TFM Morning Update 11-28-2025

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 27: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 28: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

CORN

Corn futures are not yet trading but ended the day on Wednesday sharply higher with December gaining 8-1/4 cents to $4.31-3/4 while March gained 7 cents to $4.45-1/4.
According to the US Department of Energy’s weekly petroleum report, US ethanol stocks fell by 1.5% to 21.968m bbl. Plant production was at 1.113m b/d compared to the average guess of 1.099m.
In India, 25/26 food production estimates have been called higher thanks to good rains. Total corn output estimates have been revised higher by 3.5 mmt from last year which could total 28.3 mmt.

Soybean futures ended the day on Wednesday with January up 6-3/4 cents to $11.31-1/2 while March was up 6 cents to $11.40-3/4. December soybean meal was up $0.10 to $317.10, and December soybean oil was up 0.49 cents to 50.79 cents.
Earlier this week, Treasury Secretary Scott Bessent told CNBC that China was on track to meet their commitment to buy 12 mmt of soybeans by the end of the year. Since Wednesday, China purchased at least 10 US cargoes of soybeans despite them being more expensive than Brazilian beans.
Export sales as of October 9 for soybeans were at 786k tons which was down from the previous week of 924k tons. This was also down from the previous year of 1,703k. Top buyers were Mexico, Bangladesh, and Spain.

On Wednesday, all three wheat classes ended the day higher with December Chicago wheat up 1-3/4 cents to $5.29, KC up 4 cents to $5.17-1/4, and Minn down 3-1/2 cents to $5.76-1/2
Export sales as of October 9 for wheat were at 614k tons which was down from the previous week’s 888k tons but was up from 504k tons the previous year. Top buyers were Thailand, the Philippines, and Mexico.
The winter wheat crop is reportedly 97% planted at this time which is on par with the 5-year average. 87% of the crop has emerged which is slightly behind the average of 89%. 48% of the crop is rated good to excellent which is up 3 points from a week ago but down 7 points from last year.

Amanda Brill