US Crop Conditions & Market Positioning
USDA NASS · US Drought Monitor · CFTC Disaggregated Commitments of Traders
Week of October 30, 2026 Corn · Soybeans · Winter Wheat
Full report: conditions, progress, drought & COT
Grain Outlook | US — October 30, 2026 Data through: COT: Oct 30, 2026 · USDA: Oct 30, 2026 Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/grain_outlook_19479848.html PRICE AGAINST 15 YEARS: Corn 447.50¢/bu 58th percentile over 15 yrs normal Soybeans 1,234.00¢/bu 62nd percentile over 15 yrs normal Chicago SRW Wheat 603.25¢/bu 60th percentile over 15 yrs normal KC HRW Wheat 643.50¢/bu 63rd percentile over 15 yrs normal FUNDS NET (MANAGED MONEY) AGAINST 15 YEARS: Corn +55,943 cts 52nd percentile over 15 yrs normal Soybeans +185,400 cts 89th percentile over 15 yrs normal Chicago SRW Wheat -74,859 cts 23rd percentile over 15 yrs normal KC HRW Wheat -1,865 cts 39th percentile over 15 yrs normal EX-CHINA STOCKS-TO-USE: Corn 9.6% 5th-highest crop year in 8 yrs normal Soybeans 16.1% lowest crop year in 8 yrs unusual low Wheat 17.7% 5th-highest crop year in 8 yrs normal
Grain Outlook | US — Weekly
Price and fund positioning against 15 years of weekly readings · Crop conditions rated as % Good + Excellent (national) · Drought coverage by key belt states
At a Glance
Every market and link against its own history · price and positioning over 15 years, ex-China stocks-to-use over the crop years WASDE holds · conditions and drought are context
MarketPricePositioningEx-China stocks-to-useConditionsBelt drought
Corn447.50¢58th over 15 yrsnormal+55,94352nd over 15 yrsnormal9.6%5th-highest crop year in 8 yrsnormal56% G/Econtext16% D2+context
Soybeans1,234.00¢62nd over 15 yrsnormal+185,40089th over 15 yrsnormal16.1%lowest crop year in 8 yrsunusual low57% G/Econtext20% D2+context
Chicago SRW Wheat603.25¢60th over 15 yrsnormal-74,85923rd over 15 yrsnormal17.7%5th-highest crop year in 8 yrsnormal—11% D2+context
KC HRW Wheat643.50¢63rd over 15 yrsnormal-1,86539th over 15 yrsnormal17.7%5th-highest crop year in 8 yrsnormal—27% D2+context
Corn
USDA NASS · US Drought Monitor · CFTC Disaggregated COT · Full in-season report
Corn Price
447.50¢
58th over 15 yrs · +4% on the year
normal
Corn Positioning
+55,943
funds net long · 52nd over 15 yrs
normal
Corn Conditions
56%
% Good + Excellent · 2026-10-25
Corn Stress
18% Moderate
% Very Poor + Poor · 2026-10-25
Corn Belt Drought
16.1%
D2+ Severe drought coverage · 2026-10-27

Price — Corn

This weekCorn settled at 447.50¢/bu, the 58th percentile over 15 yrs, +4% on the year. normal

Corn — Front-Month Price, Weekly, latest 53 readings (10th pct 351.75, 90th pct 677.50)
Date¢/bu
2025-10-31431.50
2025-11-07427.25
2025-11-14430.25
2025-11-21425.50
2025-11-28435.50
2025-12-05436.75
2025-12-12431.50
2025-12-19443.75
2025-12-26450.00
2026-01-02437.50
2026-01-09445.75
2026-01-16424.75
2026-01-23430.50
2026-01-30428.25
2026-02-06430.25
2026-02-13431.75
2026-02-20427.50
2026-02-27438.75
2026-03-06447.00
2026-03-13452.50
2026-03-20465.50
2026-03-27462.00
2026-04-03452.25
2026-04-10441.00
2026-04-17448.75
2026-04-24455.00
2026-05-01468.25
2026-05-08456.25
2026-05-15455.75
2026-05-22463.25
2026-05-29446.75
2026-06-05417.50
2026-06-12412.75
2026-06-19417.50
2026-06-26412.75
2026-07-03425.00
2026-07-10438.00
2026-07-17444.75
2026-07-24464.25
2026-07-31440.75
2026-08-07439.00
2026-08-14459.00
2026-08-21483.75
2026-08-28512.00
2026-09-04512.00
2026-09-11510.25
2026-09-18527.50
2026-09-25528.25
2026-10-02497.75
2026-10-09479.75
2026-10-16474.25
2026-10-23456.00
2026-10-30447.50

Positioning — Corn

This weekFunds are net long 55,943 contracts, the 52nd percentile over 15 yrs, from +168,399 thirteen weeks ago. Open interest: the 95th percentile over 15 yrs (unusual high). normal

