TFM Midday Update 11-10-2025

CORN

Corn futures are higher at midday. December futures are currently trading at 428-1/2, up 1-1/4 cents on the day.
Some optimism is emerging around a potential vote to reopen the U.S. government, as the shutdown has now become the longest on record.
AgRural reported that Brazil’s first-crop corn planting reached 72% completion as of last Thursday. Weather conditions remain favorable and are expected to support crop development across most of Brazil over the next two weeks.

Soybean futures are higher at midday with January futures up 11 cents at 1128 currently.
There has been no official confirmation from Chinese media regarding the reported pledge to purchase 440 million bushels of U.S. soybeans by the end of December. One key factor may be price competitiveness — Brazilian soybean offers for January shipment are currently 50 to 55 cents per bushel cheaper than U.S. supplies.
Weather conditions in Brazil remain favorable, with AgRural reporting that 2025/26 soybean planting has reached 61% completion, including 85% in top-producing Mato Grosso. Brazil is on track for another record-large soybean crop, with total seeding up more than 4% from last year.

Wheat futures are higher at midday with December Chicago wheat at 533, up 5 cents. December KC wheat up 5 cents at 524-1/2 and December Spring wheat up 2 cents at 560.
U.S. wheat exports have been running ahead of early-year projections; however, U.S. wheat has now priced itself out of many global markets. Argentine wheat remains the most competitive, with offers near $210 per metric ton, while Russian FOB prices are steady near $230 per metric ton. In contrast, U.S. hard red winter wheat is priced well above these levels, limiting export potential.
Wheat futures came under pressure late in the week as traders digested news that China’s recent purchases — its first in nearly a year — were lighter than initially expected, tempering optimism in the market.

Keegan Madigan