CORN HIGHLIGHTS:

• Corn prices stayed in a consolidation pattern ahead of Tuesday’s USDA WASDE report as the strong demand pace balanced against the weakness in the soybean market. March corn finished 1 cent lower to 443 ¾ while May corn slipped 1 cent to 451 ¼.
• USDA will release the December WASDE report on Tuesday. December is a typically less volatile report, but with the government shutdown delaying some information, strong adjustments could be on the table. Expectations are for the USDA to adjust some demand factors and slightly lower ending stocks to 2.146 bb from 2.154 BB in the November report.
• USDA released weekly export inspections for the week ending December 4 total 1.453 MMT (57.2 mb), just above the range of expectations. Total corn shipments have reached 20.630 MMT (812 mb), trending nearly 70% above last year.
• USDA released corn export sales for the week of November 6 this morning. Total new sales reached 979,500 MT (38.6 mb). Total sales commitments have reached 1.509 billion bushels versus 1.177 billion bushels last year.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day sharply lower as traders lose confidence that China will meet their purchasing commitments. January soybeans lost 11-1/2 cents to $10.93-3/4 while March lost 10-3/4 cents to $11.05-3/4. Front months were primarily affected as Nov futures were only down 2-1/2 cents to $11.01-1/2. January soybean meal was down $1.10 to $306.30 and January soybean oil was down 0.51 cents to 51.18 cents.
• Estimates for tomorrow’s WASDE report see U.S. soybean ending stocks rising by 16 mb to 306 mb, likely due to a decrease in export demand. World ending stocks are expected to be slightly higher at 122.7 mmt. In South America, Argentinian soybean production is expected to be steady at 48.6 mmt, while Brazil’s is slightly higher at 175.4 mmt.
• This weekend, China’s Sinograin said it would auction 512,500 metric tons of imported soybeans on December 11, which would be the first sale in the last three months. The previous sale was 22,500 mt on September 11. Traders initially reacted positively to this news as it could open the country up to take more imports.
• Overall Chinese soybean purchases remain far short of the 12-million-ton target cited by U.S. officials, and Treasury Secretary Scott Bessent pushed the expected deadline back, shifting the timeline from year-end to the end of February.

WHEAT HIGHLIGHTS:

• Wheat followed soybeans lower today, with all three U.S. classes in the red even as MATIF futures firmed. March Chicago slipped 1 cent to 534-3/4, Kansas City fell 4-3/4 to 526-1/2, and MIAX eased 1-3/4 to 571-1/4. Traders are also positioning ahead of tomorrow’s WASDE report. While major wheat revisions aren’t expected, a modest bump to U.S. export projections remains possible.
• Weekly wheat inspections reached 14.5 million bushels, lifting 2025/26 cumulative inspections to 501 million, 21% ahead of last year. The pace remains above USDA expectations, with total exports for the marketing year projected at 900 million bushels, up 9% from 2024/25.
• Pre-report estimates put U.S. 2025/26 wheat carryout at 893 million bushels, slightly below November’s 901 million. Globally, 2024/25 wheat ending stocks are expected to tick up 0.2 MMT to 261.6 MMT, while 2025/26 stocks could rise 1.2 MMT to 272.6 MMT.
• Today the USDA released its long-term baseline data, which for the 26/27 season shows wheat acres declining by 1.3 ma to 44 ma. Corn planted area is also expected to fall as there is a shift to higher soybean acreage.
• Analyst APK-Inform estimates Ukraine’s 2025 wheat production at 23.2 MMT, slightly above the USDA’s 23.0 MMT projection and SovEcon’s 22.9 MMT forecast. SovEcon also projects Ukraine’s 2026 wheat crop at 24.6 MMT, a 7% increase over their 2025 estimate.
• Argentina’s record wheat crop is said to have low protein content of around 9%-10%, which compares to their typical export standard of 11.5%. Despite higher offers, this could give Russia an advantage on the global export market due to a higher quality crop.

DAIRY HIGHLIGHTS:

• Class III futures were under pressure today with January futures falling 16 cents to $15.22. Spot cheese fell another 1.25 cents to $1.38375/lb.
• Class IV futures were two-sided today with January unchanged at $13.70. Butter was even with Friday’s close and powder was up a half cent.
• President Trump is set to unveil a $12 billion aid package for farmers hit by the trade war, a White House official reported.
• The Whole Milk for Healthy Kids Act passed the Senate vote and will move on to the House of Representatives.

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Author

Amanda Brill