Corn — Funds' Net Position, latest 53 readings (10th pct -181,185, 90th pct 282,849)
DateNet (contracts)
2025-10-28-89,506
2025-11-04-71,516
2025-11-10-39,523
2025-11-1838,127
2025-11-25-10,872
2025-12-0223,270
2025-12-099,718
2025-12-16-52,672
2025-12-232,759
2025-12-30-23,584
2026-01-06-16,426
2026-01-13-81,774
2026-01-20-81,324
2026-01-27-72,050
2026-02-03-68,786
2026-02-10-48,210
2026-02-17-27,415
2026-02-24-13,867
2026-03-0352,974
2026-03-10193,271
2026-03-17228,804
2026-03-24284,548
2026-03-31267,974
2026-04-07218,632
2026-04-14159,483
2026-04-21184,406
2026-04-28264,103
2026-05-05343,925
2026-05-12299,483
2026-05-19293,354
2026-05-26205,504
2026-06-02115,082
2026-06-09-5,325
2026-06-16-46,427
2026-06-23-69,691
2026-06-30-46,209
2026-07-0712,659
2026-07-1443,391
2026-07-2192,909
2026-07-28168,399
2026-08-04181,946
2026-08-11166,770
2026-08-18250,505
2026-08-25376,513
2026-09-01431,062
2026-09-08425,171
2026-09-15426,842
2026-09-22414,437
2026-09-29377,850
2026-10-06317,359
2026-10-13230,877
2026-10-20146,257
2026-10-2755,943

How to read it. Funds are managed money (hedge funds and CTAs). The shaded band is the middle 80% of weekly readings over 15 years; outside it, the position is unusual for this market. Heavy fund length leaves fewer new buyers, and it has to be unwound one day.

Full positioning: commercials, gross longs and shorts, open interest →

Crop Stress & Abandonment Risk

% Very Poor + Poor from USDA NASS weekly Crop Progress. Values above 40% (dashed line) correlate with elevated abandonment risk for winter wheat and replant / yield-drag pressure for corn and soybeans. Current year shown in red; prior years muted.

Crop Condition Read · USDA survey

97% silked, near the 5-year pace — conditions 56% Good+Excellent, 0.7pt above a normal year at this week.

Through the Window
97%
silked · +1.2pt vs 5-yr pace · 2026-08-16
Condition Now
56%
% Good+Excellent · 3-wk +0pt · 2026-10-25
vs Normal Year
+0.7pt
vs 5-yr avg (55.3%) at this week
Belt states, worst-to-best vs their own 5-year normal at this week (% Good+Excellent, then anomaly). Where the good and bad conditions actually sit.
ND31%-19ptNE41%-15.5ptIL60%-6.3ptWI60%-5.5ptSD39%-4.2ptIN64%+0ptOH72%+7.8ptIA73%+13.3ptMN64%+14.5ptMO66%+16.7pt

Crop Conditions & Progress

USDA NASS weekly crop condition ratings. % Good + Excellent is the headline figure watched by traders. Values above 60% (green) signal favorable conditions; below 40% (red) indicates significant crop stress.

USDA NASS weekly planting progress (% of intended acres planted). Pace relative to prior years signals planting delays or acceleration.

Belt Drought Monitor

Average drought coverage across Corn Belt states (IA, IL, IN, MN, NE, OH, SD, WI, ND, MO). D2+ (Severe/Extreme/Exceptional) coverage ≥ 30% of the belt is historically significant for yield.

Corn Belt drought monitor coverage by week
DateD0+ (%)D2+ (%)D3+ (%)D4 (%)
2025-11-0458.49.71.70.0
2025-11-1156.99.31.70.0
2025-11-1862.111.01.90.0
2025-11-2560.39.21.90.0
2025-12-0259.97.61.80.0
2025-12-0960.47.71.80.0
2025-12-1660.07.61.80.0
2025-12-2361.07.71.80.0
2025-12-3062.36.51.80.0
2026-01-0665.19.72.30.0
2026-01-1357.39.42.30.0
2026-01-2058.59.92.40.0
2026-01-2759.29.92.40.0
2026-02-0359.510.02.40.0
2026-02-1062.612.62.60.0
2026-02-1763.313.23.70.0
2026-02-2464.614.23.80.0
2026-03-0371.315.84.40.0
2026-03-1063.912.73.10.0
2026-03-1755.413.93.10.0
2026-03-2455.114.83.10.0
2026-03-3155.216.05.30.0
2026-04-0744.013.44.50.0
2026-04-1438.413.26.00.0
2026-04-2130.913.27.30.0
2026-04-2826.112.67.10.2
2026-05-0526.412.67.40.4
2026-05-1231.613.08.21.0
2026-05-1935.012.87.90.9
2026-05-2642.612.97.40.8
2026-06-0255.011.76.60.9
2026-06-0952.511.96.30.6
2026-06-1647.012.06.30.7
2026-06-2344.611.85.70.7
2026-06-3039.89.63.20.4
2026-07-0740.09.23.00.4
2026-07-1441.79.32.80.3
2026-07-2146.010.13.00.3
2026-07-2855.514.33.10.3
2026-08-0457.416.02.70.3
2026-08-1156.618.73.50.3
2026-08-1852.819.03.90.2
2026-08-2553.322.24.90.2
2026-09-0154.522.15.10.2
2026-09-0859.921.35.50.1
2026-09-1558.120.95.80.1
2026-09-2252.619.45.40.4
2026-09-2947.815.85.00.4
2026-10-0646.915.75.20.5
2026-10-1349.116.45.40.7
2026-10-2052.716.05.30.7
2026-10-2756.116.15.30.9

D2+ (Severe + Extreme + Exceptional) drought coverage by week of year. Overlapping years allow comparison of current drought intensity vs. historical patterns.

