managing a sharp red morning across the CME futures board, regional cash basis adjustments, ongoing feedlot placement tightness, and persistent macro pressure. CME Futures Watch: Red Across the Board in Early Morning Action Early market activity on the CME shows broad selling pressure across agricultural, energy, and financial futures: Grain & Oilseed Complex: December Corn (/ZC) is down at $4.40 3/4 per bushel ($440.75). January Soybeans (/ZS) are trading lower at $11.89 per bushel ($1189.00), pressured by December Soybean Meal (/ZM) at $322.00/ton and December Soybean Oil (/ZL) down to 61.59 cents/lb. December Chicago Wheat (/ZW) sits lower at $5.88 per bushel ($588.00), Kansas City Hard Red Winter Wheat (/KE) trades down to $6.35 1/4 per bushel ($635.25), and Minneapolis Spring Wheat (/MWE) holds at $6.19 1/4 per bushel ($619.25). Livestock Futures: December Live Cattle (/LE) is quoted softer at $2.16325/lb ($216.325/cwt), while November Feeder Cattle (/GF) holds at $3.28825/lb ($328.825/cwt). December Lean Hogs (/HE) pulled back to 55.975 cents/lb. Outside Macro & Energy Markets: Crude Oil (/CL) has declined further to $84.75/bbl. December Gold (/GC) is quoted at $4,084.10/oz, Silver (/SIL) sits at $52.325/oz, and Natural Gas (/NG) trades at $3.247/MMBtu. Equity index futures show red, with E-mini S&P 500 (/MES) at 7,573.25 and Micro Nasdaq 100 (/MNQ) at 27,888.00. Field Progress & Agronomy: Corn Harvest Hits 81% as Soybeans Reach 92% The latest USDA crop progress metrics confirm that producers are wrapping up row-crop harvest across major corridors: Corn Harvest Surges to 81%: U.S. corn harvest has advanced past 81% complete nationwide, closing in on historical completion benchmarks. Major production states in the Western Corn Belt are nearing final field sweeps despite scattered late autumn rain interruptions. Soybean Harvest Tops 92%: Nationwide soybean harvest has cleared 92% complete, running ahead of the 5 year average pace. Elevator delivery lines have narrowed significantly as growers shift remaining field capacity toward late harvest corn. Winter Wheat Establishment: Winter wheat seeding is nearing 90% complete nationwide, with early emerged fields across the Central and Southern Plains benefiting from recent topsoil moisture gains. Cash Markets & Basis: This Week's Grain Bids Across the Corn Belt With harvest volume filling commercial storage and river barge transit continuing to navigate low water draft restrictions, local cash bids and basis levels reflect wide regional variation: Central & Western Corn Belt (NE & IA): Country elevator bids for #2 Yellow Corn across Nebraska and Iowa are averaging between $3.84 and $4.14/bu for November delivery, reflecting a local basis of -30¢ to -60¢ under December futures. Direct processors and ethanol facilities are showing stronger spot bids ranging from $4.26 to $4.39/bu. Spot soybean bids across the western Belt are posting near $11.16 to $11.85/bu. Eastern Corn Belt & River Terminals (IL & IN): River processors and interior terminals along the Illinois and Mississippi rivers show yellow corn cash bids ranging from $4.10 to $4.48/bu. Cash soybean bids at interior crushing plants and major processors are holding around $11.50 to $12.10/bu. Basis Dynamics: Commercial elevators are maintaining wide harvest discounts as heavy commercial corn deliveries test local storage capacity, prompting ag economists to advise producers to utilize on farm storage and defer cash sales into late winter. Livestock & Markets: Bullish "Cattle on Feed" Fundamentals vs. Futures Pullback Despite morning board pressure, the livestock complex continues to navigate a structurally tight fundamental landscape: September Placements Hit Record Low: The USDA’s Cattle on Feed data showed September feedlot placements dropping 12.1% year over year to 1.78 million head setting a new historic low for September placements since the data series began in 1996. Total Feedlot Inventory: Total cattle on feed came in at 11.37 million head (slightly below year ago levels). Steers on feed rose slightly to 7.07 million head (62% of inventory), while heifers dropped 1% to 4.30 million head. September Marketings: Fed cattle marketings during September fell 6.6% year over year to 1.52 million head, likewise setting a 30 year record low for the month and confirming persistent tightness in finished cattle supplies. Policy & Regulatory