TFM Morning Update 11-24-2025

CORN

Corn futures are trading lower this morning and have broken below the 50-day moving average which had been support. December futures are down 3 cents to $4.22-1/2 and March is down 2-1/2 cents to $4.35.
According to the USDA, US corn for ethanol in August was reported at 463.4 million bushels. This was up from July but down year over year by 3.4%. Mills consumed 511 mb of corn in August which was down from last year.
The CFTC report was released in retrograde for the week ending October 7 which showed funds as sellers of corn by 6,656 contracts leaving them short 141,966 contracts at that time.

Soybean futures are trading lower this morning heading into the shortened holiday week. January soybeans are down 6-1/4 cents to $11.18-3/4 while March is down 6-1/2 cents to $11.27-3/4. December soybean meal is down $1.80 to $313.30 and December soybean oil is down 0.43 cents to 49.83 cents.
The USDA released US soybean crushing numbers from August which were 198 million bushels, down from 205 mb in July but up 18.2% from the previous year at 167.5 mb. Crude oil production was up 18.2% from last year.
The Brazilian soybean planting for 25/26 was seen at 79.61% complete according to Patria Agronegocios which compared to 83.29% at this time last year. Irregular rainfalls across Brazil have led to delays.

All three wheat classes are trading lower this morning in general weakness across the grain complex. December Chicago wheat is down 5-1/4 cents to $5.21-3/4, KC wheat is down 5-3/4 cents to $5.05-1/4, and Minn wheat is down 3/4 cent to $5.64-1/4.
CFTC data from October 7 showed funds as buyers of wheat by 1,853 contracts leaving them short 97,356 contracts. They sold 9,661 contracts of KC wheat leaving them short 63,534 contracts. They are likely still net short both at this time.
The International Grains Council has lifted its global wheat production outlook for 2025/26 to 830 million metric tons, an increase of 3 million tons from its previous projection.

Amanda Brill