Corn Belt D2+ drought coverage by week
Date2026 (%)2025 (%)2024 (%)
Jan 019.713.018.3
Jan 089.413.017.6
Jan 159.913.012.8
Jan 229.911.912.1
Jan 2910.012.510.4
Feb 0512.612.710.3
Feb 1213.212.710.3
Feb 1914.212.510.5
Feb 2615.912.910.5
Mar 0512.712.711.2
Mar 1213.912.511.0
Mar 1914.814.410.9
Mar 2616.013.86.6
Apr 0213.410.16.5
Apr 0913.210.36.7
Apr 1613.210.66.0
Apr 2312.66.85.8
Apr 3012.67.54.6
May 0713.09.72.2
May 1412.87.51.9
May 2112.96.10.0
May 2811.74.30.0
Jun 0411.93.10.0
Jun 1112.02.60.0
Jun 1811.82.50.0
Jun 259.61.80.0
Jul 029.21.70.0
Jul 099.31.20.0
Jul 1610.11.00.9
Jul 2314.30.81.4
Jul 3016.00.42.1
Aug 0618.70.32.9
Aug 1319.00.33.0
Aug 2022.20.34.0
Aug 2722.10.24.5
Sep 0321.32.55.5
Sep 1021.07.17.2
Sep 1719.47.910.9
Sep 2415.88.210.9
Oct 0115.710.98.9
Oct 0816.412.316.3
Oct 1516.08.523.9
Oct 2216.110.229.7
Soybeans
USDA NASS · US Drought Monitor · CFTC Disaggregated COT · Full in-season report
Soybeans Price
1,234.00¢
62nd over 15 yrs · +13% on the year
normal
Soybeans Positioning
+185,400
funds net long · 89th over 15 yrs
normal
Soybeans Conditions
57%
% Good + Excellent · 2026-10-11
Soybeans Stress
14% Low
% Very Poor + Poor · 2026-10-11 -2pp vs 5yr avg
Soybeans Belt Drought
20.0%
D2+ Severe drought coverage · 2026-10-27

Price — Soybeans

This weekSoybeans settled at 1,234.00¢/bu, the 62nd percentile over 15 yrs, +13% on the year. normal

Soybeans — Front-Month Price, Weekly, latest 53 readings (10th pct 883.25, 90th pct 1,500.50)
Date¢/bu
2025-10-311,099.75
2025-11-071,101.75
2025-11-141,112.75
2025-11-211,125.00
2025-11-281,137.75
2025-12-051,105.25
2025-12-121,076.75
2025-12-191,049.25
2025-12-261,058.75
2026-01-021,029.50
2026-01-091,048.50
2026-01-161,057.75
2026-01-231,067.75
2026-01-301,064.25
2026-02-061,115.25
2026-02-131,133.00
2026-02-201,137.50
2026-02-271,157.25
2026-03-061,185.00
2026-03-131,211.00
2026-03-201,161.25
2026-03-271,159.25
2026-04-031,163.50
2026-04-101,175.75
2026-04-171,167.25
2026-04-241,163.75
2026-05-011,187.75
2026-05-081,194.25
2026-05-151,177.00
2026-05-221,196.50
2026-05-291,186.75
2026-06-051,121.50
2026-06-121,113.50
2026-06-191,122.75
2026-06-261,126.25
2026-07-031,131.75
2026-07-101,196.50
2026-07-171,204.50
2026-07-241,248.00
2026-07-311,172.00
2026-08-071,156.50
2026-08-141,173.75
2026-08-211,225.00
2026-08-281,276.25
2026-09-041,293.75
2026-09-111,280.25
2026-09-181,303.50
2026-09-251,319.00
2026-10-021,278.25
2026-10-091,292.00
2026-10-161,261.25
2026-10-231,256.50
2026-10-301,234.00

Positioning — Soybeans

This weekFunds are net long 185,400 contracts, the 89th percentile over 15 yrs, from +155,001 thirteen weeks ago. Open interest: the 84th percentile over 15 yrs (normal). normal