Frameworks: Land Ownership, Labor, and Wildlife Rules Legislative Push on Capitol Hill Agricultural Worker Justice Act: Establishes workforce safety standards and wage baselines for food processors competing for federal procurement contracts. Executive & USDA Directives State Wolf Management Guidance: U.S. Secretary of Agriculture Brooke Rollins formally urged state partners to review local wolf management policies and strengthen engagement with livestock producers regarding predator loss mitigations. Foreign Land Disclosure Overhaul: USDA continues enforcement of expanded foreign agricultural land holding reporting requirements under updated federal reporting guidelines. FIELDS Fertilizer Program: Application and funding frameworks continue advancing under the $500 million FIELDS program to expand domestic fertilizer manufacturing capacity. Macro & Trade Logistics: Energy Pricing and River Transportation Surges Energy Fuel Costs: Crude oil futures have eased back to $84.75/bbl (/CL), offering mild relief to retail diesel prices while maintaining baseline fuel surcharges for late fall tillage, grain hauling, and livestock transport. Low River Draft Restrictions: Heavy harvest throughput combined with low water levels along the Mississippi and Illinois river corridors continues to enforce barge draft restrictions and maintain high river freight surcharges. On-Farm Storage Utilization: With rapid soybean completion putting heavy commercial grain into elevators, ag economists strongly urge producers to maximize on-farm storage capabilities to hold grain off the market during peak local delivery pressure. #AgNews #CropProgress #CattleOnFeed #SoilHealth #AgMarkets

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Closing Markets & Commodities, November 9, 2026 U.S. stock indices ended mixed on Monday to start the week as market participants digested a tech-led recovery against persistent energy price pullbacks and broad pre-WASDE caution. Micro E-mini Nasdaq-100 futures rebounded sharply, gaining over 150 points, while Dow and S&P 500 futures experienced minor consolidation. In agricultural derivatives, row crops traded under downside pressure as trading desks adjusted positions ahead of Tuesday’s pivotal USDA World Agricultural Supply and Demand Estimates (WASDE) report. Meanwhile, energy futures dropped to multi-month lows with WTI crude sliding under $86.50/bbl, while precious metals staged a robust relief bounce led by gold jumping back above $4,140/oz. Top Story of the Day Markets Position Ahead of Crucial November WASDE Report; Tech Lifts Equity Benchmarks Agricultural derivatives faced position squelching across the board as market participants braced for Tuesday's USDA WASDE release, with traders evaluating whether official yield projections for corn and soybeans will adjust after autumn harvest acceleration. On Wall Street, equities delivered a divided session as strong dip buying across technology and semiconductor names lifted Nasdaq 100 and micro cap futures, offsetting weakness in energy shares following crude oil's decline to $86.38/bbl. Today's Top Market Surprises Top Macro Surprise: Gold Derivatives Surge $45+ to Reclaim $4,140 Level December Gold (/GC) futures staged an aggressive technical breakout, surging $45.80/oz to settle at $4,149.50/oz as real yield firming paused and haven demand returned. Top Futures Surprise: Lean Hogs Breakdown to Contract Lows; Cattle Paper Pulls Back December Lean Hogs (/HE) tumbled over $2.40 to set fresh multi month lows at $55.975/cwt on persistent pork carcass pressure, while live cattle derivatives pulled back toward $216.325/cwt. Grains & Softs Agricultural benchmarks traded with heavy cautiousness on Monday ahead of Tuesday's USDA figures. December '26 Corn opened at $4.41 0/0 and closed at $4.38 3/4, down $0.02 1/4 for the day on a bearish trend. January '27 Soybeans opened at $11.93 0/0 and closed at $11.87 0/0, down $0.06 0/0 on a bearish breakdown. Chicago December '26 Wheat opened at $5.90 2/4 and closed at $5.87 2/4, down $0.03 0/0 on neutral consolidation. KC HRW December '26 Wheat (/KE): Open: $6.29 0/0, Close: $6.31 3/4, up: $0.02 3/4, Trend: Neutral / Reversal Market Note: The USDA will publish its monthly WASDE report on Tuesday morning at 11:00 a.m. CST, providing updated national yield and carryout balance sheets. Livestock The livestock complex saw technical