November 24, 2025

Morning Comments:
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• Grain markets are weaker to start Thanksgiving week. Corn spreads are wider while soybean spreads have firmed. Decent hedge volume on the December contract is expected as producers price or roll basis contracts this week. With recent declines in corn futures, additional rolling by farmers is likely.
• Basis changes were minimal on Friday. CIF values have eased for both corn and soybeans, while barge freight seems to have stabilized. Corn processors will likely be the first to shift bids to the CH26—be sure to monitor local markets.
• South American weather forecasts project an active pattern of showers in Northern Brazil. The Argentina forecast has also trended wetter for next week, which will be welcomed as soybeans are planted.
• US Treasury Secretary Bessent said inflation pressures are coming primarily from services rather than imported goods. Some price relief is expected within weeks, though broader easing may take longer. A December Fed rate cut is becoming less likely due to persistent inflation, according to sources.
• *Reminder: Friday is First Notice Day for December futures. Please review any remaining December positions. Markets are closed Thursday for Thanksgiving and reopen Black Friday at 8:30 a.m. with a 12:05 p.m. early close.