Soybeans — Funds' Net Position, latest 53 readings (10th pct -70,112, 90th pct 190,218)
DateNet (contracts)
2025-10-28118,489
2025-11-04178,683
2025-11-10194,443
2025-11-18229,625
2025-11-25214,289
2025-12-02215,426
2025-12-09180,338
2025-12-16147,778
2025-12-23110,403
2025-12-3084,562
2026-01-0657,717
2026-01-1312,961
2026-01-2010,060
2026-01-2717,321
2026-02-0328,832
2026-02-10123,148
2026-02-17163,611
2026-02-24184,202
2026-03-03198,902
2026-03-10222,107
2026-03-17201,997
2026-03-24197,904
2026-03-31213,407
2026-04-07189,630
2026-04-14175,151
2026-04-21192,884
2026-04-28185,282
2026-05-05221,617
2026-05-12214,815
2026-05-19207,804
2026-05-26189,552
2026-06-02156,050
2026-06-0990,756
2026-06-1652,818
2026-06-2336,679
2026-06-3031,200
2026-07-0768,679
2026-07-1472,688
2026-07-21124,900
2026-07-28155,001
2026-08-04125,466
2026-08-11101,362
2026-08-18151,662
2026-08-25198,254
2026-09-01241,183
2026-09-08266,031
2026-09-15244,710
2026-09-22265,041
2026-09-29241,164
2026-10-06251,660
2026-10-13237,491
2026-10-20206,936
2026-10-27185,400

How to read it. Funds are managed money (hedge funds and CTAs). The shaded band is the middle 80% of weekly readings over 15 years; outside it, the position is unusual for this market. Heavy fund length leaves fewer new buyers, and it has to be unwound one day.

Full positioning: commercials, gross longs and shorts, open interest →

Crop Stress & Abandonment Risk

% Very Poor + Poor from USDA NASS weekly Crop Progress. Values above 40% (dashed line) correlate with elevated abandonment risk for winter wheat and replant / yield-drag pressure for corn and soybeans. Current year shown in red; prior years muted.

Crop Condition Read · USDA survey

95% setting pods, ahead of the 5-year pace — conditions 57% Good+Excellent, 0.5pt in line with a normal year at this week.

Through the Window
95%
setting pods · +2.4pt vs 5-yr pace · 2026-08-30
Condition Now
57%
% Good+Excellent · 3-wk -1pt · 2026-10-11
vs Normal Year
-0.5pt
vs 5-yr avg (57.5%) at this week
Belt states, worst-to-best vs their own 5-year normal at this week (% Good+Excellent, then anomaly). Where the good and bad conditions actually sit.
ND38%-7.2ptIL62%-5.8ptSD44%-0.2ptNE53%+0.7ptIN65%+1.8ptMO58%+2.5ptOH74%+4.3ptIA69%+6.8ptMN61%+9.2pt

Crop Conditions & Progress

USDA NASS weekly crop condition ratings. % Good + Excellent is the headline figure watched by traders. Values above 60% (green) signal favorable conditions; below 40% (red) indicates significant crop stress.

USDA NASS weekly planting progress (% of intended acres planted). Pace relative to prior years signals planting delays or acceleration.

Belt Drought Monitor

Average drought coverage across Soybeans Belt states (IA, IL, IN, MN, NE, OH, SD, ND, MO, KS, MI, AR). D2+ (Severe/Extreme/Exceptional) coverage ≥ 30% of the belt is historically significant for yield.

Soybeans Belt drought monitor coverage by week
DateD0+ (%)D2+ (%)D3+ (%)D4 (%)
2025-11-0454.19.31.50.0
2025-11-1152.29.01.60.0
2025-11-1855.59.61.70.0
2025-11-2554.17.31.70.0
2025-12-0253.95.81.60.0
2025-12-0954.65.91.70.0
2025-12-1654.35.91.70.0
2025-12-2355.26.01.70.0
2025-12-3056.24.81.60.0
2026-01-0658.97.72.10.0
2026-01-1351.28.22.10.0
2026-01-2052.18.82.10.0
2026-01-2752.68.82.10.0
2026-02-0353.38.92.20.0
2026-02-1057.011.22.30.0
2026-02-1757.411.83.40.0
2026-02-2458.812.93.40.0
2026-03-0365.214.64.00.0
2026-03-1061.316.75.40.2
2026-03-1757.117.45.30.2
2026-03-2458.218.85.70.3
2026-03-3159.021.79.50.7
2026-04-0751.219.29.00.7
2026-04-1445.819.710.61.1
2026-04-2139.721.111.91.1
2026-04-2835.820.710.81.0
2026-05-0536.121.011.61.4
2026-05-1240.621.312.42.3
2026-05-1943.121.012.92.3
2026-05-2646.321.111.82.0
2026-06-0252.318.69.41.3
2026-06-0949.918.17.91.0
2026-06-1646.518.08.01.1
2026-06-2343.916.56.31.1
2026-06-3039.311.63.90.7
2026-07-0739.910.13.40.4
2026-07-1440.210.12.90.3
2026-07-2143.510.83.00.3
2026-07-2851.314.03.10.3
2026-08-0455.114.62.80.3
2026-08-1155.617.13.40.3
2026-08-1855.118.23.50.2
2026-08-2555.521.04.00.2
2026-09-0156.622.14.50.2
2026-09-0863.222.45.40.2
2026-09-1562.022.15.20.2
2026-09-2257.721.45.60.3
2026-09-2954.719.45.90.3
2026-10-0652.218.97.00.3
2026-10-1353.720.18.40.7
2026-10-2056.719.39.31.8
2026-10-2759.620.09.73.4

D2+ (Severe + Extreme + Exceptional) drought coverage by week of year. Overlapping years allow comparison of current drought intensity vs. historical patterns.

