November 18, 2025

Morning Comments:
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• Grain markets are mixed this morning with soybeans posting fresh highs overnight. December corn is back trading above the 200-day moving average and corn spreads are firmer. CZ/CH is at -13 ¼ with first notice day for December futures is just a couple of weeks away.
• Soybean spreads and futures spiked on Chinese soybean purchasing yesterday. CIF rallied almost 15c and Jan CIF beans traded at +91F, which was much firmer than last week. All in all, the purchases were estimated at 44 million bu’s just yesterday with the majority of the business out of the US gulf.  
• The flurry of Chinese business on Monday was somewhat unexpected, but the focus appears to be on Dec/Jan timeframe now. We will see if there is some follow though today as the 12 MMT of China soybean purchases advertised by the white house indicate that there is still some buying left to do.
• ADM Decatur firmed their nearby corn bid a nickel to +10Z. Western corn processors were firmer with multiple plants firming nearby bids 2-4c.
• NOPA crush data showed a new record for soybean crush in October at 227.6 million bu’s, which was above trader estimates. This data included two new plants that came online this year. Have a great day.
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