CORN HIGHLIGHTS:

• Corn futures faced their fourth consecutive session of selling pressure weighing on the market. December corn futures have started to test trend support near 424. A break below this level could encourage additional technical selling pressure. December corn closed 1-¾ cents lower to $4.23-¾. March futures lost ¾ cent to close at $4.36-¾. December 2026 futures were unchanged at $4.60-00.
• In its Monday report, the USDA said U.S. corn export inspections totaled 1.63 million metric tons for the week ending November 20, down from 2.06 million tons the previous week. That prior week’s tally had been the highest in more than 30 years.
• The USDA’s delayed Grain Crushing report showed that 463.44 million bushels of corn were used for ethanol production in August. This is up 1.2% from July but 3.36% below the level seen a year earlier.
• The CFTC’s retroactive report for the week ending October 7 showed that funds were net sellers of corn, trimming another 6,656 contracts and deepening their net short position to 141,966 contracts at that point.

SOYBEAN HIGHLIGHTS:

• Soybeans were mixed to end the day in a relatively quiet fashion. January soybeans were down 1-3/4 cents to $11.23-1/4, March was down 2-1/4 cents to $11.32, but November 2026 soybeans were up 4-3/4 cents to $11.16-3/4. December soybean meal was down $0.90 to $314.20 and December soybean oil was down 0.08 cents to 50.18 cents.
• This morning, U.S. Ag Secretary Brooke Rollins said that the Trump administration is expected to have deals ready for aid for U.S. farmers. She also said that there should be more Chinese soybean purchases within the next two weeks. Shortly after these statements, China made a purchase of 123,000 tons of soybeans for delivery in 2025/2026.
• The USDA released U.S. soybean crushing numbers from August which were 198 million bushels, down from 205 mb in July but up 18.2% from the previous year at 167.5 mb. Crude oil production was up 18.2% from last year. Strong crush demand has offset some lack of export demand.
• Argentina’s planting progress reached 24.6%, up 12% from last week, although the Buenos Aires Grain Exchange noted some waterlogged fields that may remain unplanted. Meanwhile, LSEG warns that drought risks in southern Brazil and Argentina could increase in December due to La Niña formation, with southern Brazil already experiencing drying conditions.

WHEAT HIGHLIGHTS:

• Wheat markets ended the day lower in all three classes, as traders tested key support levels. Buying interest remained minimal, and the lack of fresh news contributed to the overall softer tone. Chicago December wheat was down at 5.22 ¾. Kansas City December wheat closed down at 5.07 6/4
• The U.S. has set a Thursday deadline for Ukraine to decide on the Black Sea peace proposal. If an agreement is reached, it could ease logistical challenges for both Russia and Ukraine, improve export capacity, and increase global competition in the wheat market.
• SovEcon estimates Russia’s wheat exports for November at 4.7 million tons, down from 5.1 million tons in October.
• Beneficial rains fell across the Southern Plains, from the I-70 corridor south into Texas, and are expected to shift into the eastern SRW regions later this week. The U.S. 6–10 day outlook calls for cooler temperatures and above-normal precipitation across the Plains and Midwest pushing the crop towards dormancy.
• Wheat inspections totaled 17 million bushels, coming in above expectations and slightly above the 15 million bushels needed each week to meet the USDA forecast. Year-to-date inspections stand at 472 million bushels, up 20% from last year, compared with the USDA’s projected 9% increase.

DAIRY HIGHLIGHTS:

• Spot butter was offered 1.75c lower on Monday and hit its lowest level since February 2021 at $1.46/lb.
• The constant selling pressure in butter is keeping Class IV on the defensive. Several Class IV contracts hit new lows on Monday as a result.
• Class III saw a pause in the selling, despite another down day for cheese. The market may be entering oversold territory.
• Whey futures are starting to pullback from the recent high.
• News this week could be limited, so daily spot market movement will likely dictate price action.
• The dairy market will be closed on Thursday for Thanksgiving and will be closed Friday for the Black Friday holiday as well.

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Author

Amanda Brill