Soybeans Belt D2+ drought coverage by week
Date2026 (%)2025 (%)2024 (%)
Jan 017.713.517.0
Jan 088.213.516.1
Jan 158.813.511.9
Jan 228.811.710.3
Jan 298.912.28.7
Feb 0511.212.48.4
Feb 1211.812.38.3
Feb 1912.913.48.5
Feb 2614.613.78.5
Mar 0516.713.49.0
Mar 1217.513.48.8
Mar 1918.814.38.7
Mar 2621.713.16.0
Apr 0219.29.55.8
Apr 0919.79.76.0
Apr 1621.19.85.9
Apr 2320.76.66.7
Apr 3021.07.46.6
May 0721.39.14.5
May 1421.07.04.5
May 2121.15.72.4
May 2818.64.12.5
Jun 0418.03.01.4
Jun 1118.02.60.8
Jun 1816.52.50.8
Jun 2511.61.80.5
Jul 0210.11.70.4
Jul 0910.11.30.4
Jul 1610.81.11.1
Jul 2314.00.91.7
Jul 3014.60.42.3
Aug 0617.10.43.2
Aug 1318.20.33.3
Aug 2021.00.34.5
Aug 2722.10.35.2
Sep 0322.42.35.8
Sep 1022.17.07.4
Sep 1721.47.710.9
Sep 2419.48.210.4
Oct 0118.910.69.3
Oct 0820.112.015.6
Oct 1519.38.323.1
Oct 2220.09.929.0
Winter Wheat
USDA NASS · US Drought Monitor · CFTC COT (SRW — Chicago & HRW — Chicago) · Full in-season report

Price — Chicago SRW Wheat

This weekChicago SRW Wheat settled at 603.25¢/bu, the 60th percentile over 15 yrs, +15% on the year. normal

Chicago SRW Wheat — Front-Month Price, Weekly, latest 53 readings (10th pct 448.25, 90th pct 775.00)
Date¢/bu
2025-10-31534.00
2025-11-07527.75
2025-11-14527.25
2025-11-21527.00
2025-11-28531.00
2025-12-05537.50
2025-12-12534.50
2025-12-19509.75
2025-12-26519.00
2026-01-02506.50
2026-01-09517.25
2026-01-16518.00
2026-01-23529.50
2026-01-30538.00
2026-02-06529.75
2026-02-13548.75
2026-02-20573.50
2026-02-27591.25
2026-03-06611.25
2026-03-13618.50
2026-03-20595.25
2026-03-27605.00
2026-04-03598.25
2026-04-10571.00
2026-04-17591.25
2026-04-24608.25
2026-05-01624.50
2026-05-08607.50
2026-05-15635.75
2026-05-22646.25
2026-05-29610.50
2026-06-05580.00
2026-06-12584.50
2026-06-19605.75
2026-06-26578.25
2026-07-03590.50
2026-07-10632.00
2026-07-17682.75
2026-07-24678.00
2026-07-31639.25
2026-08-07639.75
2026-08-14674.75
2026-08-21681.50
2026-08-28767.00
2026-09-04716.00
2026-09-11707.00
2026-09-18714.25
2026-09-25703.25
2026-10-02683.00
2026-10-09671.00
2026-10-16660.50
2026-10-23625.00
2026-10-30603.25

Positioning — Chicago SRW Wheat

This weekFunds are net short 74,859 contracts, the 23rd percentile over 15 yrs, from -6,880 thirteen weeks ago. Open interest: the 94th percentile over 15 yrs (unusual high). normal

Chicago SRW Wheat — Funds' Net Position, latest 53 readings (10th pct -102,983, 90th pct 22,713)
DateNet (contracts)
2025-10-28-75,133
2025-11-04-70,613
2025-11-10-58,761
2025-11-18-48,691
2025-11-25-53,746
2025-12-02-43,841
2025-12-09-46,069
2025-12-16-66,918
2025-12-23-91,665
2025-12-30-94,626
2026-01-06-107,165
2026-01-13-106,229
2026-01-20-110,700
2026-01-27-94,743
2026-02-03-81,755
2026-02-10-85,655
2026-02-17-68,037
2026-02-24-17,297
2026-03-03-25,800
2026-03-10-22,345
2026-03-17-12,702
2026-03-24-2,234
2026-03-318,641
2026-04-07-5,633
2026-04-14-7,266
2026-04-21-10,717
2026-04-2810,664
2026-05-05-9,903
2026-05-12-19,023
2026-05-19-4,799
2026-05-26-18,706
2026-06-02-57,871
2026-06-09-79,407
2026-06-16-69,531
2026-06-23-71,206
2026-06-30-69,030
2026-07-07-62,325
2026-07-14-36,798
2026-07-21-19,349
2026-07-28-6,880
2026-08-04-23,786
2026-08-11-31,401
2026-08-18-26,485
2026-08-25-14,171
2026-09-0114,654
2026-09-084,262
2026-09-15-4,706
2026-09-22-13,144
2026-09-29-21,670
2026-10-06-29,543
2026-10-13-33,038
2026-10-20-51,134
2026-10-27-74,859

How to read it. Funds are managed money (hedge funds and CTAs). The shaded band is the middle 80% of weekly readings over 15 years; outside it, the position is unusual for this market. Heavy fund length leaves fewer new buyers, and it has to be unwound one day.

