TFM Midday Update 11-7-2025

CORN

Corn futures trade mixed at midday, pressured by ongoing harvest activity in the U.S. and concerns about sustained demand. Market attention is turning toward the USDA’s November Supply and Demand report, due in one week, with yield and demand data expected to be the key focus. December corn is trading at 4.29.
The Buenos Aires Grain Exchange reports that Argentina’s planting progress has reached 36%, up just 1% from the previous week. However, crop conditions have improved notably, with 79% of fields now rated good to excellent, compared to only 29% at the same time last year.
Brazil’s corn exports in October rose 1.5% year over year, while November exports are projected to reach 5.57 million tons, up from 4.92 million tons during the same month last year.
France’s harvest is nearly complete, with 90% of the crop harvested — ahead of the 83% average for this time of year.

Soybeans continue higher at midday, fueled by overnight optimism that China’s purchases may accelerate. However, traders remain somewhat skeptical about whether China will fully meet its purchase commitments. The entire soybean complex is trading higher during the midday session. November soybeans are up at 10.99 ½.
Overnight, Beijing reinstated export eligibility for soybeans from three U.S. companies — CHS, Louis Dreyfus, and the EGT grain export terminal. The move sparked overnight buying activity in the market.
China’s customs data shows October soybean imports reached a record high for the month, bringing year-to-date imports up 6.4%. The surge was driven by strong purchases of Brazilian soybeans, with Brazil’s October exports up 43% year over year.
Argentina’s soybean planting is 4.4% complete, supported by favorable soil moisture to start the season.

Wheat futures remain mixed at midday, continuing the slide that followed yesterday’s sharp break. The pullback indicates that the recent strength in wheat was likely supported by broader gains across the agricultural sector, rather than by a significant improvement in wheat fundamentals. Chicago December wheat lower at 5.32, while KC December wheat is up at 5.22 ½.
Russia lowered its export duty for next week by 54.6% from the previous week in an effort to stimulate export activity and boost revenue.
French SRW wheat planting is now 79% complete, ahead of the 74% average for this time of year. Meanwhile, Argentina’s wheat harvest stands at 11.6% complete, although frost damage from last week’s cold spell is still being assessed.
U.S. winter wheat in drought conditions decreased 2% to 38%, compared with 57% at this time last year.

Lauren VandenLangenberg