November 3, 2025

Morning Comments:

• Grain markets are firmer this morning while spreads trade mixed. January soybeans made fresh highs of $11.28 ¾ overnight but have since pulled back about 10 c from those levels. The tone of the corn market remains firm with short covering evident—corn open interest has fallen as futures have climbed.
• Basis changes were minimal on Friday. Most soybean bids have now rolled to the SF, though a few river terminals continue to bid versus the SX (Havana posted +10X for FH Nov). There were 207 contracts of November soybeans tendered, with ABN AMRO stopping 200 contracts.
• NASS will release its crop production and world agricultural supply and demand estimates on November 14, according to a post on its website. The report had been scheduled for November 10, but it was unclear if it would be released since the government has remained largely shuttered since October 1.
• The U.S. and China will continue to finalize details of the trade deal announced last week. China has not yet confirmed specific purchase figures but is reportedly working to fulfill the 12 MMT of U.S. soybean purchases outlined by U.S. officials.
• New CME daily price limits take effect today: 30 ¢ on corn (45 ¢ expanded), 70 ¢ on soybeans ($1.05 expanded), and 35 ¢ on wheat (55 ¢ expanded).Have a great day.