CORN HIGHLIGHTS:

• Corn futures finished mixed to slightly higher on the session Tuesday with buying strength noted in the front end of the corn market. December corn gained 2 cents to 436 ¾, while March added 1 ½ cents to 449 ½.
• The corn market has moved back into consolidation mode after the USDA report on Friday. Prices are trading around the key 200-day moving average, which can act as a pivot point in market prices.
• The strong export demand on the front end of the corn market helped support those prices as export shipments and ethanol grind supports the cash corn market in order to meet the movement of corn bushels.
• Corn export inspections are trending at a strong pace to start the marketing year. The current total of 624 MB exported is well above last year, and 116% or 330 mb ahead of the five-year average.
• The US corn crop is nearly harvested. With the return of the USDA crop progress report, as of Nov 16, the corn crop was 91% harvest. Slight below the five-year average.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly lower following big gains yesterday but also backed off sharp highs earlier this morning. At one point soybeans were trading nearly 12 cents higher on positive Chinese trade news. January soybeans were up 3-3/4 cents to $11.53-1/2 and March was up 3 cents to $11.60-1/4. December soybean meal was down $3.80 at $327 and December soybean oil was up 1.03 cents to 52.17 cents.
• Despite lower trade, soybean prices were supported between yesterday and today thanks to a report that China purchased 792,000 metric tons of soybeans for delivery in 25/26. 75% of the sales were out of the Gulf and the rest out of the PNW.
• Soybean oil broke out higher today despite the losses in soybeans and meal thanks to yesterday’s soybean crush data. It was shown that soybean oil stocks were significantly lower than a year ago despite a record October crush. This indicates good demand and could lead soybeans higher.
• Yesterday’s NOPA crush report was extremely strong at 227.6 million bushels crushed in October. This was an all-time monthly record and was up 14% from a year ago. It was also above all analyst trade estimates which averaged at 209.5 mb. Soybean oil stocks were 1.305 billion pounds and were up 21.5% from last year.

WHEAT HIGHLIGHTS:

• Wheat closed in mixed fashion; December Chicago gained 2-1/4 cents to 546-1/2, Kansas City was down 2-1/2 at 526-1/4, and MIAX gained 9 cents to 582-3/4. Unlike in soybeans, there was no confirmed Chinese purchase of US wheat, as was rumored yesterday. The “buy the rumor, sell the fact” mentality may have kept weight on wheat prices today.
• In the first update since the government shutdown, the USDA’s crop progress report indicated that as of Sunday, winter wheat planting was 92% complete, which compares with 94% last year and 95% on average. Additionally, 79% of the crop has emerged and is rated 45% good to excellent, down from 49% at this time last year.
• According to Chinese customs data, their October imports of wheat and wheat flour amounted to 160,000 mt, down about 30% year over year. Additionally, year to date imports totaled 3.15 mmt, down more than 71% year over year.
• A recent report from CONAB indicated that Brazil’s wheat production may total 7.7 mmt this season, which would be down 2.6% from 2024. Nevertheless, initial stocks combined with imports have led to domestic availability of 15.8 mmt, about 3.5% greater than the amount at the same time last year.

DAIRY HIGHLIGHTS:

• Class III futures were mixed with remaining 2025 contracts trading higher, while January through April contracts were seen falling. Both the February and March contracts lost 8 cents to close at $16.10 and $16.39, respectively.
• Spot cheese ticked slightly higher on the day to move to $1.5875/lb. Whey was unchanged from Monday at $0.7850/lb.
• Class IV futures pulled back on the day after seeing some recent strength. The January contract led the way lower, dropping 33 cents to close at $14.01.
• Spot butter lost 2.50 cents for a second straight day to close at $1.5250/lb. Powder was unchanged from the day prior at $1.1950/lb.
• Today’s Global Dairy Trade auction event was down 3.0% from the previous auction to 1,102 points. Cheese, butter, skim and whole milk powder were all down on the auction as well.

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Author

Brandon Doherty