Soybean meal eases as buyers await Tuesday’s WASDE

Corn edged up 0.2% to $209.03/mt, while soybean meal fell 0.6% to $390.42/mt in the latest daily benchmarks. DDGS and fishmeal remain high in their ranges, but their monthly benchmarks are dated; check current delivered offers before changing coverage.

Grains and DDGS

Corn is at 23% of its 52-week range. U.S. corn export commitments were 30% of USDA’s annual target by October 29, versus a five-year average of 42% for that week. DDGS was $225.70/mt at the top of its range in the September monthly benchmark; China’s November 9 domestic DDGS prices were mostly steady to higher. The proposed opening of Mexico to U.S. ethanol exports is a demand development to watch, not yet a confirmed increase in shipments.

Protein meals

Soybean meal’s latest daily decline brings it to 51% of its 52-week range. Managed money remained net long 108,367 meal contracts on November 3, at the 91st historical percentile, despite cutting 60,347 contracts in the week. Fishmeal was $2,840/mt in the October monthly benchmark, down 2.6% on the period but still at 93% of its range.

Fats and delivery costs

Soybean oil was $1,555.74/mt, near unchanged on the day and 19.2% higher year over year. Palm oil fell 6.1% over five periods through November 6; its latest daily benchmark was $1,075/mt. Diesel was down 0.6% on the day but up 82.2% year over year, making delivered quotes important; the October ocean grain freight benchmark was at its 52-week high.

Livestock

Lean hogs closed at $58.84/cwt on November 6, at the bottom of their 52-week range and down 29.7% year over year. Live and feeder cattle were also in the lower quarter of their ranges. Class III milk fell 5.6% in its latest daily reading on November 8, following a sharp earlier increase.

Feed cost

For the week ending November 13, turkey starter and tilapia grow-out had the largest reported weekly declines, each down 0.1%; most other formulas were effectively flat at the reported precision. Broiler grower was $284.20/t, down 4.8% over four weeks; its weekly soybean meal contribution was -$0.15/t, partly offset by corn at +$0.09/t. These are re-solved least-cost templates, not a mill’s actual costs; ingredient drivers were not provided for turkey or tilapia.

Number of the day: 66%

U.S. soybean export commitments as a share of USDA’s annual target. As of October 29, commitments were ahead of the five-year average of 54% for that week, indicating a stronger sales pace for soybeans than for corn or soybean meal.

What to watch

• 2026-11-09 16:00 ET: USDA Crop Progress and Condition.
• 2026-11-10 12:00 ET: USDA WASDE supply-and-demand report.
• 2026-11-11 10:30 ET: EIA Weekly Petroleum Status, including ethanol.
• 2026-11-12 08:30 ET: USDA export sales.
• 2026-11-13 15:30 ET: CFTC Commitments of Traders, especially soybean meal positioning.