TFM Morning Update 12-10-2025

CORN

Corn futures are quiet again this morning with gains likely being suppressed due to losses in soybeans. December corn is up 3/4 cent to $4.37 while March corn is up 1 cent to $4.44-3/4. The USDA report today is not expected to have large changes.
Estimates for today’s WASDE report show US corn ending stocks slightly lower at 2.146 billion bushels which would compare to 2.154 bb in the November report. World ending stocks are expected to drop slightly while both Argentinian and Brazilian production is set to rise.
Yesterday’s export inspections report saw corn inspections at 1,453k tons which compared to 1,630k last week and 1,068k a year ago. Top destinations were to Mexico, Japan, and Taiwan.

Soybean futures are lower this morning and continue on their downward trek likely to the gap at $10.76 for March. January soybeans are down 4-3/4 cents to $10.82-1/2 while March is down 4 cents to $10.94-1/4. January soybean meal is down $1.90 to $299.40 and January soybean oil is up 0.31 cents to 51.33 cents.
Yesterday’s WASDE report was a non-event for soybeans with no changes to US ending stocks at 290 m. World ending stocks were slightly higher at 122.4 mmt, and South American production was unchanged.
CFTC data from November 4 saw funds as buyers of soybeans by 60,194 contracts leaving them long 178,683 contracts. They sold 22,813 contracts of bean oil and bought 58,790 contracts of meal.

All three wheat classes are trading lower with March Chicago wheat down 6-1/4 cents to $5.28-1/4, KC wheat down 4-1/4 cents to $5.22-3/4, and Minn wheat down 1-1/4 cents to $5.75.
Yesterday’s WASDE report saw US ending stocks for wheat unchanged at 901 mb. World ending stocks were up to 274.9 mmt from 271.4 mmt in November.
CFTC data as of November 4 saw funds as buyers of Chi wheat by 4,520 contracts leaving them short 70,613 contracts. They bought back 9,254 contracts of KC wheat leaving them short 42,454 contracts.

Amanda Brill