Key Takeaways
- • December corn fell 6 1/4 cents on the week, with spec funds flipping to a net short of 22,900 contracts after a move of 78,843 contracts to the short side, per Brugler Marketing & Management's weekly report.
- • Wheat extended its losses across all three exchanges, with December CBT SRW down 12 1/4 cents and KC HRW down 11 3/4 cents, while managed money added 13,867 contracts to its Chicago wheat net short, reaching 88,729 contracts.
- • Managed money cut its net long in soybean futures and options by 52,601 contracts to 132,799, as January soybeans fell 40 1/2 cents and soybean oil stocks hit a record low for the data set.
- • Hog prices collapsed, with December futures down $5.35 (9.09%) and speculators adding 3,383 contracts to a new record net short of 50,492 contracts in lean hog futures and options.
- • Cattle continued lower, with the CME Feeder Cattle Index down $13.15 to $337.41 and Choice boxed beef down $3.87/cwt to $360.79.
Summary
According to Brugler Marketing & Management's Weekly Therapy Ag Marketing Report dated November 9, 2026, bearish pressure persisted across most agricultural markets through October and early November. December corn fell 6 1/4 cents on the week. Daily export announcements totaled 1.687 MMT for 2026/27, with 2027/28 sales at 597,360 MT. Crop Progress data showed the U.S. corn harvest 74% complete as of November 1, three points behind the average. Weekly export sales for 2026/27 totaled 1.295 MMT, a pullback from the prior week. Speculative funds flipped to a net short of 22,900 contracts in corn after a move of 78,843 contracts to the short side.
Wheat extended its losses across the three exchanges. CBT soft red winter futures fell 12 1/4 cents, KC hard red winter fell 11 3/4 cents, and HRS futures lost 7 3/4 cents in the December contract. Winter wheat planting reached 83% complete, one point behind the five-year average, and initial condition ratings stood at 44% good/excellent. NASS Flour Milling data showed 227 million bushels ground for flour in July through September, 4.4 million bushels below the same quarter last year. Managed money in Chicago wheat added 13,867 contracts to its net short, which now stands at 88,729 contracts.
Soybeans were under pressure, with the January contract down 40 1/2 cents, December soybean meal down $5.40, and December bean oil down 364 points. The soybean harvest was 88% complete as of November 1, four points ahead of average. NASS Fats & Oils data showed 198.8 million bushels crushed in September, down 5.16% month over month and 2.99% below September 2025. Soybean oil stocks fell 14.08% to 1.457 billion pounds, a record low for the data set. Managed money reduced its net long in soybean futures and options by 52,601 contracts to 132,799.
Cattle extended their downtrend, with December futures down $6.90 and November feeders down $15.45. Cash fed cattle sales backed off to mostly $218, with some late sales at $215 in the South and $210-216 in the North. The CME Feeder Cattle Index fell $13.15 to $337.41. Choice boxed beef dropped $3.87 to $360.79/cwt, while Select rose $1.58 to $353.56. Weekly beef production fell 1.5% to 479.8 million pounds and was 5% below the prior year. Managed money's net long in live cattle narrowed by 4,325 contracts to 51,692.
Hogs were the weakest segment. December lean hogs fell $5.35 (9.09%), and the CME Lean Hog Index dropped $4.44 to $62.86 as of November 4. The USDA pork cutout rose 55 cents to $70.65/cwt after reaching its lowest level since December 2020. Speculators added 3,383 contracts to their net short in lean hog futures and options, bringing it to a record 50,492 contracts.
In cotton, December futures gained 128 points on the week, harvest reached 63%, nine points ahead of normal, and managed money trimmed its net long by 3,042 contracts to 53,148. Upcoming events include the Monthly Crop Production and WASDE reports on Tuesday, the EIA report on Thursday, and export sales and PPI data on Friday. November soybean futures expire Friday.
Wheat extended its losses across the three exchanges. CBT soft red winter futures fell 12 1/4 cents, KC hard red winter fell 11 3/4 cents, and HRS futures lost 7 3/4 cents in the December contract. Winter wheat planting reached 83% complete, one point behind the five-year average, and initial condition ratings stood at 44% good/excellent. NASS Flour Milling data showed 227 million bushels ground for flour in July through September, 4.4 million bushels below the same quarter last year. Managed money in Chicago wheat added 13,867 contracts to its net short, which now stands at 88,729 contracts.
Soybeans were under pressure, with the January contract down 40 1/2 cents, December soybean meal down $5.40, and December bean oil down 364 points. The soybean harvest was 88% complete as of November 1, four points ahead of average. NASS Fats & Oils data showed 198.8 million bushels crushed in September, down 5.16% month over month and 2.99% below September 2025. Soybean oil stocks fell 14.08% to 1.457 billion pounds, a record low for the data set. Managed money reduced its net long in soybean futures and options by 52,601 contracts to 132,799.
Cattle extended their downtrend, with December futures down $6.90 and November feeders down $15.45. Cash fed cattle sales backed off to mostly $218, with some late sales at $215 in the South and $210-216 in the North. The CME Feeder Cattle Index fell $13.15 to $337.41. Choice boxed beef dropped $3.87 to $360.79/cwt, while Select rose $1.58 to $353.56. Weekly beef production fell 1.5% to 479.8 million pounds and was 5% below the prior year. Managed money's net long in live cattle narrowed by 4,325 contracts to 51,692.
Hogs were the weakest segment. December lean hogs fell $5.35 (9.09%), and the CME Lean Hog Index dropped $4.44 to $62.86 as of November 4. The USDA pork cutout rose 55 cents to $70.65/cwt after reaching its lowest level since December 2020. Speculators added 3,383 contracts to their net short in lean hog futures and options, bringing it to a record 50,492 contracts.
In cotton, December futures gained 128 points on the week, harvest reached 63%, nine points ahead of normal, and managed money trimmed its net long by 3,042 contracts to 53,148. Upcoming events include the Monthly Crop Production and WASDE reports on Tuesday, the EIA report on Thursday, and export sales and PPI data on Friday. November soybean futures expire Friday.
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