Agricultural and energy markets closed the week with mixed signals for producers. Corn prices faced renewed selling pressure after the U.S. Department of Agriculture (USDA) raised its production outlook. December 2026 corn futures settled near $4.80 per bushel, down 20½ cents for the session and 18 cents for the week. The USDA increased its projected national corn yield to 181.2 bushels per acre, up from 178.5 bushels in September, and raised projected production to 16.034 billion bushels. This led to a drop in the projected season-average farm price to $4.70 per bushel.
Soybeans showed greater resilience, with November futures finishing near $12.92 per bushel, gaining 4½ cents for the day and 13¾ cents for the week. The USDA also increased its projected soybean yield to 53.1 bushels per acre, with production projected at 4.562 billion bushels. However, export demand will be crucial in absorbing the larger crop, as weekly export sales declined 47% from the previous week.
Wheat futures declined as domestic inventories increased. December Chicago wheat futures settled near $6.71 per bushel, down 12¼ cents, while December Kansas City hard red winter wheat futures closed near $7.19¼ per bushel, falling 17 cents. The USDA increased projected U.S. wheat ending stocks for the 2026-27 marketing year to 740 million bushels but reduced its export projection by 25 million bushels. Despite this, wheat export sales rose 56% for the week.
Cattle futures strengthened on continued supply concerns, with December 2026 live cattle futures finishing near $227 per hundredweight, gaining $3.50 for the day and $5.57 for the week. November feeder cattle futures also advanced strongly. Meanwhile, crude oil prices moved higher amid energy supply disruptions and geopolitical uncertainty, with West Texas Intermediate settling near $91.85 per barrel and Brent crude finishing near $104.72.