November 26, 2025

Morning Comments:
.

• Grain markets are firmer this morning as we approach first notice day for December futures. The CZ/CH spread has widened to –15, with roughly 4,500 contracts currently bid at that level. Soybean spreads are firmer this morning with SF/SH at -9.
• Corn basis was mostly steady yesterday. Most processors remain bid against the CZ, though we expect many to begin bidding vs. the CH today or Friday. Western processors that have already rolled to CH have firmed their bids by a couple of cents.
• Reuters reports that China has purchased an estimated 12–14 cargoes of U.S. soybeans for January shipment, marking a notable round of buying and reinforcing signs of renewed Chinese demand. The buying comes amid tighter South American supply availability, more competitive U.S. pricing, and continued diplomatic pressure from Washington for China to accelerate agricultural imports.
• China issued a warning to Japan on Wednesday regarding reports that Japan plans to deploy missiles on Yonaguni Island near Taiwan, calling it “an extremely dangerous move.” Tensions have risen since earlier this month, when Japan signaled that any Chinese attack on Taiwan could legally constitute a “survival-threatening situation.”
• Reminder: Friday is first notice day for December futures. Please evaluate any December positions. Market is closed tomorrow for Thanksgiving and will reopen on Friday at 830am and close at noon.