TFM Midday 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 trading higher during the midday session, drawing support from buying by South Korean feeding firms as traders position ahead of tomorrow’s holiday. December corn is up at 4.27 ¾.
Four different South Korean feed buyers purchased corn, with some strictly from the U.S. and others on an optional-origin basis, providing a modest boost to U.S. corn prices.
Open interest fell by nearly 40,000 contracts yesterday, bringing it to its lowest level since mid-September.
Ukraine’s season-to-date exports stand at 3.12 million tons, down sharply from 6.98 million a year ago, pressured by transport disruptions from Russian attacks and delays from a wetter-than-normal harvest requiring additional corn drying.
Ethanol production increased to 327 million gallons in the week ended Friday, November 21, up from 321 million the previous week, but down 0.5% from the YA. There were 111 million bushels of corn used in the production process.

Soybeans are trading steady to slightly higher at midday, a mild disappointment despite reports that China purchased 10–15 cargoes of U.S. beans yesterday. With tomorrow’s holiday, today’s trading is expected to be light, and prices are unlikely to move significantly in either direction. Soybeans and soybean oil are extending gains, while soybean meal is showing some weakness. January soybeans are up to 11.29¼.
The lackluster market response is believed to stem from declining Brazilian premiums, which are shifting non-Chinese buyers back toward South American supplies. Meanwhile, China’s purchases have already surpassed 3 million tons of its initial 12-million-ton commitment.
Forecasts call for very cold temperatures and pockets of heavy snow across the north-central Midwest and Great Lakes this week. The adverse conditions could hinder soybean processor activity and reduce crush rates in the near term.

Wheat futures are trading higher at midday as spillover strength from the broader grain complex lifts the market ahead of tomorrow’s holiday break. December Chicago wheat is up at 5.30 ¼.
Markets are reacting to developments surrounding a potential Russia–Ukraine peace deal after Russia commented overnight. Moscow said it is premature to suggest that any agreement is close, despite reports that Ukraine is considering a U.S. proposal. President Trump has removed tomorrow’s deadline for Ukraine to accept the deal and announced that U.S. envoys will travel to both Ukraine and Russia to help facilitate negotiations.
LSEG raised its Australian crop estimate to 35.6 million tons, up 2.3% from the prior forecast, and increased Argentina’s production outlook to 21.0 million tons—an 8% boost—though still below the USDA’s 22.0-million-ton projection.

Tanner Wilson