weakness on Monday. December '26 Live Cattle opened at $217.400 and closed at $216.325, down $1.075 for the day on a bearish pullback. November '26 Feeder Cattle opened at $328.825 and closed at $328.825, down $0.775 on neutral consolidation. December '26 Lean Hogs opened at $58.400 and closed at $55.975, down $2.425 on a sharp bearish breakdown. Feedyard Note: Cash fed cattle trade was quiet to start the week, with feedyards holding out for negotiations following last week's cash sales at $214–$218/cwt. Energies & Biofuels Energy futures saw notable selling pressure on Monday afternoon as crude contracts slid to new multi-week lows. Crude Oil (WTI December '26): Open: $87.80, Close: $86.38, down: $1.42, Trend: Bearish Breakdown Natural Gas (December '26): Open: $3.205, Close: $3.205, up: $0.082, Trend: Bullish Extension Metals Precious metals traded with strong upward momentum on Monday as buyers stepped in following recent pullbacks. December '26 Gold opened at $4,103.70 and closed at $4,149.50, up $45.80 for the day on a strong bullish reversal. December '26 Silver opened at $52.650 and closed at $53.460, up $0.810 for the day on a bullish extension. Macros & Equities Broad equity index futures showed clear divergence, led by technology outperformance. December '26 Nasdaq 100 Futures (/MNQ) opened at 27,915.00 and closed at 28,073.25, up 158.25 for the day on a bullish breakout. S&P 500 Futures (/MES) opened at 7,585.50 and closed at 7,580.00, down 5.50 for the day on neutral consolidation. December '26 Dow Futures (/MYM) opened at 52,650 and closed at 52,518, down 132.00 for the day on a bearish pullback. December '26 Russell 2000 Futures (/M2K) opened at 2,835.0 and closed at 2,846.6, up 11.60 for the day on a bullish extension. Index Leadership: Technology strength anchored risk sentiment as broader macro benchmarks consolidated ahead of key economic data. Tuesday Watch (November 10) Trading desks will focus on the official USDA WASDE report release, energy inventory trends, and early-week cash livestock bids. USDA November WASDE Report: Monitor national yield updates for corn and soybeans at 11:00 a.m. CST. API Crude Inventory Release: Watch Tuesday evening private inventory data following crude oil's breakdown. Country Cash Cattle Bids: Track early packer bids and feedyard asking prices following paper pullbacks. Pre FOMC Guidance: Analyze Fed commentary and Treasury yields for broader equity direction. #WASDE #GrainMarkets #Commodities #LivestockFutures #MarketUpdate Futures trading involves significant risk. Information provided is for educational purposes only.

Monday Ag Update November 9, 2026 Today's Top Ag News & Headlines Agricultural markets enter mid-November with trading desks aggressively positioning ahead of tomorrow's pivotal November WASDE report. Traders are balancing final harvest momentum across the Western Corn Belt against broader macro energy pullbacks and cash cattle consolidation. Pre-WASDE Positioning: Markets Prepare for Updated Yield Baseline Report Countdown: Tomorrow morning's November WASDE and Crop Production report will feature updated field survey estimates. Traders are anticipating minor adjustments to the national corn yield baseline (pegged near 180.5, 181.2 bu/acre in prior USDA releases) and soybean production estimates following late fall harvest reports. Harvest Cleanup Phase: Combines made strong final progress over the past week. Last week's NASS Crop Progress benchmark showed national corn harvest reaching 74% complete while soybean harvest pushed to 88% complete (with major producing states like Illinois at 91% and Iowa at 90%). Winter Wheat Seeding Wrap-Up: National winter wheat seeding is clearing 83% complete. Producers across the Central and Southern Plains are monitoring topsoil moisture as newly emerged fields enter early winter dormancy. Global Trade & Energy Linkages: Crude Pullback Weighs on Biofuels Energy Market Retracement: WTI Crude Oil futures dropped sharply to $86.70/bbl, creating headwind pressure for biofuel feedstocks including soybean oil (/ZL down to 62.29) and ethanol grind margins. Export Inspections: Export demand remains a key focus ahead of tomorrow's balance sheet adjustments, with daily soybean flash sales providing a baseline floor while wheat export pace continues to trail historical averages under heavy international competition. Geopolitical & Black Sea