Market Pulse

Week of September 28, 2026

Diesel | ⬇️ Slightly Lower, Still Extremely High

Diesel prices eased slightly this week but remain near record levels. The national average fell to approximately $6.39 per gallon on Oct. 1, compared with $6.51 a week ago. Diesel remains dramatically higher than a year ago, when the national average was $3.71 per gallon.

For farmers and equipment manufacturers, elevated diesel prices continue to put pressure on operating, transportation and freight costs.

🔩 Steel | ⬆️ Rising

U.S. hot-rolled coil steel prices moved higher this week, with September 30 futures closing around $1,282 per short ton, up from approximately $1,237 the previous week. U.S. spot supply remains tight, contributing to higher prices and longer lead times.

For equipment manufacturers, higher steel costs can add pressure to production costs, particularly for steel-intensive equipment and components.

🌽 Corn | ➡️ Relatively Steady

December corn futures were around $5.03 per bushel Oct. 1, compared with approximately $5.01 at the end of September. Harvest pressure continues to influence the market as the fall harvest progresses.

🌱 Soybeans | ⬇️ Slightly Lower

November soybeans were trading around $12.91 per bushel Oct. 1. Prices remain below the levels seen earlier in September as harvest activity increases.

🌾 Wheat | ⬆️ Higher

December wheat futures were around $6.80 per bushel Oct. 1, up from about $6.75 at the end of September. Wheat prices have been relatively volatile as markets weigh harvest conditions and global supply.

🐄 Cattle | ⬆️ Firm

Cattle markets strengthened this week. December live cattle futures were around $222.88 per hundredweight at the end of September, while cash cattle prices remained firm. Lower corn prices have also provided some support to cattle values.

🧪 Fertilizer | ⬆️ Cost Pressure

Fertilizer remains an important watch as farmers prepare for fall applications. Recent DTN data show all eight major U.S. fertilizer products are now priced above year-ago levels, with anhydrous ammonia averaging about $977 per ton, up 25% from a year ago.

🚜 What Manufacturers Should Watch

Diesel, steel and fertilizer remain the key cost pressures heading into October. Meanwhile, corn and soybean prices are relatively subdued as harvest progresses. For equipment manufacturers and dealers, watching orders, backlogs, inventory levels and farmer purchasing activity will be important as producers manage elevated operating costs.

Sources: USDA, USDA-NASS, CME Group, U.S. Energy Information Administration (EIA), Reuters and industry market data.