TFM Morning Update 11-11-2026

CORN

Corn futures are trading lower this morning giving back some of yesterday’s gains following a friendly USDA report. December corn is down 2-3/4 cents to $4.46-1/4 while March is down 2-1/4 cents to $4.59-1/2. The decline in the carryout could cause funds to step back in as buyers.
Yesterday’s report saw the estimated corn yield fall to 179.6 bpa from 181.2 bpa in October’s report. Export demand and feed usage fell by 25 mb each, but ending stocks still fell to 1.758 bb from 1.849 bb last month. World ending stocks increased slightly.
Private exporters reported a sale of 312,700 metric tons of corn for delivery to Mexico for the 26/27 marketing year and another sale of 150,000 mt to Mexico for the same period.

Soybean futures are trading lower to start the day after a very sharp rally yesterday which saw beans close over 40 cents higher. November soybeans are down 5 cents to $12.19-1/2 while March is down 5-3/4 cents to $12.28-3/4. December soybean meal is down $1.80 to $324.70 and soybean oil is up 0.68 cents to 63.48 cents.
Yesterday’s WASDE report saw the soybean yield increase slightly as expected to 53.3 bpa from 53.1 bpa last month. Export demand was increased by 25 mb which caused US ending stocks to fall by 15 mb to 300 mb. World ending stocks fell by 0.8 mmt which added to bullishness.
In Brazil, rain showers have been frequent but lower than normal amounts in central Brazil and have been below the forecast. If this continues, soybeans may have issues with below normal soil moisture levels which could set them up poorly for later in the season.

Wheat is trading higher this morning and while it traded higher yesterday, it likely just followed corn and soybeans as the report was not very bullish. December Chicago wheat is up 1-3/4 cents to $5.94-1/2 while KC wheat is up 2 cents to $6.36-1/4.
Yesterday’s USDA report saw US ending stocks for wheat increase to 743 mb from 740 mb last month, and world ending stocks increase to 280.8 mmt from 276 mmt last month which was above analyst estimates.
Ukraine, Russia, and the US are currently meeting in Abu Dhabi to discuss a route to opening the Strait of Hormuz, but there is pessimism that a deal can be reached. The US has not managed to pick up as many missed exports from the Black Sea region as initially hoped which has been bearish.

Amanda Brill