CORN HIGHLIGHTS:

• The corn market finished with marginal gains on Thursday, supported by the Fed rate cut and continued strong demand. March futures gained 2 ¼ cents higher to 446 ½, while May added 2 ½ cents to 454 ¼.
• The corn market remained in its range-bound consolidation pattern. The March contract has hovered around 4.45 for 11 consecutive sessions, with resistance overhead at the 200-day moving average.
• USDA released weekly export sales for the week ending November 13 this morning as the USDA is trying to catch up on totals due to the government shutdown. For that week, exports reported news sales of corn at 2.380 MMT (93.7 mb). Mexico was the largest buyer of U.S. corn for that week. Total commitments have reached 1.603 BB, up 30% from last year.
• The Federal Reserve cut the prime lending rate by 25 bps to 3.75% on Wednesday. The lower interest rate pressured the U.S. Dollar and could single a slightly higher rate of inflation. Those factors helped support commodity markets on Thursday
• Brazil Ag agency, CONAB, made a slight adjustment higher on the 2025-26 corn crop projection in there December crop report on Thursday morning. CONAB raised production from 138.84 MMT to 138.88 MMT based off slightly higher planted area.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher for the second consecutive session, supported by continued Chinese purchases. January soybeans gained 2-1/4 cents to $10.93-1/2 while March gained 1-3/4 cents to $11.02-3/4 finding support at $11.00. January soybean meal gained $0.90 to $302.10 and January soybean oil lost 0.27 cents to 50.82 cents.
• So far this week, China has purchased 400,000 metric tons of soybeans for delivery for 25/26. Three separate sales went to unknown destinations with one at 119,000 mt, one at 226,000 mt, and the other 212,000 mt, all for 25/26. In addition, 120,000 mt of soybean cake and meal were sold to Poland for 25/26.
• U.S. soybean crushing for October hit 237.1 million bushels according to the USDA. This was up 9.9% from the previous year and was up from 204.95 mb in September. Strong domestic crush demand has not been enough to offset the lack of Chinese demand, but that may change if China continues buying.
• U.S. Trade representative Jameison Greer testified before the House Appropriations Committee late Tuesday and extended the timeline on the 12 MMT Chinese purchases. He stated that there is a “discrepancy” in the actual completion date and the purchases are for the growing season or completed by August 30.

WHEAT HIGHLIGHTS:

• Wheat closed in mixed fashion – March Chicago gained 4 cents to 533-1/2, Kansas City lost 1 cent to 522-1/4, and MIAX was up 1 cent at 576-1/4. The U.S. Dollar Index fell to its lowest level since mid-October following yesterday’s Fed rate cut. The weaker dollar may help keep U.S. wheat futures supported despite declining MATIF prices and stiff competition from Argentina, which currently holds the world’s cheapest export offers.
• CONAB has increased their estimate of Brazilian wheat production to 7.96 mmt, up 3.6% from their last projection. For reference, the USDA is using a production figure of 7.7 mmt.
• The weather forecast for Australia over the next two weeks calls for calm conditions – warmth is expected to move from southwest areas to southeast areas. In general, southern areas will remain mostly dry. All of this is favorable for the completion of their wheat harvest.
• According to the Rosario Grain Exchange, the 25/26 Argentine wheat harvest could reach 27.7 mmt. This is an increase from their previous forecast of 24.5 mmt and would be a new record if realized; higher yields after favorable weather are cited as the reason for the boost. Reportedly, 58% of the crop’s 7.17 million hectare area has been harvested so far.

DAIRY HIGHLIGHTS:

• Spot cheese fell slightly to a new low of $1.37875/lb today as it enters Friday down 1.75 cents on the week. Spot whey was unchanged but is up 1.50 cents through Thursday.
• Class III futures were down today, ranging in losses of 4 to 10 cents. The second month contract finished at $15.39.
• It was a quiet day on the Class IV spot products with butter up a quarter cent and powder down a half cent, which matches their weekly moves so far.
• Class IV milk contracts were mostly unchanged today with a few closing up 1-2 cents from Wednesday afternoon.

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Author

Amanda Brill