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A post-midterm relief rally lifted stocks on Wednesday as crude oil plunged, with December Brent falling 8.7% to $94.62 and WTI down 8.3% to $88.12 on renewed US-Iran talks. Democrats made gains in rural districts and farm-state races, and diesel costs remain a farmer concern.
Lower crude and diesel reduce freight and input costs for feed supply chains, but the sharp oil drop also weighs on biofuel-linked corn and soyoil values.
profarmer.comBill WattsNov 4, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% over 20.
After 28 past bearish geopolitics events, Soybean Oil moved a median -2.7% over 5 sessions (21% higher; middle half -8.3% to -0.7%), and -2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
