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Tomorrow you and your family are (hopefully) celebrating the Thanksgiving holiday. Feasting on turkey and stuffing is just part of the fun. It’s also a good opportunity to simply say thanks. But giving thanks shouldn’t just be a one-off for November 27, argues Davon Cook, family business consultant with Pinion. “This sounds obvious, but sometimes we get too busy to stop and say a slow, intentional 'Thank you.' I perceive I thank my close companions often, and then my family begs to differ! I realize the 'slow' part is important. I may be throwing out 'Thanks' over my shoulder on the way out the door or putting it at the bottom of every email. But that’s different than approaching someone with no other agenda item.” Let your people know you appreciate them regularly, in other words.
A band of rain and snow just west of the Mississippi River could deliver another 0.5” to 1” of moisture between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Later on, NOAA’s new 8-to-14-day outlook predicts more seasonally wet weather in store for parts of the Northern Plains and upper Midwest, with cooler-than-normal temperatures likely for a large portion of the Corn Belt during this time.
On Wall St., the Dow pushed another 430 points higher in afternoon trading to 47,543. “Thanksgiving week is generally a strong week in the markets. Everyone’s feeling good,” according to Eric Diton, president and managing director with The Wealth Alliance. Energy futures were also firm, with Brent crude oil up more than 1% this afternoon to move back above $62 per barrel. Gasoline futures trended almost 1.5% higher. The U.S. Dollar softened slightly.
Corn prices found bountiful pre-Thanksgiving gains
Prices benefited from a robust round of technical buying as traders finished squaring their positions prior to the holiday. December futures rose 8.25 cents to $4.3175, with March futures up 7 cents to $4.4525.
Domestic ethanol production improved to 1.113 million barrels per day in the week through November 21, per the latest data from the U.S. Energy Information Administration, out earlier today. That’s also a bit better than the prior five-week average of 1.099 million barrels per day. Ethanol stocks trended 2% lower this past week.
Brazil’s Anec estimates that the country’s corn exports will reach 240.54 million bushels in November, which is slightly below its prior projection of 250.37 million bushels from a week ago.
Last week, the EPA and the Army Corps of Engineers released a revised rule that redefines the contentious “Waters of the United States” regulations that intend to clarify permit requirements under the Clean Water Act. “This announcement marks another pendulum swing; recent administrations have in turn proposed new WOTUS definitions, and this announcement follows through on one of President Donald Trump’s campaign promises,” notes Warren Formo, the executive director of the Minnesota Agricultural Water Resource Center. Click here to learn more.
Delayed CFTC data showed speculative funds at a new net short position of 191,055 contracts after adding 49,089 short contracts in the week through October 14. However, commercial positioning is not nearly so bearish (net short of 13,776 contracts). This scenario has signaled a potential price bottom when it has happened in the past.
Corn settlements on Tuesday were for 590,234 contracts.
Soybean prices earned some forward momentum
Prices followed a broad set of other commodities higher in midweek trading, picking up gains of around 0.5% in the process. January futures added 6.75 cents to $11.3150, with March futures up 6 cents to $11.4075.
The rest of the soy complex was also firm. December soymeal futures tested fractional gains, while December soyoil futures trended more than 1% higher.
Brazil’s Anec estimates that the country’s soybean exports will reach 161.68 million bushels in November, which is a bit below its prior projection of 173.08 million bushels from a week ago. Brazil is the world’s No. 1 soybean exporter, accounting for around half of all global sales.
There is some conflicting information out there regarding the cost of a Thanksgiving meal. The American Farm Bureau says families will pay less for a turkey dinner, while a Consumer Energy Alliance report says families will have to pay more for both the food and the energy required to cook it. “Leaders say that’s not the conversation agriculture needs to have with consumers,” notes Farm Futures executive editor Pam Caraway. “The salient issue is who is profiting from higher prices. Spoiler alert: It’s not farmers.” Caraway explores the situation in greater depth in the latest This Business of Farming blog – click here to learn more.
Soybean settlements on Tuesday were for 208,145 contracts.
Winter wheat prices grabbed variable gains
Export demand helped traders stay in a pattern of technical buying on Wednesday. Spillover strength from other commodities lent additional support today. December Chicago SRW futures added 1.75 cents to $5.29, with December Kansas City HRW futures up 4 cents to $5.1725.
Russian consultancy IKAR estimates that the country’s 2026 wheat production will come in between 3.16 billion and 3.34 billion bushels. Russia is the world’s No. 1 wheat exporter, and this latest projection suggests it will continue to be a top player in the market next year.
South Korea purchased 3.4 million bushels of wheat from the United States and 1.5 million bushels of wheat from Canada in a tender that closed earlier today. That volume represents around 9.4% of the country’s typical annual wheat import needs.
And finally, with Christmas approaching, we have assembled our 2025 holiday gift guide. From warm boots and slippers to tasty snacks, helpful tools and handy gadgets, we think there’s something for just about every farm on this list. Click here to get started.
CBOT wheat settlements on Tuesday were for 120,094 contracts.