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Ahead of the November 10 WASDE report, US winter wheat was rated only 44% good to excellent, below the five-year average of 48%, and Kansas remained dry. Soybeans faced pressure from a fund long position at the 81st percentile, a WASDE forecast for ending stocks rising to 336 million bushels, and a record Brazilian 2026/27 crop of 181.6 million tonnes.
Crude oil fell sharply while soybean oil dipped only 0.87%, supported by biofuel mandates.
A poor US wheat crop and disrupted Black Sea exports support wheat prices, while higher soybean stocks and record Brazilian output weigh on soybeans and meal, which lowers feed protein costs for buyers.
brain.baselify.vnAndy HuynhNov 10, 2026After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% 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.
