TFM Morning Update 11-11-2025

CORN

Corn futures are slightly lower this morning but remain in their recent trading range. Traders may be waiting for the results of Friday’s WASDE report. December corn is down 1/2 cent at $4.29-1/4 while March is down 1/4 cent to $4.44-1/4.
Yesterday’s export inspections were solid for corn at 1,425k tons which compared to 1,712k last week and 807k tons a year ago. Top destinations were Mexico, Colombia, and Taiwan.
According to a Bloomberg survey, the US corn harvest is around 92% complete in a range of 89 and 96%. This would compare to last week’s survey data of 85% and the USDA last year at 95%.

Soybean futures are lower this morning following two consecutive days of large gains. November is unchanged at $11.16 and March is down 3-3/4 cents at $11.35-3/4. December soybean meal is down $2.60 at $317.40 and December soybean oil is up 0.28 cents to 50.84 cents.
Yesterday’s export inspections for soybeans were good at 1,089k tons, but recent Chinese purchases were not on the report. This compared to 985k last week. Top destinations were to Pakistan, Egypt, and Indonesia.
Surveys show that the soybean harvest is around 96% complete with a range of guesses between 94 and 98%. This would compare to last week’s survey of 91% and 96% from the USDA a year ago.

Wheat is mixed this morning with December Chicago wheat down 1/4 cent to $5.35-1/2, Dec KC wheat is down 2-1/4 cents to $5.24-3/4, but Minn wheat is up 1/2 cent to $5.64-3/4. Wheat is currently just above the 100-day moving average which could be support.
The winter wheat crop is estimated to be 96% planted which would compare to 92% a week ago and 91% a week ago. Crop ratings are estimated around 52% good to excellent which would be up from 44% at this time last year.
Export inspections were poor for wheat at 291k tons which compared to 350k last week and 354k a year ago at this time. Top destinations were to Mexico, the Philippines, and Taiwan.

Amanda Brill