GCC Weekly Market Commentary > 2026 > November 2026 > Weekly Market Update 11-5-2026

Weekly Market Update 11/5/2026

Nov 05, 2026

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

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Market News

ENERGY MARKET UPDATE: Crude oil is rebounding after recent losses as tensions in the Middle East remain elevated. Reports of additional attacks on vessels in the Strait of Hormuz have renewed concerns over shipping disruptions and global oil supplies. WTI crude is trading above $90 per barrel, while Brent is nearing $98. Although some investors believe recent U.S. election results could eventually ease geopolitical tensions, ongoing risks in the region continue to support oil prices and keep uncertainty in the energy market elevated.

TARIFF AGREEMENT IS KEY TO CHINA DEMAND FOR U.S. FARM GOODS: China continues to signal that they are willing to buy more U.S. agricultural products, but progress remains on reciprocal tariff reductions between the two countries. Discussions have included a large tariff-cut package and increased purchases of U.S. farm goods, though no final agreement has been reached. While soybean demand has remained relatively strong, purchases of other commodities such as corn and meat have fallen well below expectations and are currently at their lowest levels since 2019. Uncertainty also remains around when proposed purchase commitments would officially begin, leaving questions about whether import volumes will increase enough to hit targets. Market participants continue to view lower tariffs as a necessary step to encourage larger-scale buying, and an upcoming agricultural working group meeting could provide further clarity on trade relations and future demand for U.S. farm products.

EXPORT SALES: U.S. soybean export sales came in at 53.5 million bushels, slowing from recent weeks but still supported by strong Chinese demand. Overall soybean sales remain impressive, running 76% ahead of last year and at the strongest pace in four years. Weekly wheat sales totaled 19.8 million bushels, down from the previous week's high but continuing to show improvement. Even so, overall wheat export sales remain 28% behind last year's pace. Corn sales were steady at 51.0 million bushels, matching trade expectations. While demand has been improving, cumulative sales are still 33% below last year's record pace, leaving the market focused on whether lower prices can attract additional export business in the months ahead.

EXPORT INSPECTIONS: Current week corn export inspections totaled 34.8 million bushels, up 9.7 million bushels from the week prior. Soybean export inspections for the week were reported at 89.8 million bushels – 50.6 million bushels above the running 10-week average and in-line with trade estimates. Current week wheat export inspections totaled 2.8 million bushels – falling 2.7 million bushels below trade estimates and 10.2 million bushels below the running 10-week average. No milo export inspections were reported this week.

CROP PROGRESS: Harvest continues across the country despite on and off disruptions from plentiful rains. Kansas corn harvest is estimated to be 86% completed, which is finally catching up to the five year average at this time. The country as a whole is just behind the five year average at 74% of the corn crop harvested. Soybean harvest in the state is dragging a bit behind at 72% completed vs. 88% harvested across the US. Milo harvest is still lagging significantly. In Kansas, just 49% of the crop has been harvested, while the five year average is 70% complete during this week. Across the country, milo is dragging behind at only 68% completed, also behind the 5 year national average of 78%. Winter wheat planting is proceeding in-line with averages at 86% in Kansas and 83% in the US. Kansas winter wheat is estimated to be 66% emerged with 47% being rated good to excellent.

WEATHER: Clearing clouds today with a high of 55°F before cooling to 32°F overnight. Friday closes out the work week partly sunny with a high of 57°F with decreasing clouds overnight with lows near 35°F. Temperatures return to the 60s on Saturday with a high of 62°F while continuing into the upper 60s through Veteran’s Day (Wednesday) next week. Overnight lows look to hover near 40°F.