Full positioning: commercials, gross longs and shorts, open interest →

Price — KC HRW Wheat

This weekKC HRW Wheat settled at 643.50¢/bu, the 63rd percentile over 15 yrs, +25% on the year. normal

KC HRW Wheat — Front-Month Price, Weekly, latest 53 readings (10th pct 428.25, 90th pct 844.75)
Date¢/bu
2025-10-31524.50
2025-11-07519.25
2025-11-14515.25
2025-11-21511.00
2025-11-28517.75
2025-12-05523.25
2025-12-12498.75
2025-12-19515.25
2025-12-26533.50
2026-01-02515.00
2026-01-09530.25
2026-01-16527.25
2026-01-23540.75
2026-01-30544.75
2026-02-06531.25
2026-02-13542.50
2026-02-20572.25
2026-02-27572.75
2026-03-06611.50
2026-03-13618.75
2026-03-20606.25
2026-03-27632.75
2026-04-03615.75
2026-04-10590.75
2026-04-17636.75
2026-04-24659.00
2026-05-01682.50
2026-05-08672.50
2026-05-15688.00
2026-05-22682.00
2026-05-29649.75
2026-06-05620.75
2026-06-12634.50
2026-06-19644.00
2026-06-26611.00
2026-07-03627.00
2026-07-10662.50
2026-07-17732.25
2026-07-24745.25
2026-07-31707.50
2026-08-07714.00
2026-08-14754.25
2026-08-21756.25
2026-08-28827.75
2026-09-04786.75
2026-09-11784.00
2026-09-18783.75
2026-09-25762.00
2026-10-02735.25
2026-10-09719.25
2026-10-16704.00
2026-10-23664.50
2026-10-30643.50

Positioning — KC HRW Wheat

This weekFunds are net short 1,865 contracts, the 39th percentile over 15 yrs, from +33,233 thirteen weeks ago. Open interest: the 99th percentile over 15 yrs (unusual high). normal

KC HRW Wheat — Funds' Net Position, latest 53 readings (10th pct -36,956, 90th pct 44,283)
DateNet (contracts)
2025-10-28-51,708
2025-11-04-42,454
2025-11-10-33,217
2025-11-18-19,939
2025-11-25-22,064
2025-12-02-17,911
2025-12-09-17,011
2025-12-16-25,713
2025-12-23-24,749
2025-12-30-18,319
2026-01-06-15,655
2026-01-13-12,781
2026-01-20-13,018
2026-01-27-10,329
2026-02-03-8,844
2026-02-10-19,496
2026-02-17-10,609
2026-02-244,204
2026-03-031,866
2026-03-109,425
2026-03-1710,726
2026-03-249,705
2026-03-3121,517
2026-04-0715,608
2026-04-1416,924
2026-04-2128,009
2026-04-2830,624
2026-05-0537,869
2026-05-1237,790
2026-05-1930,075
2026-05-2626,870
2026-06-0213,477
2026-06-09-4,543
2026-06-167,620
2026-06-23-1,285
2026-06-306,910
2026-07-0711,764
2026-07-1417,494
2026-07-2129,944
2026-07-2833,233
2026-08-0433,094
2026-08-1127,662
2026-08-1834,835
2026-08-2544,062
2026-09-0150,284
2026-09-0851,248
2026-09-1545,758
2026-09-2241,743
2026-09-2930,710
2026-10-0624,040
2026-10-1317,391
2026-10-206,395
2026-10-27-1,865

How to read it. Funds are managed money (hedge funds and CTAs). The shaded band is the middle 80% of weekly readings over 15 years; outside it, the position is unusual for this market. Heavy fund length leaves fewer new buyers, and it has to be unwound one day.

Full positioning: commercials, gross longs and shorts, open interest →

Crop Stress & Abandonment Risk

% Very Poor + Poor from USDA NASS weekly Crop Progress. Values above 40% (dashed line) correlate with elevated abandonment risk for winter wheat and replant / yield-drag pressure for corn and soybeans. Current year shown in red; prior years muted.

Kansas plants 28% of US winter wheat but carries only 11% of the abandoned acres; TX and OK are 34% of the area and 71% of the losses. Cumulative acres across closed crop years since 1999, so one catastrophic year in a small state cannot distort the ranking. Much of the TX and OK gap is dual-purpose wheat grazed out by economic choice rather than lost to weather, so a belt-wide abandonment figure tracks a planting decision as much as crop stress — read it alongside the condition tiers above, not instead of them. Source: USDA NASS state planted and harvested acres.

