Daily Ag Business Briefing, Nov. 5, 2026: Soybeans slide with crude, lenders see thin margins, Deere to close Iowa plants

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

Markets close: crude drags soy lower, corn finds buyers

December corn gained 1¾ cents to settle at $4.44¼ after touching another four-month low early in the session, Pro Farmer reported. It credited short covering, bargain hunting and a weaker dollar. Brownfield said corn contracts are oversold and rain could slow harvest in parts of the Corn Belt.

Soybeans went the other way. January futures lost 11¾ cents to $12.02¼, and December soybean oil dropped 175 points to 63.53 cents, a six-month low, as crude oil sank late in the day, according to Pro Farmer. December meal edged up 60 cents to $318.60. Export demand kept showing up: Spain bought 167,000 tons of U.S. soybeans, bringing sales over four business days to 734,150 tons, Brownfield said. USDA’s weekly export sales report is due this morning.

December Chicago wheat slipped 1¼ cents to $5.98½ and Kansas City wheat fell 3½ cents to $6.32¾, both after four-month lows, Pro Farmer said. December cotton rose 107 points to 78.11 cents.

In livestock, December live cattle eased 15 cents to $218.00, a six-week low, and January feeders fell $2.65 to $325.725, according to Pro Farmer. Brownfield said cash bids surfaced at $218 live in Kansas, while Choice boxed beef dropped $2.73 to $362.50. December lean hogs lost $1.05 to $57.55, a contract low, as cash hogs closed sharply lower.

The Energy Information Administration said ethanol output averaged 1.143 million barrels a day last week, the second-highest weekly rate so far this year, Brownfield reported.

Energy: diesel futures slide

December WTI crude fell $7.97, or 8.29%, to $88.12 a barrel, its steepest one-day drop since April, DTN reported, as traders reacted to Democrats winning control of Congress. Diesel futures (ULSD) lost more than 32 cents to $4.2055 a gallon, a 12-week low. In Indiana, where AAA put average diesel at $6.72 a gallon, Gov. Mike Braun extended permission to run red dyed diesel on state highways and the state gas tax suspension through Dec. 4, Brownfield reported.

Farm finance: lenders see thin margins into 2027

The annual American Bankers Association and Farmer Mac survey found lenders expect 59% of borrowers to be profitable in 2026, up from 52% last year, but about half said government payments make up at least a quarter of borrowers’ net income. Working capital is the top worry again. Read our full story: what the 2026 ag lender survey means for your loan renewal.

Equipment: Deere to close two Iowa plants

Deere will move windrower and round-baler production from Ottumwa to Des Moines by the end of fiscal 2028 and then close the Ottumwa plant, and it will end manufacturing at the Hagie sprayer plant in Clarion by fiscal 2029. A Deere spokesperson told DTN about 300 positions would be affected at normal production levels. Details and buyer questions: Deere’s Iowa plant closures. Separately, Deere’s free JD AI assistant is set to open broadly in mid-November; see our checklist before you use it.

Agronomy: fall nitrogen on hold

Iowa State University says to wait for 4-inch soil temperatures of 50 degrees and falling. A DTN meteorologist said that may not happen until well into December in much of the Corn Belt this year. See what agronomists recommend. Year-end tax moves for inputs and equipment are in our 2026 farm tax planning guide.

Policy: lame-duck to-do list grows

Rep. Nikki Budzinski, D-Ill., a House Agriculture Committee member, told Brownfield she hopes the election pushes both parties to finish a bipartisan farm bill. She pointed to conservation cuts and SNAP changes as sticking points and warned that limited floor time, plus a spending deadline on Dec. 14, could revive talk of another one-year extension. Robbie Minnich of the National Cotton Council told Brownfield he hopes Congress advances farmer aid in the lame duck.

What to watch

• Today, Thursday, Nov. 5: USDA weekly export sales in the morning; NASS Dairy Products at 3 p.m. ET.
• Friday, Nov. 6: NASS Peanut Prices at 3 p.m. ET.
• Monday, Nov. 9: Congress returns for the lame-duck session; NASS Crop Progress at 4 p.m. ET.
• Tuesday, Nov. 10, noon ET: WASDE and Crop Production.
• Wednesday, Nov. 11: Veterans Day federal holiday.
• Friday, Nov. 13: CONAB’s next Brazil crop estimate.

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