TFM Morning Update 11-14-2025

CORN

Corn futures are trading higher ahead of today’s report as export sales are finally starting to roll in. December corn is up 1/2 cent at $4.42-1/4 and March is up 1/4 cent to $4.55-3/4. Over the past 5 days, funds are estimated to have bought back 24,000 contracts of corn.
Export sales were released for the week ending September 25 as the USDA works to catch up on reports. Net corn sales were 1,417k tons, and top buyers were Mexico, South Korea, and Guatemala.
Estimates for today’s WASDE report see the 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.

Soybean futures are trading higher again this morning and have taken out all recent highs. November soybeans are up 6-3/4 cents to $11.38-3/4 while March is up 4 cents to $11.60-3/4. December soybean meal is down $0.20 to $328.20 and Dec soybean oil is up 0.24 cents to 50.49 cents.
The USDA will release export sales reports every few days until it is caught up by January. The report ending September 25 saw sales at 871k tons with top buyers the Netherlands, Egypt, and Japan.
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.

All three wheat classes are higher this morning with Chicago leading the wheat complex and grain complex in gains. December Chi wheat is up 7-1/4 cents to $5.43, KC wheat is up 6 cents to $5.31-3/4, and Minn wheat is up 1-3/4 cents to $5.71-1/2.
As of September 25, wheat export sales were seen at a mild 316k tons. Top buyers were Nigeria, South Korea, and Bangladesh, but China has reportedly purchased US soybeans recently.
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.

Amanda Brill