Weekly Ag Markets Update – 11/02/2026

Wheat:  Wheat was lower in both markets last week on early week selling but some recovery late in the week ideas that the market is near a low on the charts but as planting.  The emergence of Winter Wheat are ahead of normal with improved weather in the Great Plains.  Both sides in the Russia-Ukraine war have reported an export pace more than 50% less than a year ago.  The US Winter Wheat planting was 76% complete last week and Winter Wheat was 53% emerged.  Conditions are mixed in the US Midwest.  The weather is now featuring scattered showers for parts of the Midwest along with moderate temperatures after a got week last week.  The Great Plains should get scattered showers in all areas.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

 Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was a little lower last week on speculative bottom picking and some commercial buying against speculative and fund selling and on reports of good harvest progress amid warm and dry weather.  Trends are mixed to down on the daily and weekly charts.  There is moderating weather in the western and southern Midwest with mostly dry conditions.  Harvest has been active in most areas of the Midwest with good but not great yields being reported.  Ukraine and Russia are still at war and shipping is very limited in both countries.  It should be cooler with drier weather in the Midwest this week.  The crop conditions last week were slightly lower from the previous week and below aa year ago.  Progress is below normal and the harvest is now 60% complete.  Temperatures in the Midwest should be warmer this week amid mostly dry weather.  Oats were lower and trends are down on the weekly charts.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans  and the products were lower last week on great harvest progress and despite buying from China.  The weekly chart trends are down in Soybeans and Soybean Meal and are mixed to down in Soybean Oil.  China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high.  Lula was elected president of Brazil over the previous weekend   It was a surprise to the market and hurt the Real against the Dollar and Ag prices generally, especially those featuring selling from Brazil. The harvest was 79% complete last week.  Cooler and dry weather is likely in the north.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed a little lower last week as the overall supply scenario remains tight at home and around the world.  Lula was elected president of Brazil over the previous weekend in a surprise that hurt the Real and grains prices in general.  Damage to unharvested crops is reported from the hurricane and there are worries about El Nino hurting world production.  Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop.  Demand remains moderate for US Rice and was moderate to good last week.  El Nino is threatening production in Asia and Indian prices remain high and are going higher, Trends are mixed on the daily charts and are up on the weekly charts,

Weekly Chicago Rice Futures

 

Vegetable Oils: Palm Oil was lower last week.  Weekly trends are mixed.  Canola was lower  and trends are still generally down on the daily and weekly charts.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was lower last week on increasing harvest progress.  The weekly charts shows a down move has begun.  The harvest is active amid good conditions.  USDA last week showed that conditions are now 33% good to excellent.  Progress shows that the crop was 52% harvested and 89% opening bolls.  Forecasts and reports of dry conditions in Cotton areas continue for Texas, the Delts, and the Southeast.  Temperatures will be warm in all areas.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were lower last week and trends are down on the daily and weekly charts.  USDA said that the US oranges production is now estimated at 61.7 million boxes down from 63.5 million last year.  Florida production was estimated at 10.0 million boxes, from 13 million last year.  Isolated showers are showing up in Florida and trees are suffering from drought.  The weather is considered good for production in Mexico and showers and rains are featured in Brazil as the rainy season is here.

Weekly FCOJ Futures

 

Coffee:  New York and London were lower last week.  Trends are down in London on the daily and weekly charts and are down on the daily charts and mixed on the weekly charts in New York.  Brail conditions are called good for next crop development, and the wet season is here.  Arabica has been boosted near term by quality concerns owing to excess El Nino-linked rains in Brazil and worries the weather pattern might cause dryness ahead.  The next crop is developing in the rest of South America amid scattered to isolated showers.  Indonesia is now about done with its harvest.  Asian conditions are called good to poor, with Indonesia too dry and drier conditions developing in Vietnam.  Mexico is in good condition, but Central America has been dry.  Premiums are now at or near record highs in Central America due to the drought.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were higher again yesterday.  Trends are down in both markets on the daily and weekly charts.  Drought in Brazil was a major concern but rains have returned to center-south regions.  Refineries in the region are producing ethanol at the expense of Sugar.  Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather.  It is too dry in southern China.  Higher world petroleum prices are supporting higher ethanol prices and could cause less Sugar to be produced.  Brazilian production dropped 41.6% in the first half of September due to excess rains.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York and London were a little lower last week.  Daily and weekly chart trends are still turning down.  A big main crop harvest has arrived in West Africa but it has now turned dry for the next crop.  Dry conditions in Ivory Coast have created concerns about the prospects for 2026/27 production, although a large global surplus in 2025/26 has ensured that short-term supplies remain ample.  Ivorian farmers said that poor rainfall risks bringing the September-to-February main crop to an early end.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year but demand has started to increase.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

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