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Market Pressures and Commodity Movers | The Opening Look · Professional Ag Marketing Podcast

• 0:05
  SPEAKER_00: Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors.
• 0:11
  SPEAKER_00: Hello world and good morning.
• 0:13
  SPEAKER_00: This is the opening look for Thursday, November 12th, 2026.
• 0:17
  SPEAKER_00: I'm Nathan.
• 0:18
  SPEAKER_00: As another November morning breaks across the agricultural heartland, the markets offer no signal, no single uncomplicated message.
• 0:27
  SPEAKER_00: Corn moves quietly around unchanged, while soybeans lean lower.
• 0:32
  SPEAKER_00: Wednesday's livestock trade left cattle with the more constructive account, even as the cash and wholesale meat trade tells a decidedly softer story.
• 0:42
  SPEAKER_00: First, the overnight price action.
• 0:45
  SPEAKER_00: We begin with corn, where the overnight hours have passed with remarkably little commotion.
• 0:51
  SPEAKER_00: December corn is trading down half a cent at$4.47.5 per bushel.
• 0:56
  SPEAKER_00: March corn is unchanged at$4.60.5, while May is eased a quarter cent to$4.68.
• 1:04
  SPEAKER_00: Corn therefore enters Thursday, holding close to even, a subdued opening across the nearby contracts.
• 1:11
  SPEAKER_00: Soybeans carry a somewhat heavier tone.
• 1:13
  SPEAKER_00: January soybeans have slipped one and three quarter cents to$12.29, while March soybeans are two and a quarter cents lower at twelve thirty five and three quarters.
• 1:24
  SPEAKER_00: From the quiet movements of the overnight grain trade, we look back now upon Wednesday's livestock session.
• 1:31
  SPEAKER_00: December lean hogs gained 23 cents to 56.03, while February slipped 23 cents to sixty fifty three.
• 1:40
  SPEAKER_00: Live cattle presented a divided front.
• 1:42
  SPEAKER_00: December eased 23 cents to$218.98, while February gained$13 to$222.70.
• 1:51
  SPEAKER_00: Feeder cattle supplied the clearest strength.
• 1:54
  SPEAKER_00: January feeders gained$1.13 to$327.80, while March added$78 to$324.13.
• 2:03
  SPEAKER_00: Thus, Wednesday's livestock ledger offered competing signals, with restrained movement in hogs and live cattle and firmer trade in feeder cattle.
• 2:14
  SPEAKER_00: Away from the futures exchanges, the underlying livestock trade offers a sterner account.
• 2:20
  SPEAKER_00: The national negotiated cash hog market fell$2.32 to a weighted average of$37.52, with$4,767 head reported.
• 2:31
  SPEAKER_00: The five-day rolling average stood at$41.07.
• 2:35
  SPEAKER_00: Wholesale pork also surrendered ground, though considerable cross currents moved beneath the carcass value.
• 2:42
  SPEAKER_00: The estimated cutout declined 18 cents to$69.34 across$303 loads.
• 2:48
  SPEAKER_00: Ribs dropped$7.35 and bellies lost$2.10, while butts gained$5.32 and picnics rose$3.03.
• 2:59
  SPEAKER_00: The beef trade carried the weakness further.
• 3:01
  SPEAKER_00: Choice box beef declined$2.72 to$360.26.
• 3:06
  SPEAKER_00: Select fell$4.15 to$347.47, leaving the choice to select spread at twelve dollars and seventy nine cents across ninety-five loads.
• 3:17
  SPEAKER_00: Taken together, the figures draw an important distinction.
• 3:21
  SPEAKER_00: The strength displayed in feeder cattle features found little companionship in the cash and wholesale reports, where cash hogs, pork, and both grades of box beef moved lower.
• 3:32
  SPEAKER_00: From the marketplace, our attention turns eastward, where the consequences of war are being measured not only in territory and diplomacy, but increasingly in the physical machinery of world commerce.
• 3:45
  SPEAKER_00: Russia-Ukraine peace talks concluded Wednesday without a major breakthrough.
• 3:51
  SPEAKER_00: Territorial disputes and security guarantees remain unresolved, no ceasefire was reached, and there was no progress toward restoring safe Black Sea shipping.
• 4:01
  SPEAKER_00: Another round of U.S.
• 4:02
  SPEAKER_00: mediated talks is considered likely, though no date has been set.
• 4:07
  SPEAKER_00: For agriculture, the immediate consequence lies in storage.
• 4:11
  SPEAKER_00: Following major damage from a Ukrainian drone attack at Russian Baltic Seaport, constrained grain exports are leaving traditional Russian storage facilities near capacity.
• 4:23
  SPEAKER_00: ICAR estimates roughly 20 million metric tons of unexported grain may have to be placed in polyethylene grain bags until attacks can be halted and shipments resumed.
• 4:35
  SPEAKER_00: Farther south, diplomacy also surrounds another vital artery of world commerce.
• 4:40
  SPEAKER_00: Vice President J.D.
• 4:42
  SPEAKER_00: Vance is considering face-to-face talks with a senior Iranian security official, although discussions remain preliminary.
• 4:50
  SPEAKER_00: Tehran continues to demand an end to the U.S.
• 4:53
  SPEAKER_00: naval blockade, release of frozen assets, and eased oil sanctions before negotiations resume.
• 5:00
  SPEAKER_00: Tan traffic through the Strait of Hormuz remains severely restricted, with oil flows well below pre war levels.
• 5:08
  SPEAKER_00: And so, Thursday dawns upon a marketplace of contrasts.
• 5:13
  SPEAKER_00: Corn nearly motionless, soybeans given ground, feeder cattle advancing while cash and wholesale meat values soften.
• 5:21
  SPEAKER_00: Beyond the farm gate, war and diplomacy bear directly upon the corridors through which grain and energy move around the world.
• 5:28
  SPEAKER_00: For producers, uncertainty does not relieve the burden of decision.
• 5:33
  SPEAKER_00: It makes preparation more valuable.
• 5:35
  SPEAKER_00: Professional ag marketing helps farmers and livestock producers read those cross currents, manage price risk, recognize opportunity, and build disciplined marketing plans before changing circumstances make tomorrow's choices urgent.
• 5:49
  SPEAKER_00: We cannot command the markets or the affairs of nations.
• 5:53
  SPEAKER_00: We can meet them prepared.
• 5:55
  SPEAKER_00: That is the opening look for Thursday, november twelfth, twenty twenty six.
• 6:00
  SPEAKER_00: I'm Nathan.