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Daily Ag Business Briefing, Nov. 3, 2026: Soybeans slide with crude, corn harvest 74% done, farm country votes
Soybeans fell 17½ cents with crude oil, corn harvest reached 74%, and farm country votes in a sour mood. Plus Deere hiring and soybean crush.
The briefing in 30 seconds
- Soybeans fell 17½ cents Monday as a crude oil selloff dragged the soy complex lower, while corn eked out a half-cent gain after a large sale to Mexico, Brownfield and Pro Farmer reported.
- USDA’s Crop Progress put corn harvest at 74%, 3 points behind average, and soybeans at 88%, 4 points ahead. Only 44% of emerged winter wheat rated good to excellent in the first rating of the season.
- It’s Election Day. A new Agri-Pulse survey found 62% of farm respondents think agriculture is on the wrong track.
- Deere is recalling more than 275 Waterloo workers and hiring over 400, and the U.S. now crushes more soybeans than it exports, ASA’s chief economist said.
This is the Tuesday morning edition, published before U.S. futures trading resumes for the day. Prices below are Monday’s closes as reported by Brownfield. For official settlements, see CME Group.
Markets close: oil drags soybeans, corn finds a buyer
Soybeans took the hardest hit Monday. January soybeans closed at $12.16¾, down 17½ cents, according to Brownfield, with December soybean meal down $5.00 and soybean oil down 82 points. Pro Farmer said the soy complex was pulled down by a sharp drop in crude oil. December crude closed at $96.46, down $7.66, Brownfield reported, as hopes grew for talks between the U.S. and Iran.
December corn finished at $4.48¼, up half a cent. Pro Farmer said corn tested a new low for the move before finding support in a sale of 1.7 million metric tons to Mexico. December Chicago wheat gained 3 cents to $6.06½ on light short covering.
Cattle were mixed. December live cattle fell $1.25 to $219.70 while January feeders rose 90 cents to $332.67, according to Brownfield, which said cash trade was quiet, as is usual on a Monday. Pro Farmer blamed weak cash trade and technical selling for the live cattle losses. December lean hogs dropped 70 cents to $58.17, and Brownfield said cash hog prices closed sharply lower. Pro Farmer said hogs set another contract low.
Basis is worth watching as harvest wraps up. Cornbelt Marketing’s Sam Hudson told Brownfield that farmers who have seen local corn basis rally about 30 cents in the past month may want to move grain rather than keep paying for storage.
Crop Progress: corn catches up, wheat ratings low
NASS said 74% of the corn crop was harvested as of Nov. 1, up from 60% a week earlier and behind the 77% five-year average. Iowa was at 66%, 13 points behind its average, while Illinois reached 86%. Soybean harvest hit 88%, ahead of the 84% average.
Winter wheat was 83% planted and 65% emerged. In the first condition rating for the 2027 crop, NASS rated 44% of emerged wheat good to excellent. In Kansas, 47% rated good to excellent and 20% poor to very poor, according to DTN.
More rain is coming. DTN meteorologist John Baranick said several pulses of rain and thunderstorms will cross the country this week. Many areas will get near an inch, and parts of the Upper Midwest could top two inches. He expects brief delays for most fieldwork, a helpful drink for winter crops and forages, and no significant cold air.
Election Day: farm mood sour, committees reshuffling
An Agri-Pulse Research Network survey of 170 farm and agribusiness respondents found 62% think agriculture is headed the wrong way, and 45% expect to be worse off financially in a year. DTN counted at least nine House and five Senate agriculture committee members leaving Congress. Our full story: what the farm poll and committee turnover mean for the farm bill. Local data center ballot measures are also up in several farm states. See what landowners should check before signing a developer’s option.
Equipment: Deere brings workers back
Deere said it will recall more than 275 employees to Waterloo, Iowa, and hire over 400 more across plants in Illinois, Iowa and Kansas, bringing callbacks since 2024 to about 1,000. The company has tied the hiring to building dealer inventory and preparing for labor talks. Read what it means for equipment buyers.
Soybeans: crush overtakes exports
For the crop now being harvested, USDA estimates 61% of U.S. soybeans will be crushed at home and 37% exported as whole beans, Brownfield reported. American Soybean Association chief economist Scott Gerlt credited renewable diesel demand and federal biofuel policy, including EPA blending requirements and the 45Z tax credit. He told Brownfield that farmers near new crush plants are seeing basis “anywhere from 10 cents to 25 cent higher.” Our 45Z how-to guide covers the credit.
Livestock and regulation
EPA ended a long-running effort to estimate air emissions from animal feeding operations under a 2005 voluntary study, saying data from roughly two decades ago did not justify new requirements, Agri-Pulse reported. Separately, Colorado reported its first bird flu detection in dairy cattle since August 2024. Agri-Pulse, citing USDA data, counted 128 confirmed dairy herd cases so far in 2026, compared with 171 in 2025 and 917 in 2024.
Lease season
If you are renegotiating rent for 2027, our new step-by-step guide to variable cash leases walks through the formulas, rent factors and how to handle government payments.
What to watch
- Today, Tuesday, Nov. 3: Election Day. NASS has no reports scheduled.
- Wednesday, Nov. 4, 3 p.m. ET: NASS Broiler Hatchery.
- Thursday, Nov. 5: USDA weekly export sales at 8:30 a.m. ET; NASS Dairy Products at 3 p.m. ET.
- Tuesday, Nov. 10, noon ET: WASDE and Crop Production. House Republicans also plan leadership elections that day, DTN reported.
- Wednesday, Nov. 25: Deere fourth-quarter earnings, before the market opens.
Nothing here is trading advice. Find more in our Markets section.
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