Grains and oilseeds are mixed on Monday following the overnight session. The U.S. dollar continued to work lower. Crude oil is lower. Stock futures continued to grind higher, with the S&P 500 nearing contract highs.
CORN
March corn is up 1.75 cents at $4.46 ½. New crop December corn is up 0.50 cents at $4.64 ¾.
Futures continued their consolidative pattern after March futures traded a modest 3 cents lower last week.
The latest export sales data for the week ending Nov. 6 showed that corn sales fell sharply to a seasonal low of 980,000 MT. The current accumulated export pace is running well of last year and the five-year average.
The USDA will release its December WASDE report on Tuesday. The U.S. balance sheets will focus primarily on demand. It’s possible the USDA could raise the export forecast based on the current pace.
SOYBEANS
January soybeans are up 0.75 cents at $11.06. New crop November soybeans are down 0.50 cents at $11.03 ½. Soybean oil is steady. Soybean meal is higher in an attempt to reverse recent losses.
Futures continued to post fresh lows overnight, with the January contract falling below $11 a bushel before bouncing back to mostly unchanged.
The USDA confirmed that private exporters sold 132,000 MT of soybeans to China for the 2025/26 marketing year. That brings the confirmed total to 2.845 MMT in flash sales alone.
China imported 8.12 MMT of soybeans in November, up 13.4 percent year-over-year, according to the country’s customs data. The country’s imports continued to run at a record pace despite slowing down last month relative to other years.
Brazil’s soybean planting is rounding the final stretch, with 94 percent of the crop planted as of last week. Brazilian consultancy firm AgRural said that rains last week helped improve conditions in Mato Grosso and boosted planting in other areas.
WHEAT
March Chicago wheat is up 2.50 cents at $5.38 ¼. KC wheat is down 1.75 cents at $5.29 ½. Spring wheat is up 0.25 cents at $5.75 ½.
Futures continued to hold onto minor support levels and maintain its sideways trading range. Current fundamentals remain neutral to bearish.
Tomorrow’s WASDE report is expected to show a slightly tighter U.S. balance sheet, as the market weighs whether the USDA will raise the export forecast or not.
Argentina’s bumper wheat harvest is pushing the country’s prices to an eight-year low as harvest reached the halfway point.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.