West Central Ag Grain Comments 11/12/25 8:22:39 AM
11-12-25
- Grain markets are mixed this morning while spreads are firmer. The general sentiment is that trade will likely chop back and forth ahead of Friday’s report. The Dec/March corn spread is a half cent firmer at –14½ after trading over 60,000 contracts at –15 during yesterday’s session.
- The U.S. House is set to vote on a spending bill that would fund the government through January, with certain agencies — including the USDA — expected to receive funding through September 2026.
- China’s COFCO has signed agreements with Brazilian commercials to purchase $10 billion worth of soybeans and soybean oil. January Brazilian soybean premiums continue to fall, now offered roughly 32¢ below U.S. Gulf origin, while soymeal is also cheaper by about $35 per ton compared to U.S. product. China remains absent from export inspection reports and has yet to book any additional U.S. soybean purchases.
- CIF soybean bids were weaker yesterday, with November now bid +65F. Barge freight softened as well — Illinois River December freight fell 15% and is now bid 525%. River bids eased a couple of cents on the day.
- Looking ahead to Friday’s USDA report, traders expect a slight corn yield trim, though the extent of the cut will likely dictate market direction. The USDA is also anticipated to reduce demand estimates, particularly in feed and ethanol categories.
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