November 19, 2025

Morning Comments:
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• Corn and soybean markets are lower to begin the day, with spreads widening. CZ/CH has eased to –13 ½ , while SF/SH is out to –7 ½ . The next several sessions will hinge on Chinese purchasing activity, which remains the key demand driver.
• Soybean CIF stabilized yesterday, with December now bid +84F. Another USDA flash soybean sale to China is expected this morning, though the size of the purchase remains uncertain.
• President Trump said China is meeting its commitments on U.S. farm purchases but wants Beijing to accelerate soybean buying. He has directed Treasury Secretary Scott Bessent to push China to step up those purchases, according to Reuters.
• Corn basis was mixed yesterday: ADM Decatur slipped back to +5Z, Southeastern rail values were slightly firmer nearby, and Marquis Hennepin improved its nearby bid to –5Z.
• South American weather has turned more favorable for soybean planting. Argentina and southern Brazil are shifting to a drier pattern after recent heavy rains—an encouraging trend for fieldwork and early emergence.