Written Commentary
CORN
Prices were steady to $.01 lower in choppy 2 sided trade. Nearby spreads weakened with FND for Dec-25 futures less than 1 week away. Dec-25 settled into new lows for the month with next support at its 100 day MA at $4.19 ¼. The BAGE reports Argentine corn plantings at 37%, little changed as farmers focused their efforts on soybean plantings. Cattle on feed as of Nov. 1st at 11.706 mil. head are 98% of YA, in line with expectations. Placements in Oct at 2.04 mil. represent 90% of YA, below expectations of 92%. Marketings at 1.70 mil. were 92% of YA and in line with expectations. Corn used for the production of ethanol in Aug-25 at 463 mil. bu. was slightly above expectations.
SOYBEANS
Mixed, 2 sided trade across the soybean complex today. Beans were steady to $.02 higher, meal was up $1-$2 while oil was off 35-40 points. Bean spreads firmed while product spreads were steady to lower. Jan-26 beans rejected trade into new lows for the week. Next support is at the 50 day MA at $11.09 ½. Dec-25 meal also held support above its 50 day MA at $312.10. Dec-25 oil rejected trade into new lows for the week setting up a rebound back to its 50 day MA at 50.35. Early selling in the soybean complex likely the result of no additional sales announced to China. Soybean sales this week were just under 1.6 mmt with sales for the month just over 1.80 mmt, below the rumored 2–3 mmt sold earlier in the week. Spot board crush margins slipped $.03 to $1.33 ½ bu. While bean oil PV fell to 44.2% it was slightly higher for the week. The BAGE reports soybean plantings advanced 12% LW to 25%, however well below the YA pace of 36%. EPA data showed US D4 biodiesel RIN credits generated in Oct. rose to 665 mil. up from 660 in Sept. an early tell for expectations for a slight increase in production in Oct-25. Soybean crush for Aug-25 at 198 mil. bu. was in line with expectations fitting right in with the USDA 24/25 MY crush estimate of 2.445 bil. Bean oil stocks at 1.788 bil. lbs. were off 4.6% from July-25, however up 9.7% YOY and slightly above expectations.
WHEAT
Prices ranged from $.07 lower in MIAX to $.05 higher with KC. Both CGO and KC Dec-25 futures rejected trade into new lows for the month. The BAGE reports wheat harvest has advanced to only 20% complete, well below YA and 5-year average near 30%. Russia’s Ag. Ministry raised their wheat export tax 14.6% to 232.2 roubles/mt for the period ending Dec. 2nd. The Grain Industry Association of Western Australia (GIWA) raised their wheat production est. for W. Australia by 420k mt, to 13.05 mmt, well above their 5 year Ave. of 11.2 mmt. Pres. Trump has given Ukrainian Pres. Zelensky until next Thurs. to accept a peace proposal ending the war with Russia that would require land concessions to Moscow along with placing limitations on the size of their active military.
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