TFM Morning Update 11-18-2025

CORN

Corn futures are trading slightly higher this morning. December futures are 1 cent higher to 435-3/4. March futures have gained 1-1/4 cents to 449-1/4.
Export inspections showed 2.054 MMT (80.86 mb) of corn shipped for the week ending November 13. This is the largest weekly total since April 2021. Shipments were up 38% from the previous week and more than double the volume from the same week a year ago.
Brazil’s soybean planting remains slightly behind last year’s pace, which could delay second-crop corn planting and push the crop beyond optimal weather windows. Reports of dry conditions in parts of Brazil may further slow progress or lead to localized soybean replanting.

Soybean futures are trading higher following their impressive performance in yesterday’s session. January futures are trading 3-3/4 cents higher to 1160-3/4. March futures are trading 2-1/2 cents higher to 1165-3/4.
China’s state-owned grain trader COFCO reportedly purchased at least 14 cargoes of U.S. soybeans on Monday (about 840,000 metric tons) for December and January shipment.
U.S. soybean crush exceeded all trade expectations in October, reaching a record high according to the latest monthly report from the National Oilseed Processors Association (NOPA).

All three wheat classes are higher this morning. December Chicago wheat is up 2 cents to 546-1/4, Kansas City wheat is up 3/4 cent to 529-1/2, and Minn wheat is up 1 cent to 575.
Weekly wheat export inspections were reported at 9.1 mb, bringing total 25/26 inspections to 454 mb, which is 19% above last year. Shipments continue to run ahead of the USDA’s projected pace, with total 25/26 exports forecast at 900 mb, up 9% from the previous year.
Wheat futures also moved higher following reports of a rail attack over the weekend in Poland near the Ukraine border. The affected line is an important supply corridor for Ukraine, and the incident added a degree of risk premium to the market.

Matthew Lucas