November 19th Grain Marketing Update

Good Morning!

I hope your week has been good so far. Our week has been nice as we received some rain on Monday and Tuesday. With an inch or more, we’re heading in the right direction, although we’re still way behind on moisture. I’m hopeful we’ll keep healing before we transition this weather, as it’s pretty tough to get moisture in the ground once it’s frozen. Most of the groundwork has been completed, although there’s still some anhydrous going on here and there. We haven’t had many evenings at home with Toby’s basketball season going on, but it sure is fun to watch. He’ll get one game next week, which couldn’t work out better, as we’ll have all the kids home. Keep the feedback coming-I appreciate hearing from you all. For more information on AgMarket, click here. 

Several of you have reached out about our winter conference. I’ll leave the link below, but if you have questions, don’t hesitate to ask. The dates are February 1^st and 2^nd, and being in Nashville, it’s a good time of year for many of us to get a little further south. CLICK HERE to learn more.

The corn and bean markets started the week with a big rally on Monday while Tuesday was a bit more quiet. Corn saw some bull-spreading with front-months up, while beans gave a bit of the gains back. With big bean sales to China so far this week, President Trump was still urging China to pick up the pace of buying. The weather in South America is mostly benign, with some dry areas here and there, especially in Southern Brazil and Argentina. Outside markets should have provided a positive bias:

• The US Dollar settled up .007 at 495
• December crude oil settled up .83 at 74
• The DOW settled down 481 points at 46,184  

CORN

The corn market saw both sides unchanged with front-months ending the day on a positive note. December corn closed 2 higher at $4.36 ¾. This was 1 ¾ off the high and 3 ½ off the low. Corn export inspections came in huge on Monday at 2.054 mmt, which was over a half-million tons bigger than a week ago and well above expectations. Given the pace of exports so far, it indicates the huge USDA export usage number of 3.075 bbu is still too low. Massive demand for corn, both in the US and globally, has the market well-supported for now. With bull-spreading a feature, there’s no doubt that strong demand has buyers hunting for corn a bit more than previously expected. With a bearish report last Friday, it appears traders aren’t too sure about the big 186 Bu. yield posted last week, as the corn market has bounced back admirably. On Tuesday, December 2026 corn settled ½ lower on Tuesday at $4.69 ¼. 

SOYBEANS

Soybeans rallied sharply on Monday, with January beans up 32 ¾ cents. On Tuesday, January beans were down 3 ¾ at $11.53 ½. This was 16 off the high and 5 ¾ off the low. Soybean meal was down 3.8 at 327, while soy oil was up 1.03 at 52.17. The weekly inspections showed beans at 1.18mt, which was 100k improved over a week ago but still under expectations. With the market still expecting big bean sales to China, it appears to be taking a bit longer than expected to see it happen. While many wonder if they’ll actually buy 12 mmt before year-end, it’s a valid question as they’ve bought about 10% of that number so far. I still like selling an increment of beans after such a strong rally. With that being said, I also think we could rally on up from here with additional Chinese business and/or any weather hiccups in South America. Fall beans look solid as well at these levels, especially given where many of us sold beans this year. I’d consider an incremental sale there as well, especially for those who feel they need to get caught up. On Tuesday, November 2026 beans closed 2 lower at $11.27.

Matt Bennett 
mbennett@agmarket.net
815-665-0462 
@chief321