Weekly Ag Markets Update – 11/09/2026

Wheat:  Wheat was lower in both markets last week despite stronger than epect3ed weekly export sales.  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 83% complete last week and Winter Wheat was 65% emerged.  Condition is rated 4% good to excellent.  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.  President Trump said on Friday that he expects an agreement to be signed very soon in the Russia-Ukraine conflict that would be beneficial to all sides including all of Europe.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

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Corn:  Corn was lower last week on reports of good harvest progress amid warm and dry weather.  Ideas are that USDA will show increased production potential in its reports net week.  Trends are 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.  Progress is below normal and the harvest is now 74% complete.  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 on ideas that USDA will show increased production potential in its reports net week.  Crude Oil futures were lower last week and the selling spilled into Soybeans and the products.  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 recently   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 88% complete last week.  Cooler and dry weather is likely in the north.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed higher last week and at new highs for the move.  Less domestic production this year is reported 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 on weakness in outside markets.  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 higher last week as strong weekly export sales and ideas of a cut in production went against ideas of strong harvest progress amid mostly favorable conditions.  The US stock markets were mixed in response to the election and Crude oil was sharply lower.  The weekly charts show mixed trends.  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 63% harvested and 92% 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 higher last week in moderate buying interest.  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 was lower and London was a little higher last week.  The higher move in London comes just before the start of the Vietnam harvest later this month.  Trends are mixed in London on the daily charts and in New York.  Brazil 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.  Vietnam exported 1.569 million metric tons of coffee in the first 10 months of 2026, up 18.8% from the same period a year earlier, government data showed on Tuesday.  Central America and Mexico combined production is expected to fall more than 9% this year due to dry conditions.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were lower last week after the big down move on Tuesday.  Trends are down in both markets on the daily charts.  Sugar is under pressure from overall energy price weakness, which tends to prompt cane mills to produce more sugar and less biofuel ethanol.  Refineries in the region had been 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 both lower last week.  Daily 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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