Natural Gas Slides 2.5% as Grains Grind Higher | Nov 11, 2026

Corn gave back a sliver of Tuesday's 2.22% WASDE-driven jump, a normal pause rather than any reversal signal.

Funds look to be squaring small positions ahead of the long weekend-adjacent calendar rather than reacting to new news.

So what: the pullback is too small to change the tighter-stocks floor WASDE put under old-crop basis yesterday.

Watch: Thursday's export-sales report for whether China and Mexico demand backs up the smaller stocks picture.

Beans added a little more on top of Tuesday's 3.35% WASDE rally, holding most of yesterday's gain rather than giving it back.

China purchase optimism against the bigger export forecast is still the quiet undercurrent here.

So what: a second day of holding these levels is a better signal for old-crop basis than one big pop alone.

Watch: this week's China purchase data against USDA's raised export number.

Meal tracked beans higher again, adding a modest 0.46% in a quiet session.

Protein-feed demand into winter kept its usual floor under the product.

So what: meal moving in step with beans today means the crush margin stayed roughly where it was.

Watch: whether meal keeps pace with beans or starts lagging as the WASDE reaction fully fades.

Oil was today's standout in the soy complex, adding 1.77% after lagging both beans and meal on Tuesday.

A firmer WTI today gave the biofuel/renewable-diesel trade a little more room to run.

So what: oil catching up to its own complex after yesterday's underperformance is worth noting for anyone pricing crush margins.

Watch: whether oil keeps tracking crude or reverts to lagging once crude's move cools.

Chicago wheat led the grain complex higher, extending Tuesday's gain on more fund short-covering.

The Abu Dhabi peace talks are still running, with no fresh Black Sea supply headlines to point to.

So what: two sessions of wheat outperforming on short-covering, not fresh fundamentals, is a trade to watch rather than trust yet.

Watch: any Black Sea headline out of Abu Dhabi and whether the short-covering has more room to run.

Kansas City followed Chicago higher but by less, keeping the HRW-SRW spread roughly steady.

Plains moisture remains the quiet background story as winter wheat heads toward dormancy.

So what: KC lagging Chicago again says the market still isn't pricing a Plains-specific supply scare.

Watch: Plains moisture over the next two weeks as winter wheat moves toward dormancy.

The Minnie rolled to the March contract and kept pace with the rest of the wheat complex, up 1.13%.

Volume stayed thin, as usual for spring wheat, so don't read too much precision into the percentage.

So what: the high-protein premium held intact through the contract roll, a small vote of confidence in that spread.

Watch: Canadian Prairie spring-wheat quality grades as the last of the crop moves to market.

Oats led the percentage board again, up 1.67% on volume thin enough that one buyer can move the number.

The move tracked the broader grain complex higher rather than reflecting any oats-specific news.

So what: take the percentage with a grain of salt until it shows up in a second session on real volume.

Watch: whether the gain holds into tomorrow or fades like earlier thin-volume pops this fall.

ICE Futures Canada is closed today for Remembrance Day, so Tuesday's C$770.40 close (+1.72%) carries unchanged.

That close still reflects canola riding the soybean complex higher and testing the resistance zone flagged in Tuesday's Desk Line.

So what: nothing new to react to today, but Tuesday's bounce off the recent four-month low is still the story heading into the reopen.

Watch: Thursday's reopen for whether canola extends the bounce or stalls at resistance.

Delivered-Lethbridge bids are still holding at C$280-285 with offers at C$290-295, per the Nov. 5 Feed Grains Weekly report — no fresher weekly print since, so the number carries over flat again.

Barley's premium to old-crop corn remains intact, keeping import substitution in play for feedlots.

So what: with WASDE just adding more corn to the pile south of the border, that substitution case isn't going away soon.

Watch: this week's delivered-Lethbridge bids for the season's next move.

Crude ticked higher in thin Veterans Day trade, with the U.S. Treasury market closed thinning cross-asset liquidity.

The small bounce stabilizes crude after two down sessions, even with Iran peace-talk optimism still capping the upside.

So what: a calmer day at these levels is still real relief for diesel budgeting, but it's one session, not a trend change.

Watch: this week's EIA inventory report and any fresh headlines out of the Abu Dhabi peace talks.

Gas gave back 2.46% today, its biggest pullback in weeks, after milder weather forecasts cooled the heating-season demand story.

The move unwinds some of last week's sharp run higher, with thin Veterans Day trade likely exaggerating the swing.

So what: a breather like this is worth watching for anyone pricing nitrogen fertilizer for spring — don't assume the run higher is over.

Watch: this week's EIA storage report and whether the milder pattern actually holds past a few days.

Gold kept sliding, extending Tuesday's hot-CPI-driven drop as the dollar index added another 0.66% today.

The move came even with the U.S. Treasury market closed for Veterans Day, so the usual yield cross-check was thinner than normal.

So what: two days of a firmer dollar chipping away at gold is a reminder the Fed's rate path, not just safe-haven demand, is driving this leg.

Watch: any Fed commentary reacting to Tuesday's CPI print.

Silver bucked gold entirely, rebounding 1.52% after underperforming it sharply on Tuesday's CPI selloff.

The gold-silver ratio narrowed back in on the move, unwinding some of Tuesday's widening.

So what: silver decoupling from gold two days running is worth flagging if you track the spread.

Watch: whether silver's industrial-demand case keeps reasserting itself or gold drags it back down.

Natural gas's 2.46% pullback was the day's biggest move, giving back some of last week's spike as mild-weather forecasts and thin Veterans Day trade took hold.

Gold and silver pulled in opposite directions for a second straight session, widening the split between the two metals.

Watch into tomorrow: canola and Alberta grain markets reopen after today's Remembrance Day holiday, plus any Fed commentary following Tuesday's hot CPI print.

Barchart: Watchlist Summary (The Daily Board Newsletter), end-of-day recap for Wed, Nov. 11, 2026: primary settlement source for 13 of the 14 instruments and the day's dollar-index read.

ICE Futures Canada holiday calendar: confirms today's Remembrance Day closure for canola trading, so Tuesday's settle carries.

USAGOLD, Daily Precious Metals Market Report (Nov. 11, 2026): cross-check and catalyst read on gold and silver's divergence.

Alberta Farmer Express, "Feed Grains Weekly: Barley, wheat prices steady with mild demand" (Nov. 5, 2026): Alberta feed barley cash bids delivered Lethbridge, carried as the latest weekly print.