MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

WEDNESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT). There will be no Daily Market Summary.

THURSDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN HIGHLIGHTS:

• Corn ended Monday’s trading session higher, supported by rumors of continued Chinese buying and strong demand from markets outside China. Although the USDA has not yet confirmed any Chinese flash sales for the start of the week, such purchases could still occur before the end of the year. March corn closed at 4.46 ¾, reflecting optimism in the market amid ongoing global demand.
• Today’s export data reflects activity through the week ending December 4. Corn exports totaled 58 million bushels, bringing year-to-date commitments to 1.804 billion bushels. This represents a 30% increase from last year, well above the USDA forecast of a 12% gain. Major buyers included Mexico with 26 million bushels, Taiwan with 12 million, and both Colombia and Japan at 9 million bushels each.
• COT data for the week ending December 9 showed funds net long just under 10,000 contracts; however, unofficial estimates suggest the current net position is near flat.
• Safra’s estimated Brazil’s total corn production at 142.88 million tons, down from their previous forecast of 143.56 million tons.
• Ukraine has completed 86% of its harvest, signaling a strong domestic crop yield this year. However, exports are moving slowly and are expected to remain limited due to ongoing attacks on key ports.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher as we near the Christmas holiday thanks to more purchases from China. January soybeans gained 4 cents to $10.53-1/4 while March gained 5-1/2 cents to $10.65. $11.00 may be the short-term target on the upside. January soybean meal gained $1.00 to $298.60 while January soybean oil gained 0.65 cents to 48.55 cents.
• Supportive news came from the USDA announcement that China purchased 396,000 tons of soybeans for delivery in 25/26. This was one of the larger sales over the past few weeks and follows a purchase nearly every day for the past two weeks. They have now purchased over 6 mmt and will likely meet their commitment of 12 mmt by the end of the marketing year or sooner.
• CFTC data from Dec 9 showed funds selling 35,088 contracts of soybeans leaving them long 180,338 contracts. They sold 4,952 contracts of bean oil and were short 7,636 contracts and they sold 29,397 contracts of bean meal leaving them long 28,265 contracts.
• In Brazil, weather has been very beneficial with rainfall moving through key growing areas, but some areas may be receiving too much rain. The Brazilian crop will likely still be record large at around 175 mmt estimated by the USDA, but some private estimates now exceed 180 mmt.

WHEAT HIGHLIGHTS:

• The wheat market made a positive stride today, led by the winter classes. A combination of new Black Sea tensions, oversold technicals, a higher close for MATIF wheat, and a lower trade for the U.S. dollar all lent support to wheat today. Additionally, there is increasing concern about the growing conditions for the U.S. HRW crop. March Chicago gained 5-3/4 cents to 515-1/2, Kansas City was up 6 cents at 521-1/4, and MIAX rose 2 cents to 580.
• Weekly wheat inspections were pegged at 23.1 mb, bringing total 25/26 inspections to 542.1 mb, up 23% from last year. Inspections are currently running above the USDA’s estimated pace; total 25/26 exports are forecasted at 900 mb, up 9% from the year prior.
• With mid-week temperatures expected in the 70s for parts of Kansas, and reaching into the 60s as far north as South Dakota, the HRW wheat crop could awaken from dormancy with little to no snow cover. Temperatures are expected to remain elevated into the end of the year, but when cold conditions do return, there is the potential for crop damage and winterkill.
• According to their federal statistics office, German farmers planted 2.9 million hectares of winter wheat for the 2026 harvest. This is virtually unchanged, up only 0.3% year over year. Meanwhile, there were bigger increases in sowing for winter barley and rapeseed.

DAIRY HIGHLIGHTS:

• Class III milk futures are starting out the week mixed with front months trading lower while deferred contracts were seen improving. January futures dropped 30 cents to close at $15.28.
• Spot cheese lost a penny to start the week, closing at $1.38/lb. Whey prices were unchanged from Friday at $0.7050/lb.
• Class IV milk futures were also mixed on Monday due to a mixed spot trade for butter and powder. January futures lost 4 cents to close at $13.76.
• Spot butter fell 3 cents to close at $1.33850/lb while powder prices improved 1.25 cents to go home at $1.17/lb.
• November milk production increased 4.50% year-over-year. The US dairy herd grew 211,000 head from November 2024 but was unchanged from October 2025.

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Author

Brandon Doherty