DeLong Commentary

CBOT Pricing:

Corn finished lower today, posting losses of 2-3 cents. The Dec25 futures contract hit a high of 4.28 before trading down throughout the day to settle at 4.2375.

Soybeans posted losses of 5-7 cents. At the very end of the soybeans were able to gain strength to recover from the day’s low and close at 10.375 (Nov) and 10.565 (Jan).

Market Headlines:

Republican lawmakers are urging the Trump administration to provide additional economic aid for US farmers:

Legislators are pushing for the aid to be delivered before the end of the year as farmers face low crop prices and trade tensions. Secretary Rollins has stated that the USDA is considering adding additional assistance but has no timeline or amount.

Interest rates were lowered yesterday for the first time since December:

The Federal Reserve lowered the federal funds rate by a quarter point to a range of 4.00-4.25%. The weakening labor market was the primary reason for this reduction despite inflation remaining above the 2% target level. Officials have also signaled expectations for two additional rate cuts in 2025 and one more in 2026.

Weekly Export Sales:

Corn Export Net Sales were 1.23 million metric tons for the 2025/26 marketing year, within market expectations of 500k-1.9mmt. Sales were primarily for Mexico, South Korea, Japan, Spain, and Honduras.

Soybean Export Net Sales were 923k metric tons for 2025/26, within market expectations of 400k-1.5 mmt. Destinations included Egypt, Mexico, Spain, Bangladesh, and the Netherlands.

Wheat Export Net Sales were 377k metric tons, up 24 percent from the previous week, but down 12 percent from the prior 4-week average. Destinations included the Philippines, Nigeria, Mexico, Indonesia, and Costa Rica.

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