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USDA Cuts Corn Yield Below Expectations | 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.
• 0:12
  SPEAKER_00: Hello world and good morning.
• 0:14
  SPEAKER_00: This is the opening look for Wednesday, November 10th, November 11th, 2026.
• 0:19
  SPEAKER_00: I'm Nathan.
• 0:20
  SPEAKER_00: The agricultural markets greet the morning with modest pressure in corn and soybeans.
• 0:25
  SPEAKER_00: While Tuesday's livestock trade produced sharp advance in cattle and quieter, divided performance in lean hogs.
• 0:31
  SPEAKER_00: Beneath the futures trade, cash hogs and wholesale meat values offer a mixed account.
• 0:36
  SPEAKER_00: In the news, the USDA has redrawn the crop balance sheet as consumer inflation once more runs hotter than expected.
• 0:43
  SPEAKER_00: First, the overnight price action.
• 0:46
  SPEAKER_00: December corn is trading two and a half cents lower on the overnight at four hundred forty six and a half per bushel.
• 0:53
  SPEAKER_00: The nearby contract begins Wednesday on softer footing, though the movement remains measured rather than dramatic.
• 0:59
  SPEAKER_00: This follows a large increase in price yesterday following the USDA reports.
• 1:04
  SPEAKER_00: January soybeans are down five and a half cents at twelve twenty two and three quarters.
• 1:10
  SPEAKER_00: January soybeans are also lower, off five cents at twelve twenty nine and a half, placing modest pressure across the early portion of the soybean curve following the price movement upward yesterday.
• 1:21
  SPEAKER_00: From the overnight grain trade, we turned to Tuesday's livestock settlement.
• 1:26
  SPEAKER_00: December lean hogs eased eight cents to 55.80, while April gained eight cents to 66.90, and May advanced 35 cents to 73.58.
• 1:37
  SPEAKER_00: The nearby market was nearly unchanged, with firmer values appearing farther forward.
• 1:43
  SPEAKER_00: Cattle presented a much stronger picture.
• 1:46
  SPEAKER_00: December live cattle climbed$3 to$219.20, while February added$248 to finish at$222.58.
• 1:54
  SPEAKER_00: January feeder cattle rose$2 to$330.35, and March gained$315 to$323.35.
• 2:02
  SPEAKER_00: Thus, the livestock session belonged chiefly to cattle, where grains were broad and substantial.
• 2:10
  SPEAKER_00: The national negotiated cash hog market delivered a notably weaker reading.
• 2:17
  SPEAKER_00: The weighted average fell$448 to$39.84, with$7,146 head reported.
• 2:25
  SPEAKER_00: The five-day rolling average stood at$4224.
• 2:28
  SPEAKER_00: The wholesale pork moved in the same direction.
• 2:32
  SPEAKER_00: The estimated pork carcass cutout declined$1.29 to$69.52 across 312 loads.
• 2:40
  SPEAKER_00: Loins fell$4.52 to$70.97 while bellies dropped$284 to$63.35.
• 2:51
  SPEAKER_00: Box beef values divided.
• 2:53
  SPEAKER_00: Choice gained$0.24 to$362.98, while select declined$211 to$351.62.
• 3:00
  SPEAKER_00: That left the choice to select spread at$11.36 with 111 total loads reported.
• 3:07
  SPEAKER_00: Tuesday therefore provok produced a contrast.
• 3:11
  SPEAKER_00: Cattle futures advanced decisively, even as wholesale beef offered only mixed confirmation.
• 3:17
  SPEAKER_00: Tuesday's USDA WASDI and crop production reports delivered more supportive domestic outlook for corn and soybeans.
• 3:25
  SPEAKER_00: The USDA lowered its average U.S.
• 3:27
  SPEAKER_00: corn yield estimate to 179.6 bushels per acre and reduced production to 15.893 billion bushels.
• 3:36
  SPEAKER_00: Both came in below average trade expectations of 180.3 bushels and 15.962 billion bushels.
• 3:45
  SPEAKER_00: For soybeans, the agency raised yield to 53.3 bushels per acre and production to 5.474 billion bushels.
• 3:55
  SPEAKER_00: But those figures also fell short of trade expectations.
• 3:58
  SPEAKER_00: The USDA increased its soybean export forecast while lowering U.S.
• 4:02
  SPEAKER_00: ending stocks for both corn and soybeans.
• 4:05
  SPEAKER_00: Globally, corn stocks increased, soybean stocks declined, and wheat stocks moved higher.
• 4:11
  SPEAKER_00: Beyond agriculture, consumer prices rose more than expected for the third consecutive month in October.
• 4:17
  SPEAKER_00: The consumer price index increased 0.4%, topping expectations for a 0.3% gain.
• 4:24
  SPEAKER_00: Gasoline prices rose another 1% after jumping 9.1 in September, while food prices increased half a percent.
• 4:32
  SPEAKER_00: Annual inflation rate was not released because of last year's government shutdown, though annual inflation stood at 3.7% in September.
• 4:41
  SPEAKER_00: The report also shifted interest rate expectations.
• 4:45
  SPEAKER_00: Traders are now fully pricing in a quarter point increase in December, with the probability of a half point move rising nearly for rising to nearly 14%.
• 4:57
  SPEAKER_00: Wednesday begins with a collection of important signals across agriculture and the broader economy.
• 5:03
  SPEAKER_00: A tighter domestic crop balance sheet offers support to grain fundamentals, while a hotter inflation report raises the prospect of a higher interest rates.
• 5:12
  SPEAKER_00: In livestock, stronger cattle futures stand beside mixed beef values while the hog complex confronts weakness in both cash and wholesale prices.
• 5:22
  SPEAKER_00: These are the mornings where discipline matters.
• 5:24
  SPEAKER_00: Professional ag marketing helps farmers and livestock producers interpret changing markets, manage price risk, recognize opportunity, and build a marketing plan before uncertainty becomes urgency.
• 5:37
  SPEAKER_00: Markets cannot be controlled, but preparation can.
• 5:40
  SPEAKER_00: That is the opening look for Wednesday, november eleventh, twenty twenty six.
• 5:44
  SPEAKER_00: I'm Nathan