USDA WASDE at noon is the main buying risk for corn and soybean meal coverage

Corn and soybean meal benchmarks edged up 0.1% today, while soybean oil was flat. Weekly byproduct quotes are softer in several areas, but those prices are from November 2; check current offers before changing coverage.

Grains

Corn is $202.28/mt, at 23% of its 52-week range. US corn export commitments through October 29 were 30% of the USDA target, versus a 42% five-year average for that week; today's WASDE may change the target and supply outlook.

Protein meals and byproducts

Soybean meal is $429.18/mt, at 66% of its 52-week range. As of November 2, DDGS fell 2.1% on the week to $226.68/mt and meat and bone meal fell 4.4% to $291.02/mt, while canola meal remained at 92% of its range. Compare current delivered offers and nutritional constraints before substituting; Peru's extended exploratory anchovy fishing is expected to add little global fishmeal supply.

Fats and freight

Soybean oil is $1,544.64/mt, at 81% of its 52-week range; palm oil fell 6.9% over the five periods to November 9. Choice white grease fell 5.2% in the weekly quote to November 2. Diesel fell 1.8% today but remains 74.9% above year-ago levels, making delivered freight quotes important.

Positioning and demand

As of November 3, managed money cut its soybean meal net long by 60,347 contracts, but the remaining position was still at the 91st historical percentile. Further liquidation is a risk, not a forecast. China's breeding-sow herd has declined for nine straight months as producers face losses, a longer-term feed-demand concern.

Feed cost

In the least-cost template data labeled week ending November 13, beef feedlot finisher fell 0.2% on the week, the largest decline, while tilapia grow-out rose 0.1%. Broiler grower was approximately flat at $274.20/mt: corn contributed -$0.28/mt and soybean meal +$0.16/mt. These are re-solved templates, not any mill's actual costs; ingredient drivers were not supplied for the beef or tilapia changes.

Number of the day: 91st percentile

Soybean meal managed-money net position. The November 3 position remained historically large despite a substantial weekly reduction, leaving potential for further position-driven volatility.

What to watch

• 2026-11-10 12:00 ET: USDA WASDE: US and world crop balance-sheet updates.
• 2026-11-11 10:30 ET: EIA weekly petroleum status, including ethanol production.
• 2026-11-12 08:30 ET: USDA export sales and US Drought Monitor.
• 2026-11-13 15:30 ET: CFTC Commitments of Traders: check for further meal and corn position changes.