GCC Weekly Market Commentary > 2026 > November 2026 > Weekly Market Update 11-12-2026

Weekly Market Update 11/12/2026

Nov 12, 2026

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

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Market News

USDA REPORT: The November WASDE report delivered a bullish surprise for the grain markets, with lower-than-expected corn and soybean production and tighter ending stocks sparking a strong rally. Corn futures posted double-digit gains, while soybeans jumped 23 to more than 40 cents per bushel, helping support wheat. Corn production fell 141 million bushels to 15.893 billion bushels, with yield down to 179.6 BPA, pushing ending stocks to 1.758 billion bushels despite lower feed use and export expectations. Soybean production and yield saw a small increase, but stronger export demand tightened ending stocks to 300 million bushels, well below trade expectations. Wheat was largely unchanged domestically, with ending stocks ticking up to 743 million bushels, though global production rose because of larger crops in Argentina and Australia. At the same time, reduced export estimates for Russia and Ukraine highlighted ongoing Black Sea supply challenges. Overall, the report reinforced a tighter supply outlook for corn and soybeans, fueling the market's positive reaction in the short term; however, the rally fizzled at the close.

RUSSIA BAGGING THEIR GRAIN: Black Sea drone attacks and disruptions to shipping routes have reduced Russian grain exports by about a third since early July, leaving up to 20 million tons of excess grain needing storage. Farmers are increasingly considering moving to silo bags, a technology developed in Argentina, as an inexpensive alternative to conventional silos. Each bag can hold up to 200 tons, and roughly 10 million tons—about 7% of Russia’s annual harvest—is already stored this way. High interest rates, damaged storage facilities, and the cost of transporting grain to distant silos are driving adoption. The bags provide storage directly in fields but require constant monitoring to prevent damage from mice and birds. Weather conditions, etc. Properly maintained bags can preserve grain quality with fewer losses, although their storage period is shorter, at up to 18 months compared to traditional silos with a longer shelf life.

CROP PROGRESS: U.S. corn and soybean harvests fell slightly short of expectations, reaching 81% and 92% complete, respectively. Corn delays are especially pronounced in Iowa and South Dakota. Slower harvesting, lower prices, meh. Winter wheat ratings rose 5 percentage points to 49% good/excellent, beating expectations and reaching a six-year seasonal high. Oklahoma led the improvement, while planting there remained 9 points behind its five-year average at 77% complete. National planting reached 89%, narrowing historical gaps, with drier weather expected to support further progress. Since the year 2000. Winter wheat crop insurance prices are at four-year highs, corn/soybean prices are tanking through the fall, and major improvements to soil moisture profiles are driving incentives for heavier U.S. winter wheat planting.

EXPORT INSPECTIONS: Export inspections were on the low side of expectations for both corn and soybeans this week, at 35.6 and 69.7 million bushels, respectively, though the latter remained up sharply from the comparable week last year, and cumulative inspections for both crops remain safely ahead of the USDA target on a seasonal basis (particularly in soybeans). Nothing to report for milo; however, the wheat complex hit in-between estimates at 9.1 million bushels shipped.

WEATHER: Expect sunny skies today, with a high near 68°F, before cooling into the mid-50s on Friday and the weekend. Saturday and Sunday bring partly cloudy, breezy conditions with a slight chance of light rain showers, followed by dry, breezy weather and highs in the low 60s from Monday through Wednesday. Overnight lows throughout the week will generally dip into the mid-30s to mid-40s.