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Grain futures traded mostly lower early on November 12 after Tuesday's USDA report, which cut soybean ending stocks unexpectedly and corn production by more than expected. The ICE dollar index hit a 19-month high overnight, and a Nvidia-related dispute between the U.S. and China was also weighing on sentiment ahead of a Trump-Xi meeting.
A firmer dollar makes U.S. commodities more expensive for foreign buyers, capping the rally from the USDA cuts and limiting upside for corn and soybean feed costs. The U.S.-China tensions add risk to export demand for soybeans.
profarmer.comBill WattsNov 12, 2026After 78 past neutral macro events, Corn moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% over 20.
After 50 past neutral macro events, Soybeans moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% over 20.
After 73 past neutral macro events, Soybean Meal moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +2.1%), and -1.6% over 20.
After 13 past neutral macro events, Wheat (SRW) moved a median -0.3% over 5 sessions (46% higher; middle half -2.0% to +0.2%), and -2.0% 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.
