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USDA Report Looms as Corn & Soybeans Push Higher | The Opening Look · Professional Ag Marketing Podcast

• 0:00
  SPEAKER_00: Just thinking we should redo the trading commodity futures and options involves substantial risk of loss and is not suitable for all investors.
• 0:13
  SPEAKER_00: Hello world and good morning.
• 0:15
  SPEAKER_00: This is the opening look for Tuesday, November 10th, 2026.
• 0:19
  SPEAKER_00: I'm Nathan.
• 0:20
  SPEAKER_00: Agricultural markets greet this Tuesday with strength across grains and the nearby livestock contracts, even as the cash hog trade remains under pressure.
• 0:29
  SPEAKER_00: In the wholesale meat channel, pork and box beef values moved higher, while the nation awaits a consequential USDA report that might that may redraw the balance sheets for corn and soybeans.
• 0:41
  SPEAKER_00: First, the overnight price action.
• 0:44
  SPEAKER_00: We begin with corn, where the December contract has gained two and a half cents overnight to trade at four hundred forty one and three quarters per bushel.
• 0:52
  SPEAKER_00: The advance is modest, but it places corn on firmer ground as traders prepare for new government production and inventory estimates later this morning.
• 1:01
  SPEAKER_00: January soybeans are also higher, adding a one and a quarter cent to stand at eleven eighty nine and a half.
• 1:09
  SPEAKER_00: Both grain markets therefore carry a positive tone into a session likely to be governed by the numbers arriving from Washington.
• 1:17
  SPEAKER_00: Monday's livestock trade supplied considerably greater force in the nearby contracts.
• 1:22
  SPEAKER_00: December lean hogs rallied two dollars and thirty five cents to settle at fifty five eighty seven, while February gained two twelve to finish at sixty eighty-two.
• 1:32
  SPEAKER_00: That strength did not extend into the deferred summer contracts, which finished lower.
• 1:37
  SPEAKER_00: One likely explanation is the repositioning within speculative short positioning, which had been concentrated heavily in the front months, producing buying pressure nearby while leaving the summer contracts comparatively weaker.
• 1:50
  SPEAKER_00: Live cattle also found substantial support.
• 1:53
  SPEAKER_00: December live cattle advanced$2.15 to settle at$216.20, while February gained$2.90 to close at$2.20.10.
• 2:04
  SPEAKER_00: Feeder cattle produced an even larger advance.
• 2:07
  SPEAKER_00: November feeders climbed$6.02 to finish at$328.35, while January gained$5.80 to settle at$3.24.17.
• 2:18
  SPEAKER_00: Tuesday therefore opens with grains in gains in grain and a substantial rebound in the nearby livestock contracts.
• 2:26
  SPEAKER_00: The cash hog market did not share that future's strength.
• 2:30
  SPEAKER_00: The nation negoti national negotiated weighted average price fell$1.49 to$44.72 on a reported headcount of$5,510 head.
• 2:42
  SPEAKER_00: The five-day rolling average stood at$44.60.
• 2:45
  SPEAKER_00: Wholesale pork moved in the opposite direction.
• 2:48
  SPEAKER_00: The estimated carcass cutout gained$16 to$70,81 across$336 loads.
• 2:56
  SPEAKER_00: Loins rose three dollars and seventy two cents and ribs gained two dollars and seventy-three cents, while picnics fell$4.37 and butts declined$225.
• 3:08
  SPEAKER_00: Box beef values also strengthened.
• 3:10
  SPEAKER_00: Choice advanced$1.95 to$362.74, while Select added$17 to$353.73.
• 3:18
  SPEAKER_00: The choice to select spread measured$9.01, with 69 total loads reported across cuts, trimmings, and grinds.
• 3:27
  SPEAKER_00: The fundamental picture is therefore divided.
• 3:30
  SPEAKER_00: Cash hogs weakened, but pork and both grades of boxed beef found higher ground.
• 3:36
  SPEAKER_00: The U.S.
• 3:37
  SPEAKER_00: corn harvest remains behind its customary pace.
• 3:40
  SPEAKER_00: As of Sunday, the harvest had reached 81%, up from 74% a week earlier, but below the five-year average of 86%, and the trade expectation of 82%.
• 3:51
  SPEAKER_00: South Dakota, Nebraska, and Iowa remained the principal areas of delay.
• 3:56
  SPEAKER_00: Snowbean harvest advanced to 92%, up from 88% and slightly ahead of the five-year average of 91%, though one percentage point below trade expectations.
• 4:07
  SPEAKER_00: Winter wheat plantings reached 89% compared with 83% the prior week and a 90% average.
• 4:14
  SPEAKER_00: Crop condition improved, with 49% rated good to excellent, up from 44% and above the five year average of 43%.
• 4:24
  SPEAKER_00: The larger event arrives at 11 AM Central Time today, when USDA releases its monthly crop production and WASDI reports.
• 4:32
  SPEAKER_00: Traders expect a lower corn yield and production estimate, though the crop would remain the second largest on record.
• 4:39
  SPEAKER_00: The average corn yield estimate is one hundred eighty point three bushels per acre, with guesses ranging from one seventy three point two to one hundred eighty three point one.
• 4:48
  SPEAKER_00: Soybean yield and production are expected to move higher, pointing toward a record crop.
• 4:53
  SPEAKER_00: The average soybean yield estimate is fifty three and a half bushels per acre, within a range of fifty three to fifty five.
• 5:00
  SPEAKER_00: Domestic corn ending stocks are expected to ease, while soybean and wheat inventories may increase modestly.
• 5:06
  SPEAKER_00: Global ending stocks for all three grains are forecast to rise.
• 5:10
  SPEAKER_00: For producers, the report will establish a fresh benchmark for supply expectations.
• 5:16
  SPEAKER_00: And so, this Tuesday begins at the meeting place of strength and uncertainty.
• 5:21
  SPEAKER_00: Higher futures, uneven livestock fundamentals, delayed corn harvest, and a government report capable of changing the market's arithmetic in a single moment.
• 5:31
  SPEAKER_00: Professional ag marketing helps farmers and livestock producers interpret those signals, manage price risk, recognize opportunity, and build disciplined marketing plans for urgent decisions before urgent decisions arrive.
• 5:45
  SPEAKER_00: Markets cannot be commanded, but preparation can be practiced.
• 5:49
  SPEAKER_00: That is the opening look for Tuesday, November 10th, 2026.