Crush
The December crush narrowed about 1 cent to roughly $1.93, the lowest of this move. January beans settled up 5½ cents, which took 5½ off the margin, while December meal settled up $2.00 and added about 4½ and December soybean oil settled up 2 points and added almost nothing. Meal remains the larger half of product value at about 50.6%. The crush has fallen from $2.47 in late October to under $1.95, a drop of more than 50 cents in two weeks.
Soybeans
January soybeans settled up 5½ cents at $11.93¾, trading from $11.84 up to $11.95½ on volume of 121,591, after Thursday’s two-and-a-half-month low. December meal settled up $2.00 at 319.20 and December soybean oil settled up 2 points at 62.26 after trading as low as 61.34. Analysts expect USDA to raise its soybean yield estimate again in next week’s crop production and supply-and-demand reports. StoneX has the yield at 55 bushels per acre against USDA’s current record 53.1.
Soybean oil
December soybean oil settled up 2 points at 62.26, trading from 61.34 to 62.56, holding just above Thursday’s six-month low. Malaysian palm oil fell below MYR 4,350 to its lowest since March and posted its biggest weekly drop in about two years. Indonesia cut its November crude palm oil reference price by more than 6% and lowered its export levy. Palm oil competes with soybean oil, so lower palm prices are dragging on soybean oil. Brent crude finished the week down close to 20%, its largest weekly decline since April 2020.
Corn
December corn traded up 1½ cents to $4.41½, ranging from $4.38½ to $4.42½ on volume of 202,229, the heaviest of the week. The contract set a four-month low at $4.38½ Wednesday. Open interest rose 23,392 contracts Wednesday and another 18,127 Thursday. Analysts expect USDA to trim its corn yield in next week’s reports. StoneX estimated the yield at 183.1 bushels per acre against USDA’s 181.2.
Wheat
December Chicago wheat settled down 8 cents at $5.91¼, trading from $6.02¼ down to $5.85 on volume of 119,111, the highest volume of the week and a new low for the move. December Kansas City wheat fell 3¼ to $6.32½. Three-way peace talks between Russia, Ukraine and the United States are scheduled for Abu Dhabi on Nov 10-11. Russian consultancy IKAR cut its 2026-27 wheat export forecast to 39.5 million tonnes from 42 million earlier in the week. Managed money holds a net short of 62,637 contracts in Chicago wheat.
Cattle
December live cattle settled down 35 cents at $214.05, trading from $214.60 down to $210.85 on volume of 34,881 before recovering into the close. January feeder cattle settled down $1.95 at $318.375 after reaching $312.05. Cash cattle this week averaged $217.26 for steers and $217.56 for heifers, down from $223.65 last week and $227.06 the week before. Live cattle have fallen for eight consecutive sessions.
Hogs
December lean hogs settled down $1.575 at $53.525, trading as low as $53.175 and setting another contract low on volume of 47,141. The December pork cutout was unchanged at $89.60. Friday’s CME lean hog index was down $1.07 at $62.86, leaving futures about $9.30 below the cash index.
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