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The Thanksgiving holiday is rapidly approaching this Thursday, and while markets will reopen on Friday, it will be one of the most thinly traded sessions of the year. Still, traders have a handful of chances to square positions this week, but prices didn’t see much dramatic action on Monday. Corn and soybean futures faded slightly lower, while winter wheat contracts faced more moderate cuts today.
Most fields east of the Mississippi River will receive at least some measurable moisture over the next several days, ranging from trace amounts to another 1” or more between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. Later on, NOAA’s new 8-to-14-day outlook predicts seasonally cool, wet weather for most of the Midwest and Plains between December 1 and December 7.
On Wall St., the Dow tracked 237 points higher in afternoon trading to 46,482, partly boosted by a strengthening tech sector. Energy futures found moderate gains, with Brent crude oil trading around 1.25% higher this afternoon. Gasoline futures were up almost 0.75%. The U.S. Dollar softened fractionally.
Corn prices failed to find forward momentum
Prices couldn’t shake off modest overnight losses, with some technical selling stretching across Monday’s session. December futures dropped 1.75 cents to $4.2375, with March futures down 0.75 cents to $4.3675.
Corn export inspections reached 64.3 million bushels last week. That was also toward the higher end of analyst estimates, which ranged between 49.2 million and 68.9 million bushels. Mexico was the No. 1 destination, with 24.6 million bushels. Cumulative totals for the 2025-26 marketing year are commanding a 72% lead over last year’s pace after reaching 689.0 million bushels so far.
The August 2025 USDA grain crushing report showed 463.44 million bushels of corn was used to produce ethanol for that month. That was 1.2% above July 2025’s volume but a year-over-year decrease of 3.4%. It should also be noted that domestic ethanol production capacity expanded by 237 million gallons per year through August 2025.
“It’s important to plan both federal and state taxes carefully this year,” according to Dario Arezzo, executive vice president and chief financial services officer with Farm Credit East. “Many states don’t necessarily conform to the federal rules. There are also changes around state and local tax deductions, particularly at the individual level, where many more farmers and taxpayers may itemize based on the higher limits.” The bottom line is, now is a good time to get ready for what could be a busy tax year. Click here to learn more.
Brazil’s AgRural consultancy reported that 93% of the country’s first corn crop has been planted through November 21. That is slightly behind last season’s pace of 95%. Brazil’s first corn crop typically accounts for around 25% of the country’s total production.
Corn settlements on Friday were for 409,350 contracts.
Soybean prices eased slightly lower
Soybeans faced the same fate as corn today – trying to claw out from overnight losses. Prices were able to close the gap somewhat but ultimately settled in the red following some net technical selling. January futures dropped 1.75 cents to $11.2325, with March futures down 2.25 cents to $11.32.
The rest of the soy complex was also in the red. December soymeal futures trended 0.29% lower today, while December soyoil futures eased 0.16% lower.
Private exporters announced to USDA the sale of 4.5 million bushels of soybeans for delivery to China during the 2025-26 marketing year, which began September 1.
Soybean export inspections landed at 29.4 million bushels last week, facing a moderate decline from the prior week’s volume. That was also toward the lower end of analyst estimates, which ranged between 24.8 million and 51.4 million bushels. Bangladesh was the top destination, with 5.6 million bushels. Cumulative totals for the 2025-26 marketing year have slumped 44.5% below the prior year’s volume after reaching 401.9 million bushels.
USDA’s monthly Fats & Oils report, covering August 2025, showed a soybean crush totaling 198 million bushels. That was the highest August volume on record, climbing 18.2% higher year-over-year. This was partly driven by an expansion of producing renewable diesel, with ongoing biofuel blending requirements providing additional support.
Brazilian consultancy AgRural reported that 81% of the country’s 2025-26 soybean crop has been planted through November 21. That’s five percentage points behind last season’s pace so far. Brazil is the world’s No. 1 soybean producer and exporter.
Soybean settlements on Friday were for 207,752 contracts.
Winter wheat prices continued to spill lower
Prices have had a hard time finding any positive momentum lately, with traders shaking off a better-than-expected round of export inspection data this morning. Instead, they resumed a pattern of technical selling that led to moderate losses. December Chicago SRW futures fell 4.75 cents to $5.2225, with December Kansas City HRW futures down 3.75 cents to $5.0725.
Wheat export inspections bucked expectations after reaching 17.4 million bushels last week. That was above the entire set of trade guesses, which ranged between 7.3 million and 14.7 million bushels. The Philippines led all destinations, with 3.2 million bushels. Cumulative totals for the 2025-26 marketing year are 19.7% above last year’s pace after reaching 471.6 million bushels.
Last Friday, Saudi Arabia purchased 11.0 million bushels of wheat from optional origins. Russia and Ukraine are typically the top two suppliers, although Saudi Arabia also purchases grain from other sources, including the United States, Australia and the European Union. Saudi Arabia is nearly 100% reliant on wheat imports to meet its domestic needs.
CBOT wheat settlements on Friday were for 128,121 contracts.