# First Thing Today | Short covering lifts grains ahead of USDA's production and WASDE reports

> Corn, soybean, soybean meal and wheat futures rose early Tuesday as traders positioned ahead of USDA Crop Production and WASDE reports. Market expectations included higher soybean production and lower corn production; short-covering also contributed to the gains. Oil prices fell amid increased hopes for a resolution to the Iran war, while the U.S. dollar edged higher.

- Date: 2026-11-10 · published 2026-11-10T15:05:25.363Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/91864-first-thing-today-short-covering-lifts-grains-ahead-of-usda-s-production-and
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

A smaller corn crop estimate could support corn prices, while higher soybean production could pressure soybeans and related products. Short-covering may lift prices temporarily, but the reports’ results could prompt sharper moves.

## Read by commodity

- SBM: neutral
- SBO: neutral
- SOY: bearish ▼
- CORN: bullish ▲
- WHEAT: neutral
- KWHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-02-08 | [USDA Releases February Crop Production, WASDE Reports](https://feedsoft.ai/events/37262-usda-releases-february-crop-production-wasde-reports.md) | -0.3% | -4.2% |
| CORN | 2023-01-12 | [USDA Releases January Crop Production, WASDE, Grain Stocks, Winter Wheat Seedings Reports](https://feedsoft.ai/events/13308-usda-releases-january-crop-production-wasde-grain-stocks-winter-wheat-seedings.md) | +2.2% | +2.2% |
| CORN | 2023-04-11 | [USDA April Crop Production, WASDE Reports Feature Only a Few Changes](https://feedsoft.ai/events/36340-usda-april-crop-production-wasde-reports-feature-only-a-few-changes.md) | +0.4% | +0.2% |
| CORN | 2025-07-12 | [USDA Slightly Lowers Corn Production, Boosts Old-Crop Corn Exports to Record Level in July WASDE \| Michigan Ag Today](https://feedsoft.ai/events/23708-usda-slightly-lowers-corn-production-boosts-old-crop-corn-exports-to-record.md) | +0.9% | -1.2% |
| CORN | 2018-06-13 | [Corn and Wheat Pop on June WASDE Report \| Hoosier Ag Today](https://feedsoft.ai/events/64484-corn-and-wheat-pop-on-june-wasde-report-hoosier-ag-today.md) | -4.1% | -8.2% |
| SOY | 2024-01-12 | [USDA Releases January Crop Production, WASDE, Dec. 1 Grain Stocks and Winter Wheat Seedings Reports](https://feedsoft.ai/events/32176-usda-releases-january-crop-production-wasde-dec-1-grain-stocks-and-winter-wheat.md) | -1.5% | -3.9% |
| SOY | 2025-06-30 | [U.S. grains: Soy futures end mixed; corn and wheat sag after USDA reports \| The Western Producer](https://feedsoft.ai/events/24225-u-s-grains-soy-futures-end-mixed-corn-and-wheat-sag-after-usda-reports-the.md) | +0.4% | -3.8% |
| SOY | 2017-01-12 | [Corn and Soybean Production Up in 2016, USDA Reports](https://feedsoft.ai/events/72836-corn-and-soybean-production-up-in-2016-usda-reports.md) | +6.7% | +4.7% |

## Sources

- profarmer.com: https://www.profarmer.com/news/first-thing-today/first-thing-today-grain-firm-overnight-all-eyes-usdas-production-and-wasde-reports

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.