CORN HIGHLIGHTS:

• The corn market saw strong selling pressure today after March futures failed to hold the 450 level, triggering technical selling. March corn fell 6 ½ cents to 443 ½, while May declined 6 ¾ cents to 450 ¾.
• March corn futures failed to hold the 450 psychological level before today’s weakness. The 450 level likely triggered both profit taking on long positions and possible producer selling of stored corn.
• President Trump’s plan to propose a significant rollback in fuel-economy standards for automobiles added additional pressure on corn and soybean markets. Adjusting these standards could affect ethanol and biodiesel usage, prompting some grain-market profit taking following the headline.
• Weekly Ethanol production for the week ending November 28 reached another new all-time high. Last week, daily production totaled 331 million gallons/day, up 5% over last year. There was 112 mb of corn used last week for ethanol production, and the current corn usage pace is ahead of the USDA target for the marketing year.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day significantly lower, marking the third consecutively lower close. Today’s move came on little fresh news and may be technical in nature as a potential head and shoulders is forming on the chart. January soybeans lost 9 cents to $11.15-3/4 while March lost 9-1/2 cents to $12.25-1/2. January soybean meal lost $0.30 to $311.30 and January soybean oil lost 1.01 cents to 51.67 cents.
• An increasing number of U.S. soybean shipments are heading to China and are expected to load through December. Six bulk cargo vessels are scheduled to leave Gulf Coast terminals through mid-month with more expected into the end of the year.
• U.S. Treasury Secretary Scott Bessent said today that China is on track to complete its commitment to purchase 12 mmt of soybeans by the end of February 2026. This marks a shift from earlier comments suggesting the purchases would be completed by year-end.
• Brazilian soybean planting is reported at 89% complete by AgRural which compared to 81% a week ago and 91% a year ago at this time. Despite good South American weather, StoneX has trimmed its outlook for Brazilian soybean production to 177.2 mmt, which is down 0.9% from their previous estimate.
• Earlier worries about patchy rainfall in Brazil have eased, as heavy showers across central and northern growing regions have improved soil moisture. Weather in Argentina has also been generally favorable.

WHEAT HIGHLIGHTS:

• Wheat posted modest losses across all three classes, following the lower corn and soybean markets. Weakness today comes despite the U.S. Dollar Index dropping to the lowest level since the end of October, as well as threats from Vladimir Putin that Russia is prepared to fight other European nations if provoked. March Chicago lost 2-3/4 cents to 538-1/4, Kansas City was down 3-1/2 at 529-1/2, and MIAX closed 4-1/2 lower at 576-1/4.
• Statistics Canada will release updates tomorrow; they are expected to increase their domestic wheat production forecast by about 1.4 mmt to 38.5 mmt versus their last estimate. This would also be up from last year’s production, which was just slightly under 36 mmt.
• According to SovEcon, Russian wheat export values have fallen about $4 since the middle of November to around $228-$230/mt. This may be in part due to pressure from lower Argentine offers because of their bountiful harvest. Argentina’s wheat export values are said to be closer to $208/mt.
• LSEG commodities research has estimated Ukrainian 26/27 wheat production at 22.8 mmt, which is steady with their previous forecast. According to Ukraine’s ag ministry, about 4.7 million hectares of winter wheat were planted.

DAIRY HIGHLIGHTS:

• Class III milk futures ended the session mixed to mostly higher. December added 3 cents to close at $15.80, while January slipped 7 cents to finish lower at $15.26.
• Spot cheese extended its decline, falling 4.75 cents to close at $1.420/lb. Spot whey held steady at $0.730/lb.
• Spot butter inched higher, gaining 0.50 cents to close at $1.4650/lb. Spot powder also firmed, adding 1.25 cents to finish at $1.1575/lb..
• Class IV milk futures also traded mixed, with January closing 15 cents higher at $13.58.
• November settlement prices for milk came in at $17.18 for Class III and $13.89 for Class IV.

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Author

Amanda Brill