Grain Market Commentary 11.20.25
CBOT Pricing:
Soybeans continued to move lower on the lack of fresh Chinese buying. The USDA’s 8 a.m. flash sale report confirmed that China purchased US soybeans earlier this week, but exporters reported no new overnight demand (see details below). The Jan26 contract closed 13.75 cents lower at $11.225, while the Mar26 contract ended the day at $11.32, down 12.5 cents. The Jan–Mar spread settled at –9.75 cents after dipping below –3.0 cents earlier in the week.
Corn closed 1–4 cents lower, following the weakness in soybeans. The market showed little reaction to South Korea’s overnight purchase of up to four cargoes of US corn. The Dec25 contract settled 3.25 cents lower at $4.2650, while the Mar26 contract ended 3.75 cents lower at $4.3775.
Market Headlines:
The USDA is expected to announce additional farmer assistance in December:
Agriculture Secretary Brooke Rollins indicated that the administration plans to announce more details about aid during the first week of December. Although China has recently purchased US soybeans and other trade agreements involving US agricultural goods have been put in place, the administration maintains that additional support is needed to help farmers bridge operations until the next planting season.
USDA confirms another sale of US soybeans to China:
At 8 a.m., the USDA reported that China purchased 462,000 mt of US soybeans earlier this week for delivery during the 2025/26 marketing year.
This brings total announced sales to China this week to 1.584 mmt. To reach the White House’s specified total of 12 mmt purchased by January 1, it is estimated US exporters will need to average roughly 12.9 million bushels (350,000 mt) in daily sales to China.
On Wednesday, the CFTC released its first Commitment of Traders report after the government reopened:
For the week ending 9.30.25, large money managers were net sellers of 32,000 corn contracts, expanding their short position to 129,000 contracts. They also held a net short position of 32,000 soybean contracts.
The CFTC stated it expects to be fully “caught up” on Commitment of Traders reporting by the end of January.
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