Winter Wheat abandonment share by state
StatePlanted shareAbandoned shareMedian rateWorst yearWorst rate
TX17.9%44.9%54.3%202275.5%
OK16.5%26.3%34.1%201447.2%
KS27.9%11.1%6.8%202329.0%
CO7.3%4.6%11.6%200229.8%
SD4.0%3.2%11.2%200171.5%
MT6.2%2.3%5.7%200246.2%
MO2.5%1.8%15.6%202234.9%
NE4.6%1.8%7.9%201322.4%
AR1.5%1.1%19.1%201954.5%
WA5.6%0.8%2.8%199912.1%
IL2.4%0.7%4.8%201915.4%
OH2.3%0.6%5.8%201923.0%
IN1.2%0.6%10.3%202525.0%

National Crop Conditions & Progress

USDA NASS weekly crop condition ratings. % Good + Excellent is the headline figure watched by traders. Values above 60% (green) signal favorable conditions; below 40% (red) indicates significant crop stress.

USDA NASS weekly fall planting progress. Pace relative to prior years signals early or delayed establishment entering winter.

USDA NASS weekly crop heading progress. Pace of heading relative to prior years reflects crop development speed and informs harvest timing expectations.

Belt Drought Monitor

Average drought coverage across SRW Belt states (OH, IN, IL, MI, MO, KY). D2+ (Severe/Extreme/Exceptional) coverage ≥ 30% of the belt is historically significant for yield.

SRW Belt drought monitor coverage by week
DateD0+ (%)D2+ (%)D3+ (%)D4 (%)
2025-11-0459.616.62.80.0
2025-11-1155.215.92.80.0
2025-11-1856.516.53.10.0
2025-11-2551.812.73.10.0
2025-12-0252.710.03.00.0
2025-12-0953.510.13.10.0
2025-12-1657.810.03.10.0
2025-12-2358.99.93.10.0
2025-12-3062.77.92.90.0
2026-01-0667.011.73.80.0
2026-01-1361.812.63.80.0
2026-01-2063.013.33.90.0
2026-01-2759.713.33.90.0
2026-02-0359.413.54.00.0
2026-02-1059.917.44.00.0
2026-02-1757.117.45.50.0
2026-02-2457.218.05.50.0
2026-03-0365.118.06.40.0
2026-03-1053.211.93.60.0
2026-03-1743.68.72.40.0
2026-03-2444.56.41.10.0
2026-03-3152.14.50.50.0
2026-04-0739.04.30.10.0
2026-04-1438.26.31.60.0
2026-04-2129.88.03.00.0
2026-04-2823.610.73.50.0
2026-05-0523.010.73.50.0
2026-05-1225.611.24.20.0
2026-05-1929.514.87.60.1
2026-05-2627.811.91.30.0
2026-06-0232.84.81.00.0
2026-06-0930.84.50.80.0
2026-06-1620.94.31.40.0
2026-06-2318.23.10.70.0
2026-06-3010.91.40.00.0
2026-07-0711.71.20.00.0
2026-07-149.40.50.00.0
2026-07-2110.30.70.00.0
2026-07-2816.50.70.00.0
2026-08-0419.10.20.00.0
2026-08-1118.60.20.00.0
2026-08-1817.10.20.00.0
2026-08-2517.01.00.10.0
2026-09-0120.32.00.10.0
2026-09-0836.03.31.10.0
2026-09-1532.44.21.00.0
2026-09-2231.44.31.90.0
2026-09-2937.54.62.40.0
2026-10-0638.86.02.80.0
2026-10-1342.78.23.40.2
2026-10-2047.67.93.40.3
2026-10-2755.011.13.70.6

D2+ (Severe + Extreme + Exceptional) drought coverage by week of year. Overlapping years allow comparison of current drought intensity vs. historical patterns.

SRW Belt D2+ drought coverage by week
Date2026 (%)2025 (%)2024 (%)
Jan 0111.73.114.6
Jan 0812.63.114.1
Jan 1513.33.13.0
Jan 2213.31.52.5
Jan 2913.51.50.2
Feb 0517.41.50.2
Feb 1217.41.50.2
Feb 1918.03.60.5
Feb 2618.04.20.5
Mar 0511.94.01.5
Mar 128.74.11.2
Mar 196.42.71.3
Mar 264.51.51.0
Apr 024.30.21.0
Apr 096.30.21.5
Apr 168.00.20.8
Apr 2310.70.21.1
Apr 3010.70.20.5
May 0711.20.20.2
May 1414.80.20.2
May 2111.90.20.0
May 284.80.30.0
Jun 044.50.20.0
Jun 114.30.20.0
Jun 183.10.20.0
Jun 251.40.20.0
Jul 021.20.50.0
Jul 090.50.20.0
Jul 160.70.31.4
Jul 230.70.11.6
Jul 300.20.22.3
Aug 060.20.22.3
Aug 130.20.22.7
Aug 201.00.14.0
Aug 272.00.34.2
Sep 033.34.55.3
Sep 104.216.111.7
Sep 174.317.718.7
Sep 244.616.018.3
Oct 016.019.68.9
Oct 088.221.910.3
Oct 157.915.214.8
Oct 2211.117.917.9

Average drought coverage across HRW Belt states (KS, OK, TX, CO, NE, SD). D2+ (Severe/Extreme/Exceptional) coverage ≥ 30% of the belt is historically significant for yield.

