CORN HIGHLIGHTS:

• It was a difficult day in the grain markets as selling pressure continued, pushing corn futures lower to close out the week. March corn fell to its lowest level of the month, losing 5 ¾ cents to 440 ¾, while May futures declined 5 ¼ cents to 449.
• December corn futures ended its trading life today, finishing 3 ¾ cents lower to 431 ½ as the contract expired this afternoon. Contract exportation can trigger some additional volatility in the market and may have been an influence on the weakness today.
• Corn usage for ethanol has been running at a strong pace. The USDA announced that corn usage for ethanol in October totaled 476.4 mb, up 9% over last year.
• In the second consecutive session, USDA announced a flash export sale of corn. On Friday morning, it was announced that unknown destinations purchased 250,000 MT (9.8 mb) of corn for the current marketing year, following Thursday’s 7.3 mb sale to unknown buyers.
• Crude oil prices are trending lower as EIA projects supply to outpace demand in 2026, with a potential surplus of up to 3.8 million barrels per day. Weaker energy prices could weigh on ethanol producer margins.

SOYBEAN HIGHLIGHTS:

• Soybeans closed sharply lower and are moving closer to completing a head-and-shoulders formation and filling the open gap down to $10.765 in the March contract. January soybeans were down 16-3/4 cents to $10.76-3/4 while March was down 16 cents to $10.86-3/4. January soybean meal was up $0.40 to $302.60, and January soybean oil was down 0.75 cents to 50.07 cents.
• China’s Sinograin has scheduled a second soybean auction of 500,000 mt next week, likely to clear space for recent U.S. purchases. Even so, abundant global supply and a bearish technical structure continue to weigh on U.S. futures.
• USDA reported flash soybean sales for the third consecutive day. Today’s announcements included 132,000 mt of soybeans to China for 25/26 and 104,328 mt of soybean cake and meal to Mexico, with 93,895 mt slated for 25/26 delivery and 10,433 mt for 26/27.
• In Brazil, roughly 90 percent of the soybean crop is believed to be planted, and the growing season is off to a strong start. More consistent rainfall is expected to continue through December, supporting early crop development.
• For the week, January soybeans lost 28-1/2 cents while March lost 29-1/4 cents. March soybeans are now just 11 cents away from filling their October gap at $10.76. January soybean meal lost $4.90, and January soybean oil lost 1.62 cents.

WHEAT HIGHLIGHTS:

• Wheat was pulled lower by corn and primarily soybean futures today. A lack of fresh friendly news and ample global supplies also offer no support to the market. March Chicago lost 4-1/4 cents to 529-1/4, Kansas City was down 4-1/4 at 518, and MIAX slipped 1/2 cent to 575-3/4.
• Russia has reportedly kept their export tax on wheat at 0%. Other feed grains including corn were also kept at 0%. This will keep global competition stiff, but on the bright side, U.S. wheat export commitments are running 24% above last year as of November 13 (the most recent available data).
• The Chinese Statistics Bureau has indicated that their nation’s total 2025 grain production was up 1.2% year over year to 714.9 mmt. Of that total, they kept the 2025 wheat harvest estimate steady at 140.1 mmt, which is also in line with the USDA’s forecast.
• The Ukrainian economy ministry stated that their nation has harvested 55.5 mmt of grain as of December 11 on about 92% of the planted area. Total 2025 grain production is expected to reach 60 mmt versus 56 mmt last year. So far, just under 23 mmt of wheat has been collected.
• The Grain Industry Association of Western Australia (GIWA) has slightly reduced their projection of the region’s 25/26 wheat production by 50,000 mt to 13.0 mmt. Barley and canola production estimates were also trimmed. Despite the reduction, if realized, their 13 mmt figure would still exceed the five-year average of 11.2 mmt. Nationally, the Australian government is looking for a total wheat crop of 35.6 mmt.

DAIRY HIGHLIGHTS:

• Class III prices ended the week in strong fashion. January futures closed out the week 53 cents higher to close at $15.92.
• Spot cheese improved just 0.25 cents on the day to close at $1.38125/lb. Whey gained half a penny to end the week at $0.7650/lb.
• Class IV milk futures were steady on low volume trading and an uneventful spot trade for its products. January futures remain at $13.70.
• Spot butter was unchanged for a second straight day at $1.48/lb while powder prices lost half a cent to go home at $1.16/lb.

Total Farm Marketing and TFM refer to Stewart-Peterson Group Inc., Stewart-Peterson Inc., and SP Risk Services LLC. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of the National Futures Association. Stewart-Peterson Inc. is a publishing company. SP Risk Services LLC is an insurance agency. A customer may have relationships with all three companies. TFM Market Updates is a service of Stewart-Peterson Inc. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

Author

Brandon Doherty