Good morning.
Quiet morning this morning to start Tuesday trade at the CBOT, with the ag space seeing light volume and narrow trading ranges so far in the overnight session as new news specific to corn, beans or wheat was largely limited in the last 24 hours. The federal government seems to have taken another step closer to reopening overnight as the Senate passed the amended stop-gap funding bill that was introduced yesterday, with the bill now going back to the House of Representatives for what is expected to be a vote on Wednesday. From there, final approval will be needed from just President Trump, with it being unclear this morning exactly what the timing of that approval would be though the President he supported the Senate’s agreement. Otherwise, it looks to be another day of waiting and position adjustment ahead of Friday’s much anticipated WASDE update. Corn futures to start Tuesday morning are trading either side of unchanged, soybean futures are trading 3-5 cents lower, and the Chicago wheat market is trading either side of unchanged also. Products are mixed, soybean meal is down $2-3/ton and soybean oil is up 20-30 points. Outside markets are quietly mixed also, crude oil futures are up 30-40 cents/bbl, the Dow Jones index is up 20 points and the US$ index is down 5 points; the S&P500 is down 10 points, and the NASDAQ is down 110 points.
Reuters reported yesterday afternoon, citing Brazil’s Ag Ministry, that China had approved 10 Brazilian plants to export sorghum, while another five had been given approval to export corn-based DDGs, in what are seen as the first agreements of their kind between the two countries. China accounts for more than 80% of the world’s total sorghum imports, while DDG production in Brazil is expected to increase as corn-based ethanol production increases.
Regarding the ongoing tariff case in the Supreme Court, President Trump told reporters in the White House on Monday that the US faced an “economic and national security disaster” if the Supreme Court ruled against his use of emergency powers to impose broad trade tariffs against most all of the US’s trading partners. The President also added that his administration was still planning on issuing $2,000 payments to lower- and middle-income Americans using the money made from the tariffs.
Brazil’s CONAB, in its weekly crop progress update, showed soybean planting pace in the country as of Saturday at 58.4% complete, which is behind the 66.1% pace seen last year but still ahead of the recent five-year average of 57.0%. The report also showed summer corn planting at 47.7% vs 45.5% avg and showed wheat harvest at 63.7% vs 66.5% avg. Private group AgRural pegged soybean planting pace at 61% complete.
Sources say that Chinese Foreign Minister Wang Yi spoke with Canada’s Foreign Minister by phone on Tuesday to express Beijing’s willingness to strengthen communication and accelerate the resumption of exchanges and cooperation across multiple sectors, signaling what is hoped to be a further thawing in relations between the two amid ongoing trade disruptions with the US. Canada’s Ag Minister echoed the sentiments, saying in a Monday interview that a recent week-long visit was evidence of a thawing in bilateral relations.
President Trump also reiterated on Monday that the US was “close” to finalizing a new trade deal with India that will be, according to the President, “very different from the one in the past.” Indian officials echoed the sentiment, confirming that negotiations were progressing but that there were still several sensitive issues to work out.
A government spokesperson from Thailand said on Monday that the country’s cabinet had approved a plan to set a feed corn import quota of 1 MMTs at a 0% tariff rate from the US next year, which compares to this year’s quota of 54,700 tons under a 20% tariff. The spokesperson added that the imports must occur between February 1 and June 30th to minimize the impact on local farmers and also said private companies wishing to import under the quota will be required to purchase domestic farm products at a 3:1 ratio to their import volumes.
Not a lot new weather-wise this morning from yesterday, with models still showing light precipitation potential expanding through Argentina today and tomorrow, though coverage will be spotty and generally no better than 50% of the area. Rains also look to continue through northern Brazil today/tomorrow but will generally favor areas to the north and west of the main growing regions in the center-south part of the country, while the eastern third of the country looks to be on the drier side.
In the US, not a lot new overnight either as models show little to no precipitation potential through the Midwest between now and the end of the week, while rains continue to be seen through the rest of the week west of the Rockies. Like we talked about yesterday, warm air currently in the western part of the country will continue working east as the week goes on, with highs by this weekend expected to be well above average across most all of the central part of the US.
Have a great day.
