Crude drops 4.6% to $99.38; cattle futures fell Friday
Published
Crude fell 4.6% to $99.38 on hopes for a US-Iran peace deal, which lets the harvest diesel bill ease for now. Cattle already gave back 2.4% Friday, so a feeder buyer is paying less than a week ago.
Only on AGSIST
On Friday, Oct 30, 1,677 of the 1,778 elevators AGSIST reads posted a lower cash corn bid than Thursday, 84 a higher one; 160 changed their basis, 39 weaker and 121 stronger.
17 unchanged; median change 3¢ lower. Biggest state move: Iowa, 3¢ lower (392 elevators).
On Friday, Oct 30, 1,164 of the 1,538 elevators AGSIST reads posted a lower cash soybean bid than Thursday, 292 a higher one; 415 changed their basis, 350 weaker and 65 stronger.
82 unchanged; median change 1¢ lower. Biggest state move: Nebraska, 3¢ lower (184 elevators).
Corn basis on Nov 2 ran from 55¢ over December futures in Texas to 90¢ under in North Dakota, state medians of the elevators AGSIST read at 4:16 a.m. CT.
Elevators behind each median: Texas 17, North Dakota 47. 14 states with 15 or more.
Counted by code from the elevator boards AGSIST reads itself, not by the writer of this briefing. A day's change is each board's last posted bid against its own on the trading day before, same delivery period. Quote it with the date and a link to agsist.com/daily/2026-11-02. How this briefing is made · Monthly: AGSIST Cash Bid Index
- WTI is at $99.38 overnight, down 4.6%, after reports of Iran-Qatar mediation talks over the weekend.
- Oilprice.com noted a fall in oil last month on Hormuz news did not last, so this dip may not either.
- December live cattle settled Friday at $220.95, down 2.4%, and November feeders fell 2.5% to $337.775.
- AgWeb asked whether the drop is more than a healthy correction. Livestock has no overnight session, so the next test is today's open.
- December corn is at $4.50½ overnight, up 2¾ cents from Friday's $4.47¾ settle.
- November soybeans are at $12.21½, down ¾ cent. Gulke called the grain market a free fall last week.
- Today 3:00 p.m. CTUSDA Crop Progress. Harvest pace shows how much corn and beans are still in the field.
- OngoingWTI back above $104 would mean the Iran peace dip is already fading.
- Thursday, Nov 5, 7:30 a.m. CTExport sales. Soybean sales to China matter most given the slow-buying story.