Grain Market Commentary 11/25/25
CBOT Pricing:
Soybeans ended the day up 1-4 cents on short covering and technical buying. The Jan26 contract closed 1.5 cents higher at $11.2475. The Mar26 contract closed at $11.3475, 2.75 cents higher.
Corn finished the day mixed. The Dec25 contract closed down 1/4 of a cent at $4.235 as long positions are being liquidated before First Position Day. The Mar26 contract closed at $4.3825, up 1.5 cents from the prior settle.
Market Headlines:
US soybeans will soon be shipped to China:
Two Chinese vessels are scheduled to arrive at grain terminals near New Orleans this week to load US soybeans. These will be the first shipments since May. China has increased purchases of US soybeans following the trade agreement that was reached in late October.
US President Trump and Chinese President Xi held a phone call:
On Monday, the two leaders held a phone call which coverage a range of topics. During the discussion, the topic of Chinese purchases of US soybeans and other agricultural goods. In a Truth Social post, Trump described the recent trade agreement as a “great deal” for US farmers and added that conditions will improve. China’s Foreign Affairs Ministry has stated all elements of the agreement are being implemented.
In addition, during the call both leaders agreed to have in-person meetings in their respective countries. President Trump will travel to China for the visit sometime in April and President Xi will visit the US later in the year.
Overnight, South Korea has purchased option-origin corn:
Two cargoes of corn, in private deals, for February-March delivery at $250 per metric ton. One cargo is expected to ship from the US and the second one will most-likely ship from the US. Two more cargoes were purchased at $248/mt for April delivery of option origin corn. Another cargo was purchased for March delivery option-origin corn at $249/mt.
The United States will likely receive a large portion of that business which will continue to support a strong US corn export program.
The USDA released the last crop progress report for the year:
On Monday, the USDA released the last crop progress report for the season. The reporting will resume in early April.
As of Sunday, US corn harvest was 96% complete. This compares to 91% last week, 100% this time last year, and 97% on average. There was no update for Soybeans this week, but the week prior reports showed US soybean harvest at 95% complete vs. 96% on average.
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