CORN HIGHLIGHTS:

• Corn prices recovered Friday on short covering and support from broader buying across the grain markets and overall strong export demand. Despite Friday’s gains, December corn futures ended the week 7 cents lower.
• Weekly export sales totaled 1.315 mt for 24/25, down 53% from last week and 52% from the 4-week average. Mexico remains the top buyer. Sales were at the low end of expectations, but total accumulated sales are up 42% year-over-year.
• Gains in the corn market may remain limited as December options expiration and First Notice Day approach. Additionally, producers’ decisions on basis and price later contracts could add selling pressure and market volatility.
• South American weather is favorable for crops, with Brazil receiving moisture and Argentina seeing some dryness relief. Argentina’s corn planting is 39% complete.
• The US dollar’s strength may be pressuring grain markets, slowing weekly export sales and tightening the price gap with competing supplies from Ukraine and Argentina.

SOYBEAN HIGHLIGHTS:

• Soybeans closed higher, recovering some of yesterday’s losses, but January failed to close above the 10-dollar mark. A strong crush pace lent support, while export sales were slightly disappointing. Both meal and oil also ended higher.
• NOPA October soybean crush hit a record 199 mb, above expectations of 196 mb, as US crushing runs at record capacity. Soybean oil stocks ticked higher to 1.069 billion pounds, still the lowest November level since 2014.
• Soybean export sales totaled 1.555 mmt, down 24% from last week and at the lower end of expectations. Unknown destinations canceled 332,000 mt, but total sales for the marketing year remain up 6% year-over-year.
• CONAB raised its 24/25 Brazil soybean production estimate to 166.14 mmt, up from 116.05 mmt last month. Planted area increased slightly, while yields are unchanged, marking a large crop despite early-season dryness.

WHEAT HIGHLIGHTS:

• Wheat rebounded with corn and soybeans today, supported by sharply higher Matif wheat futures. All three US wheat classes closed higher but ended the week lower, with December Chicago down 36 cents, Kansas City down 24 ¼, and Minneapolis down 25.
• The USDA reported 14.0 mb of wheat export sales for 24/25. Weekly shipments of 11.1 mb lagged the 15.3 mb pace needed to reach the 825 mb export goal. Total sales commitments are 524 mb, up 20% year-over-year.
• The Buenos Aires Grain Exchange kept Argentina’s wheat production estimate at 18.6 mmt, above the USDA’s 17.5 mmt. Argentina’s wheat harvest is 17% complete.
• Russia raised its wheat export tax by 4.7% to 2,689.70 Rubles per mt through November 26.
• Ukraine’s grain harvest is 96% complete at 52 mmt, including 22.4 mmt of wheat. Ukraine’s agriculture ministry is projecting a total crop of 54 mmt.

DAIRY HIGHLIGHTS:

• Class III milk futures were able to see some contracts rebound heading into the weekend. November ’24-May’25 contracts all closed in the green led by the December contracts which closed 33 cents higher. June ’25-December ’25 contracts continued to struggle on Friday.
• Spot cheese led to the rebound in Class III contracts after gaining 2.375 cents to close at $1.68875/lb. Whey was unchanged at $0.6550/lb.
• Class IV futures were quiet again on Friday. December Class IV futures lost 5 cents to close at $21.00.
• Spot butter was able find some support at $2.60 adding 3 cents today to close at $2.63/lb. Powder was the only contract to see a loss on the day, losing half a cent to close at $1.40/lb.

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Author

Brandon Doherty