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Week In Review
The Week in Under 60 Seconds
More of the same.
Markets spent another week waiting on two things: a Middle East deal and Chinese soybean purchases.
While traders waited, crude whipsawed on geopolitical headlines, USDA found more corn around the world, funds continued heading for the exits as a recod clip, and crush remained the strongest story in agriculture.
Plus, NOAA made it official: El Niño is here.
Energies & Macro
Geopolitical whiplash, round whatever-we're-on.
The week was supposed to be about the WASDE. Instead, it was another reminder that agriculture remains tied at the hip to energy markets, with crude, diesel, and soybean oil all trading off developments in the Middle East.
The Middle East is still driving the bus.
WTI briefly traded back above $90 before reports of a tentative U.S.-Iran deal sent crude tumbling nearly $6/bbl from its highs.
WTI finished the week at $84.88 (-6.3%), Brent lost 6.2%, and ULSD fell 5.1%.
Despite the late-week reversal, energy remains one of 2026's biggest stories: WTI is up 56.8% YTD, ULSD 70.4%, and RBOB gasoline 82.4%.
Macro matters.
Like energies, equity markets spent the week trading the infinite loop of Middle East headlines. Escalation. De-escalation. Escalation again.
SpaceX became the largest IPO in history, ending its first trading day with a market capitalization exceeding $2.1 trillion.
The offering made Elon Musk the world's first trillionaire and reportedly created more than 4,000 new millionaires overnight.
Wall Street is already asking the next question: who's next? OpenAI and Anthropic are widely expected to explore public offerings following SpaceX's blockbuster debut.
Source: BBC
Bottom Line: Energies & Macro
We may be closer than ever to a deal, but we've also been saying that for weeks. Until something changes, every headline seems to move crude a few dollars in either direction — and agriculture is left trying to keep up.
Soy Complex
Death by a thousand cuts.
Soybeans finally snapped an eight-session losing streak Wednesday on rumors of Chinese interest, only to give it all back after Thursday's WASDE. November beans settled Friday at $11.32, down just 0.5% on the week. For perspective, soybeans have closed higher just four times in the past four weeks.
2025/26 & 2026/27: Literally crushing exports
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