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 HIGHLIGHTS:

• Corn futures closed out the month of November with higher trade as the strong tone of demand supports the corn markets. On the last trades for the day, December corn futures added 3 ½ cents to 435 ¼, and March gained 2 ½ cents to 447 ¾. For the week, March futures traded 10 cents higher.
• USDA’s delayed export sales report for week ended October 16: Net sales of 2.823 mmt (111.1 mb) for 2025/26, topping expectations (1.4–2.5 mmt); plus 571,500 mt (22.5 mb) for 2026/27. Pace marks one of the strongest starts on record—up 72% y/y cumulative through mid-Nov.
• USDA flash sale announced this morning: 273,988 mt (10.9 mb) of corn to unknown destinations for 2025/26 delivery.
• Dalian corn futures prices (China) have been rallying since mid-October and have reached their highest price levels since July. Though the Chinese corn crop was large, wetness in the key northern growing regions limited the crop quality.
• The global stocks-to-use ratio for corn supplies is at its lowest point in a decade at 21.7%. The strong demand for corn globally is likely to support the corn market in the near-term.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher going into the weekend with primary support from soybean oil. January soybeans were up 5-3/4 cents to $11.37-1/4 and March was up 4-1/2 cents to $11.45-1/4. December soybean meal was down $2.20 to $314.90 and December soybean oil was up 0.89 cents to 51.76 cents.
• Support today came from a sale of 312,000 metric tons of soybeans for delivery to China for the 25/26 marketing year. China has continued to buy soybeans from the U.S. and have reportedly reached 67 cargoes which is 35% of the 12 mmt they committed to. These purchases are political in nature as Brazil remains the cheaper option.
• Today’s USDA export sales report (through Oct 16): Net sales up 40.7 mb for 2025/26, a solid week despite cumulative exports down 38% y/y. Shipments of 63.3 mb exceeded the ~31.1 mb weekly pace needed to hit USDA’s 1.635 bb target.
• More supportive news today was that China halted some Brazilian soybean imports due to contamination. 5 Brazilian plants owned by major global ag firms were flagged for sanitation concerns. 2 of Cargill’s plants were hit. Brazil is on track to produce 178 mmt of soybeans this season.

WHEAT HIGHLIGHTS:

• Wheat traded both sides of neutral today but finished lower. March Chicago last traded 2 cents lower to 538-1/2, Kansas City was down 2 at 528, and MIAX down 1/2 cent to 578. It was a relatively quiet day, given the holiday week and early close for the trading session. A lack of fresh friendly news paired with a lower close for MATIF wheat may have kept pressure on US wheat futures today.
• In an update from the Buenos Aires Grain Exchange, Argentina’s 25/26 wheat production is now estimated at 25.5 mmt, up from 24 mmt previously. The bump is said to be due to better than anticipated yields as harvest advances. The BAGE also reported harvest to be 33.9% complete.
• FranceAgriMer: French soft wheat sowing at 98% complete as of Nov 25 (up 1 point w/w), ahead of 93% last year and five-year average of 94%.
• The Russian agriculture ministry reported that their wheat export tax increased 14.6%, from 202.7 to 232.3 Rubles/mt. The duty will remain in effect until December 3, and the rates for corn and barley remained at 0%.

DAIRY HIGHLIGHTS:

• NO DAIRY REPORT TODAY

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Author

Amanda Brill