TFM Morning Update 11-10-2025

CORN

Corn futures are trading higher to start the day on economic optimism regarding the shutdown. December corn futures are up 2 cents to $4.29-1/2 while March is up 2-1/4 cents to $4.44-1/4.
Traders seem optimistic this morning as Senators have reportedly reached a deal that could potentially end the government shutdown. All USDA reports have been indefinitely postponed during the shutdown, but a WASDE report will be released this Friday regardless.
China has increased its estimate for the 25/26 corn production estimate to a record high of 300 mmt which would be the highest since 1949. Soybean production estimates have been reduced.

Soybean futures are trading higher with November up 10-1/2 cents to $11.11-1/4 and March up 5-1/4 cents to $11.31-1/2. December soybean meal is up $0.40 to $317.50 and December soybean oil is up 0.26 cents to 49.94 cents.
November soybean futures will expire this Friday the 14th and as the contract has gone into expiration, the spread between it and the deferred months has begun to narrow. There have been 1,5823 deliveries against the contract so far.
The EPA announced on Friday that it approved 14 requests from small refineries for full or partial exemptions to the nation’s biofuel blending mandates which is supporting the complex today.

All three wheat classes are trading higher this morning with December Chicago wheat up 6-1/2 cents to $5.34-1/4, KC wheat up 5-1/2 cents to $5.24-3/4, and Minn up 4-1/4 cents to $5.62-1/4. Chicago wheat is now up against its 100-day moving average.
It has been reported that China purchased two cargoes of U.S. wheat for December shipment totaling 120,000 metric tons. Half of the volume was soft white wheat, while the remainder consisted of spring wheat.
The Argentinian wheat harvest is 11.6% complete as of last week with yields reportedly above expectations. Production estimates are 18% higher than the previous year.

Amanda Brill