November 20, 2025

Morning Comments:
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• Grain markets are slightly firmer this morning with soybeans up over a nickel. Corn spreads are even/firmer with CZ/CH getting back out to -12 for most of the overnight session. Soybean spreads are mostly firmer this morning.
• Soybean oil futures dropped following reports that the Trump administration is considering a delay on proposed cuts to incentives for imported biofuels. Refiners argue the changes could increase costs, while the potential delay has caused frustration to U.S. farmers and biofuel producers.
• Another flash of soybeans to China is expected this morning from Tuesday night’s activity, but the amount is still in question. According to private estimates, the US has sold 2-2.3MMTs of soybeans to China.
• Barge freight was firmer on Wednesday as some interest has arisen into JFM. River levels are reportedly in good shape for the next couple of weeks as some rains are projected to hit the system.
• Export sales were released this morning for the week ending October 2^nd. Corn sales showed 89 million bushels and soybeans were 33.8 million bushels.