TFM Morning Update 11-13-2025

CORN

Corn futures are trading slightly lower but are pushing right up against resistance at the 200-day moving average which has held for over two weeks. December corn is down 1/4 cent to $4.35 and March corn is down 1 cent to $4.48-1/4.
Estimates for the weekly EIA report see ethanol production lower than last week at 1.102m barrels per day and stockpiles slightly lower at 22.633m bbl.
Estimates for the WASDE report see corn yield down from 186.7 bpa in September at 184.0 bpa. Production is expected to be lower, ending stocks are expected to rise by 58 mb, and world ending stocks are expected to rise.

Soybean futures are trading higher and have now taken out their recent highs and are at their highest level since July last year. November soybeans are up 5-1/4 cents to $11.25-3/4 and March is up 4-3/4 cents to $11.48-3/4. December soybean meal is unchanged at $321 and December bean oil is up 0.39 cents to 51.01 cents.
Estimates for the WASDE report see soybean yields down 0.4 bpa in September to 53.1 bpa. Ending stocks are expected to be slightly higher at 306 mb and world ending stocks are seen slightly higher.
The Brazilian soybean crop is now estimated at 179 mmt for 25/26 which would be up 1.4 mmt from October’s estimate. The corn crop is seen higher as well.

Wheat is trading slightly lower to start the day but is still trading just above the 100-day moving average. December Chicago wheat is down 2-1/4 cents to $5.33-3/4, KC wheat is down 1-3/4 cents to $5.23-3/4, and Minn wheat is down 1-1/4 cents to $5.68-1/2.
The Argentinian wheat crop for 25/26 is estimated to hit a record level according to the Rosario Grain Exchange with higher yields pointing to potential production of 24.5 mmt.
Estimates for the WASDE report see US ending stocks slightly higher from September at 869 mb while world ending stocks are expected to be higher as well at 265.9 mmt.

Amanda Brill