Grain Comments: 11-11-2025
Good morning.
Quiet morning this morning to start Tuesday trade at the CBOT, with the ag space seeing light volume and narrow trading ranges so far in the overnight session as new news specific to corn, beans or wheat was largely limited in the last 24 hours. The federal government seems to have taken another step closer to reopening overnight as the Senate passed the amended stop-gap funding bill that was introduced yesterday, with the bill now going back to the House of Representatives for what is expected to be a vote on Wednesday. From there, final approval will be needed from just President Trump, with it being unclear this morning exactly what the timing of that approval would be though the President he supported the Senate’s agreement. Otherwise, it looks to be another day of waiting and position adjustment ahead of Friday’s much anticipated WASDE update. Corn futures to start Tuesday morning are trading either side of unchanged, soybean futures are trading 3-5 cents lower, and the Chicago wheat market is trading either side of unchanged also. Products are mixed, soybean meal is down $2-3/ton and soybean oil is up 20-30 points. Outside markets are quietly mixed also, crude oil futures are up 30-40 cents/bbl, the Dow Jones index is up 20 points and the US$ index is down 5 points; the S&P500 is down 10 points, and the NASDAQ is down 110 points.
Reuters reported yesterday afternoon, citing Brazil’s Ag Ministry, that China had approved 10 Brazilian plants to export sorghum, while another five had been given approval to export corn-based DDGs, in what are seen as the first agreements of their kind between the two countries. China accounts for more than 80% of the world’s total sorghum imports, while DDG production in Brazil is expected to increase as corn-based ethanol production increases.
Regarding the ongoing tariff case in the Supreme Court, President Trump told reporters in the White House on Monday that the US faced an “economic and national security disaster” if the Supreme Court ruled against his use of emergency powers to impose broad trade tariffs against most all of the US’s trading partners. The President also added that his administration was still planning on issuing $2,000 payments to lower- and middle-income Americans using the money made from the tariffs.
Brazil’s CONAB, in its weekly crop progress update, showed soybean planting pace in the country as of Saturday at 58.4% complete, which is behind the 66.1% pace seen last year but still ahead of the recent five-year average of 57.0%. The report also showed summer corn planting at 47.7% vs 45.5% avg and showed wheat harvest at 63.7% vs 66.5% avg. Private group AgRural pegged soybean planting pace at 61% complete.
Sources say that Chinese Foreign Minister Wang Yi spoke with Canada’s Foreign Minister by phone on Tuesday to express Beijing’s willingness to strengthen communication and accelerate the resumption of exchanges and cooperation across multiple sectors, signaling what is hoped to be a further thawing in relations between the two amid ongoing trade disruptions with the US. Canada’s Ag Minister echoed the sentiments, saying in a Monday interview that a recent week-long visit was evidence of a thawing in bilateral relations.
President Trump also reiterated on Monday that the US was “close” to finalizing a new trade deal with India that will be, according to the President, “very different from the one in the past.” Indian officials echoed the sentiment, confirming that negotiations were progressing but that there were still several sensitive issues to work out.
A government spokesperson from Thailand said on Monday that the country’s cabinet had approved a plan to set a feed corn import quota of 1 MMTs at a 0% tariff rate from the US next year, which compares to this year’s quota of 54,700 tons under a 20% tariff. The spokesperson added that the imports must occur between February 1 and June 30th to minimize the impact on local farmers and also said private companies wishing to import under the quota will be required to purchase domestic farm products at a 3:1 ratio to their import volumes.
Not a lot new weather-wise this morning from yesterday, with models still showing light precipitation potential expanding through Argentina today and tomorrow, though coverage will be spotty and generally no better than 50% of the area. Rains also look to continue through northern Brazil today/tomorrow but will generally favor areas to the north and west of the main growing regions in the center-south part of the country, while the eastern third of the country looks to be on the drier side.
In the US, not a lot new overnight either as models show little to no precipitation potential through the Midwest between now and the end of the week, while rains continue to be seen through the rest of the week west of the Rockies. Like we talked about yesterday, warm air currently in the western part of the country will continue working east as the week goes on, with highs by this weekend expected to be well above average across most all of the central part of the US.
Have a great day.
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