TFM Morning Update 11-12-2025

CORN

Corn futures are trading lower this morning ahead of the uncertainty of this week’s WASDE report. December corn is down 3/4 cent to $4.31-1/4 and March is down 1-1/4 cents to $4.45-3/4.
Estimates for the WASDE report see corn yield down from 186.7 bpa in September at 184.0 bpa. Production is expected to be lower, ending stocks are expected to rise by 58 mb, and world ending stocks are expected to rise.
According to a Bloomberg survey, the US corn harvest is around 92% complete in a range of 89 and 96%. This would compare to last week’s survey data of 85% and the USDA last year at 95%.

Soybean futures are lower to start the day and have backed off overnight highs. November soybeans are down 1-1/2 cents to $11.11 and March is down 2 cents to $11.36. December soybean meal is up $0.10 to $317 while March soybean oil is down 0.17 cents to 50.93 cents.
Estimates for the WASDE report see soybean yields down 0.4 bpa in September to 53.1 bpa. Ending stocks are expected to be slightly higher at 306 mb and world ending stocks are seen slightly higher.
Surveys show that the soybean harvest is around 96% complete with a range of guesses between 94 and 98%. This would compare to last week’s survey of 91% and 96% from the USDA a year ago.

Wheat is trading lower to start the day with Dec Chicago wheat down 7-1/2 cents to $5.28-1/2, KC is down 6-1/2 cents to $5.17-1/4, and Minn wheat is down 2-1/2 cents to $5.17-1/2.
Estimates for the WASDE report see US ending stocks slightly higher from September at 869 mb while world ending stocks are expected to be higher as well at 265.9 mmt.
The winter wheat crop is estimated to be 96% planted which would compare to 92% a week ago and 91% a week ago. Crop ratings are estimated around 52% good to excellent which would be up from 44% at this time last year.

Amanda Brill