TFM Midday Update 11-25-2025

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 is trading mixed during the midday session as seasonal weakness approaches. December corn is trading lower at 4.23.
Reuters reports that a vessel is heading to the U.S. Gulf to load milo for shipment to China, and there are indications China may have booked another one or two cargos yesterday. These fresh sales are providing underlying support to the corn market.
Private forecasters are reporting heavy rains across parts of China’s key corn-growing regions, raising concerns about potential quality damage to the crop.
USDA released its final crop progress report of the season, showing corn harvest at 96% complete—right in line with the average. Wisconsin and North Dakota remain the primary laggards, each with just over 10% left to harvest.
Today’s export data covers the week ending October 9. Corn export sales came in at 52 million bushels, bringing year-to-date commitments to 1.210 billion bushels—up 55% from last year. USDA’s current export forecast of 3.075 billion bushels implies a 9% increase over last year.

Soybeans are trading lower, with activity muted in this short holiday week as the market continues to search for a price level that can stimulate larger Chinese buying. December soybeans are lower at 11.19. Soybeans and soybean oil are lower while soybean meal is extending gains.
China demand optimism ticked slightly higher yesterday following the Trump–Xi phone call, with the Chinese side describing the discussion as “maintaining positive momentum” in bilateral trade relations. President Trump is scheduled to visit China in April, with President Xi expected to visit the U.S. later next year.
Secretary Rollins said the signing of the deal with China is likely to occur this week or next, potentially including the removal of the remaining tariffs on U.S. soybeans. Such a move could open the door for increased private-sector purchases.
Today’s export data covers the week ending October 9. Soybean sales of 29 million bushels brought year-to-date commitments to 499 million bushels, down 36% from last year versus USDA’s current forecast, which projects a 13% decline from a year ago.

Wheat is trading higher in the midday session, supported by gains in other major grain markets. Chicago December wheat is up at 5.24.
USDA reports winter wheat seeding is 97% complete. Overall crop conditions improved 3% to 48% rated good to excellent, down from 55% at this time last year. Soft Red Winter (SRW) conditions fell 2%, while Hard Red Winter (HRW) conditions rose 3%.
IKAR reports that Russian export prices have declined $1 per ton this week, falling to $228 per ton.
Today’s export data covers the week ending October 9. Wheat sales of 23 million bushels brought year-to-date commitments to 568 million bushels, up 25% from last year versus the USDA forecast of a 9% increase.

Lauren VandenLangenberg