HRW Belt drought monitor coverage by week
DateD0+ (%)D2+ (%)D3+ (%)D4 (%)
2025-11-0450.26.30.90.0
2025-11-1152.58.11.20.0
2025-11-1856.58.91.80.0
2025-11-2556.38.21.80.0
2025-12-0254.67.91.60.1
2025-12-0955.47.81.50.1
2025-12-1654.67.82.10.1
2025-12-2360.18.82.50.1
2025-12-3064.69.02.80.1
2026-01-0668.512.33.40.2
2026-01-1363.113.14.40.2
2026-01-2064.314.55.10.2
2026-01-2765.515.14.80.2
2026-02-0369.416.95.30.2
2026-02-1073.819.36.40.2
2026-02-1774.420.66.70.2
2026-02-2476.623.47.50.4
2026-03-0380.529.98.10.7
2026-03-1080.330.19.10.7
2026-03-1783.536.710.50.7
2026-03-2487.347.515.61.7
2026-03-3192.156.227.14.4
2026-04-0792.454.824.24.0
2026-04-1488.758.726.13.9
2026-04-2187.757.728.93.9
2026-04-2886.757.229.83.5
2026-05-0586.856.230.63.8
2026-05-1288.355.430.44.8
2026-05-1989.253.930.33.8
2026-05-2689.253.129.14.0
2026-06-0285.747.925.84.7
2026-06-0981.844.022.13.8
2026-06-1679.243.722.03.9
2026-06-2376.043.121.24.0
2026-06-3071.436.615.02.6
2026-07-0771.035.715.42.6
2026-07-1469.134.815.12.8
2026-07-2169.935.415.92.9
2026-07-2872.437.916.53.1
2026-08-0479.437.216.43.2
2026-08-1183.340.819.33.3
2026-08-1886.542.119.64.2
2026-08-2587.946.420.45.0
2026-09-0188.847.419.04.8
2026-09-0892.549.221.85.2
2026-09-1592.849.321.56.1
2026-09-2288.848.819.86.6
2026-09-2986.045.820.66.5
2026-10-0680.138.415.94.4
2026-10-1380.037.315.34.5
2026-10-2078.232.010.62.4
2026-10-2773.627.49.12.1

D2+ (Severe + Extreme + Exceptional) drought coverage by week of year. Overlapping years allow comparison of current drought intensity vs. historical patterns.

HRW Belt D2+ drought coverage by week
Date2026 (%)2025 (%)2024 (%)
Jan 0112.319.811.3
Jan 0813.120.29.2
Jan 1514.520.18.6
Jan 2215.018.56.5
Jan 2916.919.86.1
Feb 0519.220.25.3
Feb 1220.619.64.5
Feb 1923.420.34.5
Feb 2629.921.14.5
Mar 0530.121.14.5
Mar 1236.725.24.6
Mar 1947.529.24.0
Mar 2656.228.83.0
Apr 0254.823.22.9
Apr 0958.724.12.9
Apr 1657.722.54.4
Apr 2357.319.17.0
Apr 3056.219.49.1
May 0755.421.68.2
May 1453.919.98.8
May 2153.117.57.6
May 2847.915.07.9
Jun 0443.912.55.0
Jun 1143.711.83.9
Jun 1843.212.03.7
Jun 2536.610.43.1
Jul 0235.78.83.4
Jul 0934.89.43.9
Jul 1635.49.04.0
Jul 2337.98.84.4
Jul 3037.28.34.8
Aug 0640.89.27.0
Aug 1342.19.57.2
Aug 2046.49.38.5
Aug 2747.48.811.5
Sep 0349.28.710.2
Sep 1049.38.212.0
Sep 1748.88.013.8
Sep 2445.88.213.5
Oct 0138.48.015.6
Oct 0837.35.323.6
Oct 1532.05.830.9
Oct 2227.45.436.1
World Ex-China Supply Context
USDA WASDE · Stocks-to-Use Ratio (STU) · China's non-tradeable reserves excluded · WASDE #676
Global grain S&D figures include China's domestic reserves, held by state entities and not available to international trade. World Less China STU isolates the supply tightness visible to globally-trading buyers and exporters — the figure that drives trade flows and price discovery outside of China.
Corn Ex-China STU
9.6%
MY 2026/27 · WASDE #676
5th highest over 8 yrs
normal
Soybeans Ex-China STU
16.1%
MY 2026/27 · WASDE #676
lowest over 8 yrs
unusual low
Wheat Ex-China STU
17.7%
MY 2026/27 · WASDE #676
5th highest over 8 yrs
normal
Commodity World STU % Ex-China STU % Signal
Corn18.3%9.6%5th-highest crop year in 8 yrs normal
Soybeans19.6%16.1%lowest crop year in 8 yrs unusual low
Wheat26.6%17.7%5th-highest crop year in 8 yrs normal

Source: USDA WASDE · WASDE #676

Go Deeper
Positioning: Grains & Oilseeds →
Full COT for corn, soybeans, meal, oil and both wheats, plus crush and biofuel pull.
WASDE Grain Report →
The monthly USDA balance sheets.
US Crop Weather →
ERA5 weather for seven US crop regions.
Global Grain Weather →
Eight grain regions outside the US.
CONAB Brazil →
Brazil's soy, corn and cotton estimates.
Grains walk →
The grain links, walked step by step to one open question.