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Closing Report · Wed Oct 28

Here's what pushed the markets today.

What matters today

  • Wheat lower: Wheat Market Softens as Black Sea Risk Premium Deflates on Security Talks
  • Cheese higher: Expanding dairy herd drives stronger US milk output as markets diverge
  • Coming today: EIA spot prices update (crude, diesel, natural gas), 4:00pm CT

Futures prices are off while we set up a licensed price feed. CME Group shows free delayed quotes on its own site. CME Group quotes. Futures settlements are the official closing prices as printed by USDA (Market News reports for grains and cattle; the Risk Management Agency for dairy).

Grains
Corn
4.48¾ /bu  Tue close: ▼ 6¼¢ (-1.37%)
Dec Corn · official close Tue Oct 27
 
Soybeans
12.29¼ /bu  Tue close: ▼ 12¢ (-0.97%)
Nov Beans · official close Tue Oct 27
 
Wheat
6.10¼ /bu  Tue close: ▼ 5¾¢ (-0.93%)
Dec Wheat · official close Tue Oct 27
In the news that day: Wheat Market Softens as Black Sea Risk Premium Deflates on Security Talks.
 
KC Wheat
6.50½ /bu  Tue close: ▼ 8½¢ (-1.29%)
Dec KC Wheat · official close Tue Oct 27
 
Livestock
Live Cattle
230.85 /cwt  Tue close: ▼ $0.35 (-0.15%)
Dec Cattle · official close Tue Oct 27
Cash: fed steers (live): $227.08/cwt (Oct 26), up $2.89 from last week, $10.81 below a year ago, $49.04 above the 5-year average.
Futures-based (USDA LRP, Oct 27): Feb $233.60 (+$0.47 wk), Apr $241.95 (+$1.35 wk), Jun $238.38 (+$1.41 wk), Aug $232.91 (+$1.63 wk).
 
Feeder Cattle
350.025 /cwt  Tue close: ▲ $1.475 (+0.42%)
Nov Feeders · official close Tue Oct 27
Cash: Feeder steers, 700-800 lb (Oklahoma City): $362.64/cwt (Oct 26), up $9.33 from last week, $36.07 above a year ago.
Futures-based (USDA LRP, Oct 27): Jan $347.10 (+$4.42 wk), Mar $343.33 (+$4.48 wk), Apr $342.10 (+$4.36 wk), May $339.86 (+$3.96 wk).
 
Lean Hogs
$65.15 /cwt carcass  Wed cash ▼ $1.12
USDA cash hogs · Oct 28
Futures-based (USDA LRP, Oct 27): Feb $65.90 (-$3.59 wk), Apr $72.83 (-$2.19 wk), May $79.26 (-$1.59 wk).
 
Dairy
Class III Milk
16.65 /cwt  Tue close: ▲ $0.15 (+0.91%)
Jan Class III · official close Tue Oct 27
USDA: Class III milk price (announced): $16.04/cwt (September 2026), down $0.60 from the month before, $1.55 below a year ago, $3.09 below the 5-year average.
 
Class IV Milk
19.07 /cwt  Tue close: ▲ $0.05 (+0.26%)
Jan Class IV · official close Tue Oct 27
USDA: Class IV milk price (announced): $18.94/cwt (September 2026), up $1.58 from the month before, $2.77 above a year ago, $0.77 below the 5-year average.
 
Cheese
1.550 /lb  Tue close: ▲ $0.006 (+0.39%)
Jan Cheese · official close Tue Oct 27
Cash: Cheese, 40-lb blocks (CME spot): $1.7450/lb (Oct 28), up 0.5¢ from Tuesday.
In the news that day: Expanding dairy herd drives stronger US milk output as markets diverge.
 
Butter
142.80¢ /lb  Tue close: ▲ 0.8¢ (+0.56%)
Jan Butter · official close Tue Oct 27
Cash: Butter, Grade AA (CME spot): $1.2850/lb (Oct 28), down 2.5¢ from Tuesday.
 
Energy
Crude Oil
$103.37 /bbl  Tue spot ▼ $1.88
EIA spot · Oct 27
In the news that day: Oil Futures Rise on Concerns of Escalation Post U.S. Midterms.
 
Heating Oil
$4.687 /gal  Tue spot ▼ $0.146
EIA spot · Oct 27
In the news that day: Diesel Prices Surge on Tightening Global Supply.
 
Natural Gas
$2.76 /MMBtu  Tue spot ▲ $0.24
EIA spot · Oct 27
In the news that day: Warm Weather Caps Rally as November Futures Expire.
 
Metals
Gold
$4,319.00 /troy oz  vs month before ▼ $92.00
World Bank monthly avg · September 2026
In the news that day: Gold, silver prices slip ahead of US Fed decision, Israel election results.
 
Silver
$64.60 /troy oz  vs month before ▼ $0.80
World Bank monthly avg · September 2026
In the news that day: Gold, silver prices slip ahead of US Fed decision, Israel election results.
 
Copper
$14,474 /metric ton  vs month before ▲ $148
World Bank monthly avg · September 2026
 

The Fed today

  • Fed decision: rates held at 3.75-4.00%. Rate decisions move the dollar, borrowing costs on operating loans and land, and fund money in commodities.

Inflation, jobs, rates and the dollar

CME spot dairy today

  • Cheese, 40-lb blocks (CME spot): $1.7450/lb (Oct 28), up 0.5¢ from Tuesday.
  • Cheese, 500-lb barrels (CME spot): $1.7250/lb (Oct 28), up 0.5¢ from Tuesday.
  • Butter, Grade AA (CME spot): $1.2850/lb (Oct 28), down 2.5¢ from Tuesday.
  • Nonfat dry milk, Grade A (CME spot): $2.0400/lb (Oct 28), down 2¢ from Tuesday.
  • Dry whey, extra grade (CME spot): $0.8100/lb (Oct 28), down 3.25¢ from Tuesday.

CME Group spot trading, as published by USDA Dairy Market News. Dairy futures by month and cash prices

USDA: prices farmers received, August 2026

  • Corn: U.S. average 4.45/bu, +0.19 from the month before, +0.49 from a year ago (3.96)
  • Soybeans: U.S. average 12.10/bu, +0.50 from the month before, +2.10 from a year ago (10.00)
  • All wheat: U.S. average 6.23/bu, +0.17 from the month before, +1.39 from a year ago (4.84)

Every state · Source: USDA NASS Agricultural Prices

On deck

  • Today: EIA spot prices update (crude, diesel, natural gas), 4:00pm CT
  • Thu: GDP, 7:30am CT
  • Thu: Personal income and spending (PCE inflation), 7:30am CT
  • Thu: U.S. Drought Monitor, 7:30am CT
  • Thu: USDA weekly Export Sales, 7:30am CT
  • Thu: EIA natural gas storage, 9:30am CT
  • Thu: USDA grain transportation data (barge, rail, ocean), 12:00pm CT

Informational only — not investment, trading or financial advice.

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