Grains and oilseeds are mostly higher on Thursday following the overnight session. The U.S. dollar is lower, extending yesterday’s losses after the Federal Reserve cut benchmark interest rates by an expected 25 basis points. Crude oil is sharply lower. Stock futures are lower.
CORN
March corn futures held within their consolidation range after trading 3.75 cents lower to $4.44 ¼ on Wednesday.
Delayed crush data showed that ethanol processors used 476.4 million bushels of corn in October. Corn crushed since the start of the marketing year reached 912 million bushels, 0.5 percent above the same period last year.
The USDA released the latest export sales data for the week ending Nov. 13, which showed a strong rebound in corn export sales to 2.38 MMT. Total corn exports and commitments reached 40.72 MMT, which remains a record pace.
Brazil’s National Supply Company (Conab) raised its 2025/26 corn production forecast to 138.9 MMT, up slightly from the previous month. The agency still forecasts output to fall 1.5 percent year-over-year as lower yields are expected to offset higher plantings.
SOYBEANS
Janaury soybean futures pumped the brakes on recent selling, trading 4 cents higher on Wednesday to $10.91 ¼. Prices stopped short of the 100-day moving average around $10.80. The break below $11 is still negative, and the moving target of China’s pledge to buy 12 MMT of U.S. soybeans continues to add uncertainty.
China’s state-controlled grain buyer SinoGrain auctioned off more than 500,000 MT of soybeans this week, with buyers snatching up about three-quarters of the total. It’s believed that China is selling off state reserves to make room for incoming U.S. soybeans.
U.S. oilseed processors crushed a record 237.1 million bushels of soybeans in October, according to delayed data released by the USDA on Wednesday. Combined crush for the first two months of the 2025/26 marketing year reached 442 million bushels, up nearly 10 percent year-over-year.
Conab lowered its 2025/26 soybean production forecast to 177.1 MMT, down from the previous estimate of 177.6 MMT. Output is still expected to increase by 3.3 percent from the previous season due to acreage growth.
WHEAT
December Chicago wheat fell sharply on Wednesday, trading as low as $5.25 ¼. Prices had recovered from their lows and only lost 5 cents on the day to close at $5.29 ½.
Prices continued to struggle amid a bearish supply outlook in the U.S. and the world. Global wheat stocks, particularly in the southern hemisphere, continue to grow.
The U.S. dollar took a sharp turn lower yesterday and into the overnight session as the Federal Reserve announced another 25 basis point cut in benchmark interest rates. A weakening U.S. dollar could continue to support U.S. wheat exports, which have been running at the best pace since 2016/17.
USDA export sales data released this morning showed that wheat sales rebounded during the week ending Nov. 13 to 850,000 MT. Sales were just shy of a marketing-year high last posted in early October.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.