TFM Midday Update 11-19-2025

CORN

Corn futures have followed soybeans lower at midday. December futures have lost 4-½ cents to 432-¼. March futures have lost 4-¾ cents to 444-¾.
The EIA reported record ethanol production last month at 1.123 million barrels per day. While output has since pulled back, analysts still anticipate ethanol demand will consume more corn than in recent years.
Strong early-season export demand has helped support nearby corn prices, with robust export shipments and steady ethanol use underpinning the cash market as buyers secure bushels to meet their needs.

Soybeans are trading lower at midday. January futures have lost 12-¼ cents to 1141-¼. March futures have lost 11-¼ cents to 1149.
The soybean market strengthened earlier this week following signs of the largest volume of U.S. soybean sales to China since the late-October agreement to ease trade tensions between the two countries.
Following a Reuters report that Chinese state-owned grain trader COFCO purchased roughly 840,000 metric tons of U.S. soybeans for December and January shipment, the USDA confirmed Tuesday that China bought 792,000 metric tons of American soybeans.
Despite trading lower, losses remain modest as this week’s sales have eased some market skepticism regarding Washington’s claim that China will purchase 12 million tons of U.S. soybeans by year-end.

Wheat futures are trading lower at midday from spillover weakness from soybeans. December Chicago wheat has lost 5 cents to 541-½. December KC wheat has lost 6-¼ cents to 520. Spring wheat has lost 1 cent to 582.
The wheat market received some support from expectations that China may purchase U.S. wheat as part of broader agricultural trade. However, the outlook remains fundamentally bearish due to ample supplies in major producing regions.
Chinese customs data show that October imports of wheat and wheat flour totaled 160,000 metric tons, down roughly 30% from a year ago. Year-to-date imports stand at 3.15 million metric tons, more than 71% below last year’s level.

Matthew Lucas