AGSIST DAILY · ISSUE #198 — ARCHIVE
↔ Mixed WEEKEND EDITION
Saturday, September 26, 2026
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GRAINS CLIMB FRIDAY, CATTLE STALL BEFORE COF WEEK

THE ACTION

Nothing to do at $5.29 corn; a close back below $5.20 confirms Friday's bounce was just short-covering.

Corn closed Friday at $5.29, up 1.7% on the week's last session, and wheat gained 1.8% to $7.04 on nothing more than a bearish China trade story running out of sellers. Cattle held flat at $218.85 with a Cattle on Feed report still ahead.

Quotes as of 5:55 PM CT Fri · change vs Thu close · CME futures, delayed
THE NUMBER
$12
dollar gap between Brent and WTI crude
WTI trades $12 under Brent right now on Hormuz diplomacy easing and freight costs running up, a spread wide enough to matter for export basis.
DAILY QUOTE

“He who is outside the door has already a good part of his journey behind him.”

Dutch Proverb
Grains Bounce On Empty NewsMEDIUM CONVICTION
  • Corn, beans, and wheat all closed green Friday, corn up 1.7% to $5.29, wheat up 1.8% to $7.04, on a session a feedstuffs.com recap called flatly bearish for grains most of the day.
A bounce with no news behind it is fragile; Monday's open tells you if it.
Cattle Flat, Feeders Firm Ahead Of COFMEDIUM CONVICTION
  • Live cattle sat dead flat Friday at $218.85 while feeders added 0.9% to $335.00, a gap that's now the whole story in the complex.
  • The Cargill lockout, ongoing since May 19, still pulls roughly 6,000 head a day of processing capacity out of the system and keeps packers, not cattle numbers, the binding constraint.
Feeder strength against flat fed cattle says the market still expects tight supply, not relief.
THIS WEEK'S WATCH LIST
  • Monday 3:00 PM CTCrop Progress; harvest pace above the 5-year average keeps new-crop pressure on corn and beans.
  • FridayCattle on Feed; placements above expectations would explain feeder strength versus flat fed cattle.
  • Monday openCorn opens weak, confirming Friday's bounce lacked real buyers.
WEEK AHEAD IN AGWhat's brewing for next week.
TRADE
Santa Teresa Livestock Port Reopens To Trade
Another Mexican crossing point reopened Friday, a incremental step in the same screwworm-driven supply story the Aug 24 Douglas reopening started.
Written by Sigurd Lindquist, founder. Reply at sig@farmers1st.com — I read everything.
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Market closes as of Friday's CME/CBOT settlement; news from thefencepost.com, feedstuffs.com, oilprice.com, drovers.com, farmpolicynews.illinois.edu · Compiled 9:34 AM CT Sat
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