Wheat Rebounds From 4-Month Low as Grains Rally | Nov 13, 2026

Corn extended this week's bounce off Tuesday's WASDE report, which trimmed the U.S. production and yield outlook.

Export demand has stayed firm through the week, giving the market little reason to give back Tuesday's gains.

So what: a steadier floor under corn is a small mercy for anyone still pricing feed or ethanol-corn purchases into winter.

Watch: next Thursday's export-sales number for whether that demand pace is holding.

Beans added to Tuesday's WASDE-driven rally, which raised the soybean outlook even as corn's was cut.

The crush side of the complex (meal especially) is leading today, a sign demand is doing more of the work than fresh supply news.

So what: old-crop basis keeps a bit more cushion with soybeans extending, not just holding, this week's gain.

Watch: any confirmed China purchase to extend the rally into next week.

Meal outran both beans and oil today, carrying the crush on the strength of protein-feed demand into winter.

That's meal leading the product split again, the mirror image of yesterday when oil held up best.

So what: livestock feeders are paying a touch more for protein this week even as the broader soy complex rallies.

Watch: whether meal keeps outrunning oil if the crush margin stays this wide.

Oil posted the smallest gain in the soy complex, with a slightly softer crude today offering less lift to the biofuel trade.

That's oil pulling against meal — the product split tilted toward meal for a second day.

So what: biodiesel blenders aren't getting much extra tailwind from today's board.

Watch: whether oil keeps lagging meal if crude's pullback continues.

Chicago wheat bounced off Thursday's four-month low, with the board rolling to the March contract today as the December contract nears expiry.

The bounce reads as short-covering after this week's slide rather than a fresh supply shock — no major Black Sea headline broke today.

So what: a one-day bounce doesn't undo the week's losses, but it's a relief for anyone who sold into Thursday's low.

Watch: whether this holds into next week or proves another shallow bounce in an unsettled Black Sea market.

Kansas City firmed alongside Chicago, though it trailed SRW's percentage gain today.

Plains moisture remains a quiet background story with winter wheat into dormancy.

So what: the HRW-SRW spread narrowed slightly as Chicago outran KC on the bounce.

Watch: the HRW-SRW spread for any sign Plains-specific weather starts to matter again.

The Minnie posted the smallest wheat gain today, trimming less of its recent losses than its sister boards.

Thin spring-wheat volume means the percentage move should be read with some caution.

So what: the high-protein premium narrowed slightly as HRS lagged Chicago and KC on the bounce.

Watch: whether that premium keeps narrowing if HRS continues lagging the other two boards.

Oats led the entire grain complex in percentage terms, bucking its usual thin, choppy trade.

Volume stayed very light, so today's outsized move says more about a shallow market than a shift in Prairie supply or the Chicago/Prairie cash gap.

So what: take the green arrow with real caution here — thin volume means it doesn't say much about the broader tape.

Watch: whether oats holds this gain on better volume or gives it right back Monday.

Canola tracked the broader oilseed complex higher, trading more with soybeans today than on its own Prairie fundamentals.

The loonie and Prairie weather stayed quiet, with no fresh China or EU trade headlines moving the board.

So what: a steady lift here is a small basis tailwind for anyone pricing new-crop canola.

Watch: whether canola keeps pace with soybeans if the broader grain rally extends into next week.

This week's Feed Grains Weekly print has barley delivered into Lethbridge-area feedlots at roughly C$295/tonne for December-March delivery, down about C$5 over the past week to 10 days; April-June delivery sits near C$307/tonne, off about C$8 over two weeks.

Weak export competition and well-supplied feedlots are doing the damage — Canadian barley exports are running only modestly ahead of last year, and last week's pace fell sharply.

So what: feedlots aren't under any pressure to chase barley right now, which keeps the barley-vs-corn substitution math firmly in barley's favour.

Watch: next week's Feed Grains Weekly report for whether the softening continues into winter.

Crude eased slightly after OPEC's latest monthly report pointed to global supply roughly matching demand through 2026, taking some air out of the tighter-market narrative.

It's a modest pullback, not a rout — crude is still holding most of this week's gains.

So what: a barrel holding near $88 is still a heavier diesel bill than earlier this fall, OPEC's report notwithstanding.

Watch: next week's EIA inventory data and any OPEC+ follow-up commentary on the 2026 balance.

Natural gas was the day's biggest percentage mover, giving back more than 3% as mild near-term weather outlooks and ample production outweighed early heating-season demand talk.

That's a sharp reversal from earlier this week's gains, when a colder outlook had the market leaning the other way.

So what: a pullback here is a small bit of relief for anyone pricing nitrogen fertilizer into spring, even if it's early to call a trend.

Watch: next week's weather models and the next EIA storage report for whether the colder pattern still shows up.

Gold was essentially flat, pausing after Thursday's sharp 2.9% drop on the dollar's jump to a 19-month high.

That reads as consolidation near this week's lows rather than a fresh move in either direction.

So what: a quiet day here isn't a signal — it's a market catching its breath after a rough week for the metal.

Watch: any Fed commentary this week on December rate-hike odds, which did all the damage on Thursday.

Silver fell again, extending Thursday's slide and continuing to underperform gold on no fresh industrial-demand news.

The gold-silver ratio widened further as silver keeps lagging its sister metal this week.

So what: the industrial-demand story silver leaned on earlier this week has gone quiet for now.

Watch: the gold-silver ratio for any sign silver starts catching back up.

Natural gas's 3.29% slide was the board's biggest move, a sharp reversal after this week's cold-weather-driven gains.

The cross-market story was the grain complex's week-long WASDE rally, which pulled wheat off Thursday's four-month low and lifted soybeans, meal and oats right along with it.

Watch into next week: the next CFTC Commitments of Traders report for how funds are positioned in grains and metals after this week's swings, plus weekend weather-model updates for natural gas.

Barchart: Watchlist Summary (The Daily Board Newsletter), end-of-day recap for Fri, Nov. 13, 2026: primary settlement source for 13 of the 14 instruments.

Trading Economics, commodity pages for corn, soybeans, crude oil, natural gas, gold and silver (Nov. 13, 2026): independent cross-check on today's settlement moves.

GX94 Radio, "November 13 Closing Commodity Prices" (Nov. 13, 2026): independent cross-check on corn, soybeans, oats, canola and the three wheat boards.

Manitoba Cooperator / MarketsFarm, "Feed grain weekly: Prices predicted to be steady until spring" (Nov. 13, 2026): Alberta feed barley cash bids delivered into Lethbridge-area feedlots, the latest weekly print.

USDA November WASDE (Nov. 10, 2026), via agricultural trade-press coverage: catalyst for this week's corn and soybean rally.

Reuters/Angel One coverage of OPEC's Monthly Oil Market Report (Nov. 13, 2026): catalyst for WTI crude's pullback on a balanced 2026 supply outlook.