CORN HIGHLIGHTS:

• Corn futures fell sharply on Friday as a bearish USDA report pressured the market. December corn dropped 11 1/4 cents to 430 1/4, while March fell 11 1/2 cents to 444. Despite the selloff, December corn still finished the week 3 cents higher overall.
• The USDA lowered national corn yield to 186 bu/acre, down 0.7 bu from September but above the trade expectation of 185. The higher-than-expected yield pushed production to 16.752 billion bushels—a new all-time record, surpassing the previous high from 2023 by nearly 1.5 billion bushels.
• With the addition of the 200 mb corn bushel found on the September Grain Stocks Report and the heavy level of production, carry out projections for the 2025-26 marketing year despite a 100 mb increase in export demand, increased to 2.154 BB and a stock-to-use ratio of 13.3%, which reflects a heavy supply of corn.
• USDA also released Daily Export Sales totals from October 1–November 13, covering large-lot sales reported during the shutdown. Corn sales reached 4.37 MMT (172 mb) over that span, with Mexico remaining the largest buyer.
• Despite staying positive on the week, corn futures posted a negative turn on the charts technically. Trade next week could remain pressured by technical selling and possible selling pressure from other grains. However, the weakness in corn prices should open the U.S. market back up for additional export activity.

SOYBEAN HIGHLIGHTS:

• Soybeans finished sharply lower on Friday following a bearish USDA report that cut export demand and heightened concerns over China’s recent absence from the market. November lost 19-1/2 cents to $11.12-3/4 and expired today, and March lost 20-3/4 cents to $11.36. December soybean meal lost $5.90 to $322.50 and December soybean oil lost 0.10 cents to 50.15 cents.
• The WASDE report lowered U.S. soybean yield to 53.1 bpa, down from 53.5 in September, and reduced total production. Ending stocks dipped to 290 mb (from 300 mb), but the cut of 50 mb in export demand outweighed the supportive supply changes, making the report net bearish. World ending stocks rose slightly to 124.21 mmt from 123.99 mmt.
• Market pressure also stemmed from limited Chinese buying. While China pledged to purchase 12 mmt of U.S. soybeans before year-end, confirmed sales remain just under 1 mmt, fueling skepticism that the target will be met.
• For the week, November soybeans gained 11 cents and March soybeans gained 10-1/4 cents. They remain near highs of the year but backed off from yesterday’s highs. December soybean meal gained $5.40, and December soybean oil lost 0.47 cents.

WHEAT HIGHLIGHTS:

• After a bearish tilt to the WASDE report, wheat closed lower across the board in all three classes. December Chicago lost 8-1/2 cents to close at 527-1/4, Kansas City was down 10-1/2 cents at 515-1/4, and MIAX closed 5 cents lower at 564-3/4. The losses for MATIF wheat also offered no support, with the December contract posting a new near-term low today.
• The USDA raised U.S. 25/26 wheat carryout to 901 mb, up from 844 mb in September. Globally, 24/25 ending stocks were trimmed to 261.4 mmt, but 25/26 stocks were raised sharply by 7.3 mmt to 271.4 mmt, adding to the bearish tone.
• USDA left U.S. wheat exports unchanged at 900 mb and kept production steady at 1.985 bb. The global production outlook drove much of the downside pressure, with higher output estimates for Argentina, Australia, Russia, Canada, and the EU. World wheat production is now projected at 828.89 mmt, up from 816.20 mmt in September.
• Adding to weakness for wheat is talk that the Indian government may allow for the export of wheat products for the first time in over three years.
• The Buenos Aires Grain Exchange followed in the footsteps of the Rosario Grain Exchange by also increasing their estimate of Argentinian wheat production. For the 25/26 crop year, the estimate was raised 2 mmt to 24 mmt. This is 0.5 mmt below the Rosario Grain Exchange but above the USDA’s new estimate of 22 mmt (previously 19.5 mmt).
• In other news, FranceAgriMer has reported that the French soft wheat crop was 89% planted as of Monday, up 10% from the week before. This compares with a pace of 76% at the same time a year ago and the five-year average of 83%.

DAIRY HIGHLIGHTS:

• Remaining 2025 Class III contracts were mixed with November up 2 cents to $17.22 while the December contract lost a penny to go home at $16.68.
• Spot cheese ticked lower on the day to $1.59125/lb. Whey improved 3 cents to $0.78/lb, which is its highest price since December 2024.
• Class IV milk futures continued to find support today with Q1 2026 contracts up more than 20 cents. The February contract saw the biggest leap on the day, improving 45 cents to close at $14.48.
• Spot butter gained 2.25 cents to close out the week at $1.5750/lb. Powder added 1 cent to close at $1.1825/lb.

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Author

John Heinberg