TFM Morning Update 12-11-2025

CORN

Corn futures are trading higher to start the day but remain within their 5-cent trading range. December corn is up 4-1/4 cents to $4.39 and expires tomorrow, while March corn is up 3 cents to $4.47-1/4.
The USDA saw that corn used for ethanol in October reached 476.4 million bushels which was up 2.8% year over year and was up from 435.4 mb in September. Mills consumed 524 mb of corn which was up 2% from the previous year.
In Brazil, corn production is estimated at 140.96 mmt according to Bloomberg surveys. This would be up from last year’s 138.84 mmt and is due to improvements in yield.

Soybean futures are higher again this morning and may have found some support at the $11.00 level. January soybeans are up 2-1/4 cents to $10.93-1/2 while March is up 1-3/4 cents to $11.02-3/4. January soybean meal is up $1.40 to $302.60 while Jan soybean oil is down 0.27 cents to 50.82 cents.
US soybean crushings for October hit 237.1 million bushels according to the USDA. This was up 9.9% from the previous year and was up from 204.95 mb in September.
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 higher with March Chicago wheat up 2-3/4 cents to $5.32-1/4, KC wheat up 2-3/4 cents to $5.26, and Minn wheat up 3 cents to $5.78-3.4.
Monday’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