November 13, 2025

Morning Comments:

• Good morning. Grain markets are mixed to start the day. January ’26 soybeans pushed to fresh highs overnight, with SF26 touching $11.42 ¾, while December ‘25 corn hovers near its 200-day moving average.
• Spreads are firmer as we head into the final day of the Goldman fund index roll. CZ/CH has strengthened to –13, and soybean spreads are firm as well, with SF/SH at –9 ½ at the break.
• The U.S. government has reopened, with an estimated 600,000 federal employees returning to work today. It will take time for agencies to work through the backlog, but Friday’s WASDE remains on schedule, and a few delayed reports may trickle out today with incomplete data.
• The European Commission failed to reach a decision on its deforestation-linked import rule, likely delaying implementation by another year. ADM’s deforestation-compliant soybean program would be directly affected, though expectations for near-term adoption remain low.
• Incobrasa (Gilman, IL) raised soybean bids to +10F for Nov/Dec/Jan and +10H for Feb/Mar. Soybean CIF weakened, with nearby values bid +64F, while barge freight was little changed.