TFM Morning Update 11-26-2025

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 27: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 28: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

CORN

Corn futures are mixed this morning with slight gains in the front months but losses in the summer months and beyond. December corn is up 1/2 cent to $4.24, and March is up 1/2 cent to $4.38-3/4. The next level of support for December corn may be $4.20.
Export sales data was released for the week ending October 9 and showed corn sales at 1,327k tons, which compared to 2,260k the previous week and 2,226k tons the previous year. Top buyers were Mexico, unknown, and Spain.
In India, 25/26 food production estimates have been called higher thanks to good rains. Total corn output estimates have been revised higher by 3.5 mmt from last year, which could total 28.3 mmt.

Soybean futures are slightly lower this morning in more quiet trade, and prices have been consolidating for the past three days. November soybeans are up 1/4 cent to $11.25, while March is down 1/2 cent to $11.34-1/4. December soybean meal is unchanged at $317.00 and December soybean oil is up 0.13 at 50.43 cents.
Yesterday, Treasury Secretary Scott Bessent told CNBC that China was on track to meet their commitment to buy 12 mmt of soybeans by the end of the year. Since yesterday, China purchased at least 10 US cargoes of soybeans despite them being more expensive than Brazilian beans.
Export sales as of October 9 for soybeans were at 786k tons, which was down from the previous week of 924k tons. This was also down from the previous year of 1,703k. Top buyers were Mexico, Bangladesh, and Spain.

All three wheat classes are slightly higher this morning with December Chicago wheat up 1/4 cent at $5.27-1/4, KC wheat up 2-1/4 cents to $5.15-1/2, and Minn wheat up 5 cents to $5.85.
Export sales as of October 9 for wheat were at 614k tons which was down from the previous week’s 888k tons but was up from 504k tons the previous year. Top buyers were Thailand, the Philippines, and Mexico.
The winter wheat crop is reportedly 97% planted at this time, which is on par with the 5-year average. 87% of the crop has emerged, which is slightly behind the average of 89%. 48% of the crop is rated good to excellen,t which is up 3 points from a week ago but down 7 points from last year.

Amanda Brill