Here's what's moving the markets so far today.

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).

U.S. Drought Monitor (out this morning)

49% of the lower 48 is in drought, down from 51% last week and 44% a year ago. Corn Belt in drought: IA 0%, IL 29%, NE 35%, MN 63%, IN 16%. Most in drought among farm states: OK 87%, TX 68%, MN 63%.

By state, and the forecast for your ZIP

USDA cash cattle and hog prices

• Choice boxed beef cutout: $369.00/cwt (Oct 28), down $3.22 from the last report, $12.38 below a year ago, $58.01 above the 5-year average.
• Select boxed beef cutout: $355.25/cwt (Oct 28), down $3.60 from the last report, $6.54 below a year ago, $69.14 above the 5-year average.
• Cash hogs (negotiated, carcass): $65.15/cwt (Oct 28), down $1.12 from the last report, $24.81 below a year ago, $15.02 below the 5-year average.
• Pork cutout: $72.45/cwt (Oct 28), down $0.64 from the last report, $27.79 below a year ago, $24.55 below the 5-year average.
• Choice-Select spread: $13.75.

Cash prices vs a year ago and the 5-year average

Livestock price insurance (USDA LRP, prices for Oct 28)

• Feeder steers 600-1,000 lb, ending Jan 27: 95% coverage at $325.00/cwt costs you about $4.07/cwt after the USDA subsidy (up $0.42 from last week; coverage price up $7.68 from a year ago).
• Fed cattle, ending Jan 27: 95% coverage at $219.03/cwt costs you about $2.73/cwt after the USDA subsidy (up $0.48 from last week; coverage price down $0.32 from a year ago).
• Hogs, ending Jan 27: 95% coverage at $59.55/cwt costs you about $1.53/cwt after the USDA subsidy (up $0.09 from last week; coverage price down $18.28 from a year ago).
• USDA confirmed more U.S. screwworm cases. U.S. screwworm cases (USDA APHIS): 40 animal cases confirmed since July 2026, 19 of them confirmed in October; 18 active now.

LRP calculator and screwworm border status

USDA export sales (week ending Oct 22)

• Corn: Week ending Oct 22: net sales 1.30 million tons (51.3 million bu), down from 1.53 million tons (60.1 million bu) the week before; 552,900 tons (21.8 million bu) shipped. Sold so far for 2026/27: 23.50 million tons (925.0 million bu) (-34% vs this point last year, -5% vs the 5-year average).
• Soybeans: Week ending Oct 22: net sales 2.58 million tons (94.7 million bu), down from 2.84 million tons (104.4 million bu) the week before; 2.38 million tons (87.6 million bu) shipped. Sold so far for 2026/27: 28.78 million tons (1,057.4 million bu) (+80% vs this point last year, +14% vs the 5-year average).
• Wheat (all classes): Week ending Oct 22: net sales 871,770 tons (32.0 million bu), up from 239,627 tons (8.8 million bu) the week before; 265,992 tons (9.8 million bu) shipped. Sold so far for 2026/27: 11.52 million tons (423.2 million bu) (-29% vs this point last year, -12% vs the 5-year average).
• Sorghum: Week ending Oct 22: net sales 2,120 tons (83 thousand bu), up from 1,981 tons (78 thousand bu) the week before; 2,164 tons (85 thousand bu) shipped. Sold so far for 2026/27: 52,151 tons (2.1 million bu) (-92% vs this point last year, -96% vs the 5-year average).
• Soybean meal: Week ending Oct 22: net sales 347,478 tons, up from 242,168 tons the week before; 410,613 tons shipped. Sold so far for 2026/27: 6.06 million tons (-4% vs this point last year, +16% vs the 5-year average).
• Soybean oil: Week ending Oct 22: net sales 11,591 tons, up from 916 tons the week before; 1,970 tons shipped. Sold so far for 2026/27: 36,443 tons (-77% vs this point last year, -61% vs the 5-year average).
• Beef: Week ending Oct 22: net sales 11,271 tons, down from 19,844 tons the week before; 12,899 tons shipped. Sold so far for 2026: 655,330 tons (-3% vs this point last year, -21% vs the 5-year average).
• Pork: Week ending Oct 22: net sales 42,351 tons, up from 37,993 tons the week before; 37,637 tons shipped. Sold so far for 2026: 1.64 million tons (+13% vs this point last year, +6% vs the 5-year average).

All export sales and the biggest buyers

China soybean buying (USDA export sales, week ending Oct 22)

• China has bought 20.9 million tons of U.S. soybeans so far in 2026, 84% of the 25 million tons it pledged for the year (4.1 million tons to go with 10 weeks left).
• That compares with 3.7 million tons by this time last year and 15.8 million tons on average the last 5 years.
• Week ending Oct 22: net sales of 1,627 thousand tons, 1,657 thousand tons shipped.
• 2026/27 crop sold to China so far: 15.1 million tons vs 5.4 million tons at this point last year.

China purchases vs the 25 million ton pledge

On deck

• Today: USDA grain transportation data (barge, rail, ocean), 12:00pm CT

Informational only — not investment, trading or financial advice.