Transit Dynamics Shipping Transit Risk: Insurance premiums and transport friction across Black Sea and Danube river-sea channels remain elevated, ensuring long haul bulk grain buyers continue maintaining allocations out of U.S. Gulf and Pacific Northwest export facilities. Livestock & Supply Chain: Cash Cattle Consolidate Ahead of Direct Trade Cattle Futures Retracement: Live cattle futures continued their technical correction off late-October highs, with December live cattle settling at $214.175/cwt and November feeder cattle settling at $322.425/cwt. Cash Market Overview: Cash fed cattle trade consolidated late last week around $222.00, $224.00/cwt live in the South and $348.00, $350.00/cwt dressed in the North, with packers keeping harvest pace steady. Hog Complex Adjustment: December lean hog futures settled down at $53.375/cwt, reflecting heavy seasonal autumn hog slaughter volume across Midwest packing facilities. Fundamental Baseline & Pre-WASDE Metrics Corn Baseline: National production projected near 16.03 billion bushels on an average yield of 181.2 bu/acre, with market participants watching tomorrow's report for ending stocks adjustments. Soybean Baseline: National production projected near 4.56, 4.60 billion bushels, with domestic crush and export commitments holding ending stocks tight. Wheat Baseline: Total U.S. wheat production sits near 1.536 billion bushels, with ending stocks holding near 717 million bushels. Corn Basis: Processor and ethanol plant bids remain steady in eastern Nebraska and Iowa to cover late-season processing needs as harvest deliveries taper off. Soybean Basis: Interior processor cash bids remain firm, though crushed margins face minor pressure from lower soybean oil futures (/ZL at 62.29). Negotiated Live Cattle: Cash trade reported around $222.00, $224.00/cwt live in the South, with Northern dressed delivered trade near $348.00, $350.00/cwt. Boxed Beef Cutout: Choice cutout values holding firm near $375.00, $378.00/cwt, with Select near $350.00, $354.00/cwt. Lean Hogs Cash: CME Lean Hog Index holding near $73.50/cwt. Weather & Regional Focus Seasonal, cool mid-November weather dominates the Central Plains and Western Corn Belt, providing favorable conditions for remaining combine fieldwork and post-harvest fall tillage across Nebraska, Iowa, and Kansas. Forecast models for mid-November indicate periodic weather fronts bringing light precipitation to parts of the Central U.S., which will benefit newly emerged winter wheat fields. For Nebraska producers, field operations are transitioning into fall fertilizer application, equipment winterization, and 2027 crop planning. For Producers Pre-WASDE Order Placement: Ensure sell targets and risk management stops are active ahead of tomorrow morning's 11:00 AM CST USDA report release. Post-Harvest Grain Storage: Monitor local elevator and processor basis levels as commercial grain shifts out of harvest mode and into commercial storage. Livestock Risk Management: Evaluate Livestock Risk Protection (LRP) coverage options following recent board pullbacks to establish floor protection on spring feeder marketings. For Traders Report Volatility Prep: Expect elevated volatility across December corn ($4.42 3/4) and January soybeans ($11.93 1/4) during tomorrow morning's WASDE release. Energy Impact Tracking: Watch crude oil ($86.70) and natural gas (/NG at $3.141) for continued spillover effects on agricultural input costs and biofuel demand. Regional Livestock Auction Highlights Dunlap Livestock Market (Dunlap, IA): Feeder steers weighing 700 to 899 lbs brought $335.00, $344.00/cwt, while feeder heifers in the same weight class traded at $318.00, $325.00/cwt. Light calf packages weighing 300 to 699 lbs saw active buyer interest, averaging $405.00, $415.00/cwt. Oklahoma National Stockyards (Oklahoma City, OK): Feeder steers weighing 700 to 800 lbs traded around $330.00, $348.00/cwt. Steer calves under 500 lbs traded steady to $3.00 lower, with 500 to 600 lb steer calves bringing $348.00, $415.00/cwt on moderate buyer demand. Amarillo Livestock Auction (Amarillo, TX): Texas direct FOB feeder steers over 600 lbs traded steady, with 700 to 800 lb steers bringing $320.00, $330.00/cwt. Light steer calves under 500 lbs brought $425.00, $465.00/cwt on steady regional demand. #AgNews #WASDE #Harvest2026 #LivestockAuctions #IowaCattle #OklahomaCattle #TexasCattle #AgMarkets