Daily Ag Business Briefing, Nov. 4, 2026: Democrats take Congress, grains drift lower, harvest prices set

This is the Wednesday morning edition, published before U.S. futures trading resumes for the day. Prices below are Tuesday’s closes as reported by Brownfield. For official settlements, see CME Group.

Markets close: a quiet, lower Election Day

Pro Farmer called Tuesday a dismal day in farm markets, with traders unwilling to take big positions before the midterm results. December corn closed at $4.42½, down 5¾ cents, and January soybeans at $12.14, down 2¾ cents, according to Brownfield. December soybean meal slipped $1.60 to $318.00, while soybean oil gained 20 points. December Chicago wheat fell 6¾ cents to $5.99¾.

Brownfield said fund and technical selling drove all three grains. Export demand showed up anyway. Mexico booked 315,000 tons of U.S. corn, with another 136,000 tons going to South Korea, pushing Mexico’s two-day total above 2 million tons. Unnamed buyers took 134,000 tons of soybeans, the third straight business day with a flash sale, but Brownfield said the market seemed more focused on supply. Only 44% of winter wheat is rated good to excellent.

Cattle fell ahead of this week’s direct cash trade. December live cattle lost $1.55 to finish at $218.15, and January feeders dropped $4.30 to $328.37, Brownfield’s livestock report said. Cash trade was quiet, and Brownfield expects most business late in the week. December lean hogs rose 42 cents to $58.60, but cash hogs closed sharply lower on a big negotiated run. Boxed beef was higher.

Election: Democrats take Congress

AP projected Democrats would control both chambers. DTN counted seven Senate seats flipped by Wednesday morning, including Iowa, where Josh Turek won Joni Ernst’s open seat, and Kansas, where Adam Hamilton beat Senate Ag member Roger Marshall. Several House Agriculture Committee seats also flipped. Republicans hold their majorities until January, and the Senate returns Nov. 9. Sen. Chuck Grassley told Brownfield on Election Day that “there may be some sort of compromise” with Democrats on SNAP to pass a farm bill. Our full story: what the Democratic sweep means for the farm bill.

Crop insurance: harvest prices are set

The 2026 harvest prices are $4.75 for corn and $12.63 for soybeans, compared with projected prices of $4.62 and $11.09, farmdoc daily reported. With Revenue Protection, a higher harvest price raises the guarantee, so any claim depends on whether bushels fell short. See our guide to what the harvest prices mean for your claim.

In North Dakota, a federal indictment alleges two farmers collected about $619,000 in improper crop insurance payments, and prosecutors say combine yield data helped build the case, DTN reported. The charges have not been proven. Read what the case means for your farm’s precision data.

Agribusiness: ADM’s record crush

ADM’s third-quarter earnings beat Wall Street expectations, and the company raised its full-year adjusted profit outlook to $5.50 to $5.80 a share, Pro Farmer reported, citing Reuters. Its crushing unit made a record $311 million, compared with $13 million in the same quarter last year. ADM said farmers sped up sales of old-crop grain when prices jumped early this fall, and higher crude oil prices lifted demand for biofuel feedstocks.

Feral hogs and beef processing

USDA’s Natural Resources Conservation Service awarded nearly $52 million for feral swine eradication and control projects in 13 states under a pilot program, Brownfield reported. Missouri has three funded projects, the largest being $2.2 million for Ozark Highlands, while Arkansas has two at more than $1.49 million each.

In Texas, USDA Rural Development is providing a $24.6 million loan to help West Texas Beef Producers LLC build a beef plant in Dimmitt, DTN reported. The company was formed by 36 local cattle investors, and USDA expects the project to create 220 jobs.

Livestock: drought means more hay

Nearly half of Missouri is in moderate drought or worse, and some southern Missouri herds are already on hay, Brownfield reported. University of Missouri Extension specialists recommend testing hay for nutrients before building winter rations. MU’s Eric Bailey also warned about possible vitamin A shortfalls in cattle fed hay for five to six months. New hay equipment is coming too; see our look at three new windrower and baler options.

What to watch

• Today, Wednesday, Nov. 4: EIA weekly ethanol data; NASS Broiler Hatchery at 3 p.m. ET.
• Thursday, Nov. 5: USDA weekly export sales; NASS Dairy Products at 3 p.m. ET.
• Monday, Nov. 9: The Senate returns for the lame-duck session; NASS Crop Progress at 4 p.m. ET.
• Tuesday, Nov. 10, noon ET: WASDE and Crop Production.
• Friday, Nov. 13: CONAB’s next Brazil crop estimate.

Nothing here is trading advice. Find more in our Markets section.