NEWS

*Omaha-based Hansen-Mueller Co. has filed for Chapter 11 bankruptcy protection. The action follows reports from farmers in several states over the past few weeks that they have not been paid for grain deliveries to the company. According to the company’s filing in the U.S. Bankruptcy Court in Nebraska on Monday, the company reports an estimated 1,000 to 5,000 creditors and lists between $100 million and $500 million in both liabilities and assets. In addition, Hansen-Mueller filed a list of its 20 largest unsecured creditors.Sitting atop the list is Viterra Canada Inc. at about $4.7 million. That is followed by Cargill at $2.6 million; Agmark LLC in Beloit, Kansas, at $2.1 million; Comark in Enid, Oklahoma, at $1.3 million; ShawNuff in Monroe, Louisiana, $1.2 million; Alliance Ag and Grain in Spearville, Kansas, at about $1 million; and Chisholm Trail Terminal in Medford, Oklahoma, which is also owed around $1 million.

CORN

ANALYSIS

Corn closed the week $.04 1/2 lower. Last week, private exporters did not announce any export sales.

In the weekly export inspections report, U.S. corn export inspections, for the week ended Nov. 13, were 80.9 million bushels, up solidly from the previous week’s 58.4 million bushels (mb) and were a 2025-26 marketing year high through the first 11 weeks of the year. Over the last four weeks, corn inspections averaged 63.9 mb/week vs. last year’s 32.9 mb/week average during the same period, resulting in cumulative corn export inspections of 624 million bushels now reflecting a 73% increase from last year’s slow-starting 360 million bushels in mid-November. In order to reach the USDA’s just-raised 3.075 billion bushel export projection, corn inspections will need to average roughly 54.2 million bushels/week through the end of the marketing year vs. last year’s 55.4 mb/week average from this point forward.

In the weekly EIA report, U.S. ethanol production, for the week ended Nov. 14, rose to 1.091 million barrels/day from 1.075 mbpd and the overall U.S. ethanol production pace since the start of the 2025-26 U.S. corn marketing year has consistently run below the “needed” pace to reach the USDA’s 5.600 billion bushel corn for ethanol usage estimate. Over the last four weeks, ethanol production averaged 1.095 mbpd, 0.7% below last year’s 1.103 mbpd average during the same period and well below the roughly 1.125 mbpd average that will be needed through the end of next August to reach the USDA’s annual corn for ethanol production estimate. U.S. ethanol stocks last week rose modestly to 22.307 million barrels from 22.219 millon barrels the previous week, while reflecting stocks 11 million gallons (1.1%) below year-ago same-week stocks of 948 million gallons but still above the most-recent five-year average for the week of 902 million gallons.

The USDA reported corn harvest is 91% complete vs. 98% last year and 94% on average.

STRATEGY & OUTLOOK

An early harvest low has been achieved as the USDA has already issued what will likely be their largest yield estimate of the year.

SOYBEANS

ANALYSIS

Soybeans closed the week $.04 higher. Last week, private exporters announced sales totaling 58.2 mb of soybeans to China.

In the weekly export inspections report, U.S. soybean export inspections last week of 43.2 mb were little-changed from the previous week’s 41.3 mb while continuing to run sharply below last year’s shipment pace which saw 83.3 mb of soybeans exported this week. In the absence of an export program to China, soybean export inspections over the last four weeks averaged 40.8 mb/week vs. last year’s 87.9 mb/week average during the same period, with cumulative export inspections of 372 million bushels now reflecting a marketing year-high 43% deficit to last year’s 646 million bushels. In order to reach the USDA’s just-lowered 1.635 billion bushel U.S. soybean export projection, soybean inspections will need to average roughly 29.3 mb/week through the end of next August vs. last year’s 28.8 mb/week average from this point forward.

The NOPA crush report came in at 227.647 mb, well above estimates of 209.5 mb, last month’s 197.9 mb and last year’s 199.9 mb. It was a new record for any month and even exceeded the most optimistic pre-report estimates. Soybean oil stocks came in at 1.305 bp, above estimates of 1.257 bp, last month’s 1.243 bp and last year’s 1.069 bp.

The USDA announced U.S. soybean harvest is 95% complete vs. 98% last year and 96% on average.

STRATEGY & OUTLOOK

Producers should sell inventory and re-own with options.

WHEAT

ANALYSIS

For the week, Chicago wheat closed $.03 higher and Kansas City wheat closed $.01 1/4 lower. Last week, private exporters announced sales of 4.9 mb of white wheat to China.

In the weekly export inspections report, U.S. wheat export inspections last week of 9.1 mb were down slightly from the previous week’s 10.7 mb while being a marketing year low through the first 24 weeks of 2025-26. Over the last four weeks, wheat inspections averaged 10.6 mb/week vs. last year’s 9.8 mb/week average during the same period, with cumulative export inspections of 454 million bushels maintaining a 19% increase to last year’s 381 million. In order to reach the USDA’s 900 million bushel export projection, wheat inspections will need to average roughly 15.0 mb/week through the end of next May vs. last year’s 14.7 mbu/week average from this point forward.

The USDA reports U.S. winter wheat seedings are 92% done vs. 94% last year and 95% on average while winter wheat conditions are 45% g/e vs. 49% last year.

STRATEGY & OUTLOOK

Producers should have rolled hedges on stored wheat to March or May to capture the large carry.

LIVE & FEEDER CATTLE

ANALYSIS

Last week, live cattle closed $4.70 lower while feeder cattle closed $5.87 lower.

The November cattle on feed report should be considered bullish to the industry as it was highlighted by the tightest on feed supplies in seven years, the smallest monthly placements in over 30 years and marketings at a seven-year low. On feed came in at 97.8%, right in line with estimates and down from 98.4% last month. Placements fell to only 90% of last year, below estimates of 92.1% and well below last month’s 93.7%. Marketings were expected to be slow and they were near estimates at 92% vs. 92.4% estimated and 96.1% last month.

Last week, fed cattle cash trade was moderate in the North and light to moderate in the South. The majority of volume in the North traded at $216 to $218 live and $340 to $345 dressed, decreasing by $5 to $10 from last week’s prices. The South traded at $222 to $224 live, which is $4 to $6 lower than last week.

Last week, the number of boxed beef loads sold for export declined 32% from the prior week. At 459 loads, the total was 483 loads below the same week last year and the smallest weekly export sales volume of the year.

Oklahoma City auction on Monday saw feeder steers and heifers trade steady in a light test on 6,500 head vs. 6,113 head last week and 7,710 head last year.

Joplin, Missouri sales on Monday saw uneven sales compared to last week with feeder steers sold $10 lower to $10 higher while feeder heifers sold from steady to $5 lower on 8,498 head vs. 8,098 head last week and 9,100 head a year ago.

The latest USDA steer carcass weights were up 20 pounds from a year ago, moving to 980 pounds. This is 3 pounds lower than last week’s record high of 983 pounds.

STRATEGY & OUTLOOK

Tight supplies remain bullish to the market, however the technical trend has changed to lower trend, and fund selling is weighing on values. Hold hedges until cash sales are made.

LEAN HOGS

ANALYSIS

Lean hogs closed the week $.57 lower. Iowa/southern Minnesota weekly hog weights for the week ending Nov. 15 has weights at 292.5 pounds vs. 291.9 pounds last week and 287.4 pounds last year.

STRATEGY & OUTLOOK

A large discount to the cash markets should provide limited downside risk.