CORN HIGHLIGHTS:

• Corn futures finished higher for the third consecutive session, and optimism of the government shutdown ending and positioning for Friday’s USDA report supported the corn market. December corn gained 3 ¼ cents to 435 ¼, while March added 2 ¼ cents to 449 ½.
• Technically, corn posted a strong close, finishing near the top of its recent trading range. Front-month contracts are testing key resistance at $4.37 for December and $4.50 for March. A move through these levels could trigger technical buying and strengthen upward momentum.
• USDA is releasing the November Crop Production and WASDE report on Friday. Expectations are for the USDA to lower corn yield to 184 bu/acres but increase carryout slight to 2.168 billion bushels. Corn market participants will be looking for trends in Friday’s report of demand staying strong, and the crop getting smaller.
• The House of Representatives is expected to vote Wednesday to end the government shutdown. If passed, the resumption of key USDA reports — including export sales — will provide a clearer picture of demand. With export inspections running strong, traders will look for sales data to confirm sustained buying interest.
• Analysts have raised the size of the Brazilian corn crop for the upcoming season. The corn crop is expected to reach 143.56 MMT, up from 142.49 MMT in last month’s projections.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher moving off their earlier morning lows and trading near the top of the recent trading range. November soybeans expire this Friday but were up 7-1/4 cents to $11.20-1/2 and March soybeans were up 6 cents to $11.44. December soybean meal was up $4.10 to $321 and December soybean oil was down 0.48 cents to 50.62 cents.
• Estimates for the WASDE report see soybean yields down 0.4 bpa from September to 53.1 bpa. Ending stocks are expected to rise slightly to 306 mb from 300 mb last year, though much will depend on demand revisions. World ending stocks are also projected modestly higher.
• The government is expected to reopen this week after the Senate voted to end the shutdown. This will restore key export sales data, providing a clearer picture of soybean demand and the extent of China’s recent U.S. purchases following its pledge to buy 12 mmt this year.
• China’s COFCO has agreed to a billion-dollar deal with Brazilian soybean and palm oil producers. China will reportedly purchase nearly 20 million tons of product worth over 10 billion dollars. So far, China has only made modest purchases of U.S. soybeans.

WHEAT HIGHLIGHTS:

• Today, wheat closed neutral to slightly higher. Paris milling wheat futures closed higher for the first time in the past six sessions, which offered support to the US market. However, the fact that both Argentine and Russian wheat export values are said to be below those of US may have limited the upside movement in the futures market. December Chicago was unchanged at 536, KC gained 1-3/4 cents to 525-1/2, and MIAX was up 1/4 cent at 569-3/4.
• The average pre-report estimate for US 25/26 wheat ending stocks comes in at 862 mb, which would be up from 844 mb in September. Meanwhile, global wheat carryout for 24/25 is expected to rise 0.2 mmt to 262.6 mmt, and for 25/26 is anticipated to increase 2.0 mmt to 266.1 mmt.
• According to data from the European Commission, EU soft wheat exports have reached 8.4 mmt for the period of July 1 – November 9. This is down 4% year over year; 8.7 mmt were shipped during a similar timeframe last year.
• LSEG commodities research has kept their estimate of US 26/27 wheat production unchanged from their last forecast at 51.7 mmt. Winter wheat production specifically is projected at 36.6 mmt on a planted area of 33.01 million acres.
• The French agriculture ministry has estimated their nation’s soft wheat crop production at 33.3 mmt, up 0.1 mmt from their October forecast. If realized, this would be 30% over the output from 2024 (which was historically low) and also 4.7% above the five-year average.

DAIRY HIGHLIGHTS:

• Class III milk futures continued lower, with December falling 30 cents to close at $16.62.
• Spot cheese moved lower, losing 5.5 cents to close at $1.59875/lb, while spot whey remained steady at $0.750/lb.
• Class IV futures saw minimal trading activity, with no movement in the remaining 2025 contracts.
• Spot butter remained unchanged at $1.500/lb, while spot powder gained 0.25 cents to close at $1.1575/lb.

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Author

Amanda Brill