November 21, 2025

Morning Comments:
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• Good morning.  Friday is starting out on a slightly weaker note for grains.  Today marks the end of the last full trading week of November.   Next week will bring no markets on Thursday and a short day on Friday.  December options expire today.   First notice day for December futures is a week from day with longs being reported after the close on Wednesday.   Please review your positions.  The lack of more China bean buying continues to weigh on soybeans with January beans now trading some 50 cents off the highs from earlier this week.  Jan beans traded under the 20-day ma this morning ($11.23).  Total export flashes on bean sales to China have totaled 66.7 mbu.   There is likely a little more out there to bring the total just over 2 MMT.   After that, it looks quiet again on that front as the economics still don’t make sense for China to buy more unless they are politically motivated.  The CFTC will release commitment of traders’ data this afternoon, but it will be as of October 7^th.   Old news.  Both the October and November cattle on feed reports will be out this afternoon.  Equity futures turned higher after the New York Fed Chairman said that a rate cut is still possible in December.  The chance of a rate cut on the CME Fed Watch went from 39% to 70% this morning.  There is going to be a lot of volatility around this come their meeting on December 9/10.  The weather still looks good enough in South America.  News elsewhere is pretty limited to end the week.  The producer will remain quiet on if the red continues throughout the day.  The market, especially beans, needs some more demand news or it risks a continued drift lower.  Have a safe weekend.