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Prices updated as of 6:55 a.m. CDT.
Corn
March corn fell 1.5 cents to $4.3150 per bushel late in overnight trading after losing 2.25 cents last week. Last Tuesday, the most-active contract dropped to a four-week intraday low of $4.2550.
Futures remain under pressure from the near-record U.S. harvest and expectations for big crops in Argentina and South America, as well as signs this fall’s robust export pace may be fading.
On Friday, USDA reported net U.S. corn sales totaled 1.063 million metric tons during the week ended November 21, down 29% from the previous week and down 46% from the average for the previous four weeks. Mexico was the top buyer at 405,200 metric tons.
Could the corn market muster a “Santa Claus” rally into January? Corn prices have often gained ground in the weeks after Thanksgiving. For soybeans, however, history indicates a lump of coal may await market bulls. Bryce Knorr details historical holiday season corn and soybean price patterns.
Soybeans
January futures fell 2 cents to $9.8750 after gaining 6 cents last week to break a two-week losing streak. January soybean meal rose $1.20 to $293.10 per ton, while January soybean oil fell 39 points to 41.35 cents per pound.
Soybean futures remain near three-month lows posted last month on an outlook for a big South American crop in 2025 and concern an aggressive U.S. tariffs stance could crimp exports to China.
Brazil's soybean crop was 91% planted as of last Thursday, up from 86% a week earlier and 85% a year earlier, consultancy AgRural said today. The latest figure represents the fastest planting pace since 2018, AgRural said, though it noted rains are still needed in parts of Mato Grosso do Sul state.
More recently, China has expanded purchases of U.S. soybeans in anticipation of impending trade hurdles. Last Wednesday, USDA reported private exporters soybean sales of 132,000 MT to China. That transaction brought China’s soybean purchases so far this month to 664,000 MT, based on USDA flash sales reports.
On Friday, USDA reported net weekly U.S. soybean sales at 2.49 MMT, up 31% from the four-week average and a high for the 2024/25 marketing year. China led buyers with purchases of 1.087 MMT, including 306,000 MT switched from “unknown destinations.”
Wheat
March Chicago SRW wheat fell 4.25 cents to 5.4375 after earlier dropping to $5.4275, the contract’s lowest intraday price since August 27. March Kansas City wheat fell 2.5 cents to $5.3825 and March Minneapolis wheat fell 2.25 cents to $5.8950.
Improved Plains crop conditions following rainfall last month continued to burden the wheat complex. Additionally, low Argentine and Black Sea export prices outweighed a decision by Russia to cut its 2025 wheat export quota by two-thirds and raise wheat export duties, part of efforts to curtail inflation.
USDA will update its weekly crop ratings after today’s close. A week ago, USDA reported 55% of the winter wheat crop was in good-to-excellent condition as of November 24, up from 49% the previous week and the highest for this week in six years.
Weather
Most of the western Corn Belt and Plains is expected to be dry today through Thursday, according to the National Weather Service’s latest 72-hour cumulative precipitation map. Light precipitation is possible across Wisconsin, Michigan and Ohio, as well as the eastern halves of Iowa and Missouri and southwest Illinois.
Later this month, temperatures are expected to climb above normal in the Plains and western Corn Belt, based on the National Weather Service’s latest 8-to-14-day outlook for December 9-15. Temperatures in the eastern Corn Belt are expected to be near normal. Precipitation levels are expected to be near normal across most of the Midwest.
Financials
U.S. stocks are heading for a softer open following a strong November. Futures linked to the S&P 500 and the Dow Jones Industrial Average both fell about 0.1% late in Monday’s overnight session.
The U.S. dollar index was up 0.5% after slipping 1.7% last week. January WTI crude oil futures gained 80 cents to $68.80 per barrel.