November 24, 2025

Agri- Commodities: 17-21/11/25

Monday The rebound in soybeans and Chicago wheat was even more impressive than Friday’s plunge, driven this time by actual Chinese purchases rather than political promises. US wheat rallied alongside soybeans on talk of Chinese demand, though without confirmation that wheat was included, while MATIF wheat lagged despite a weaker EUR/USD. USDA corrected Friday’s missing flash sales by trimming US soybean sales to China by 100k tons, yet sentiment stayed upbeat on reports that China bought at least 14 US cargoes. NOPA reported a record October crush of 227.65 mbu, suggesting stronger domestic use may offset some export weakness. Weekly inspections showed soybeans at 1,176k tons, corn at 2,054k tons, and wheat at 247k tons; cumulative soybean inspections remain down 7.5 mmt y/y while corn is up 6.7 mmt.

Russian 12.5% wheat FOB for late December fell $3 w/w to $229/t, while Poland reported sabotage on a key rail line used to send aid and weapons to Ukraine. Based on cumulative inspections so far this marketing year, wheat needs to maintain last year’s pace to meet USDA’s export forecast, soybeans need to accelerate, and corn could afford to slow.

Tuesday Prices closed mixed in choppy trade, with USDA confirming US soybean sales to China but at the low end of expectations, keeping attention on daily flash sales as weekly reports remain delayed. USDA reported 792k tons of soybeans sold for 2025/26, while EU soft wheat exports reached 9.05 mmt as of November 16, roughly in line with last year and with lineup data suggesting exports near ~11 mmt. Russian wheat exports totaled about 3 mmt in the first 17 days of November, and Jordan bought 60k tons of milling wheat at $263.85/t CnF, up slightly from the prior week.

US corn and soybeans were 91% and 95% harvested, leaving about 1,507 mbu (~38 mmt) of corn still in the field. Corn continues to mirror last year’s pattern, Chicago wheat returned to last year’s Nov–Dec range, and MATIF is near the level from which it bounced last year.

Wednesday Grain prices turned lower as wheat came under pressure from unconfirmed rumors of Chinese buying and renewed peace-talk headlines, while soybeans faced the challenge of bullish demand news not fully matching expectations. USDA reported 330k tons of soybeans sold to China, bringing the two-day total to 1,122k tons (18–19 vessels), though reaching 12 mmt for the year would still require about 5–6 vessels per day through year-end. Reports also suggested the Trump administration may delay cutting support for imported biofuels, putting additional pressure on the soybean complex.

Politico reported that the White House has drafted a 28-point peace plan with Russia and plans to press Zelenskyy to accept it. S&P Global’s farmer survey indicated a possible 3.8–4.0% shift from corn to soybean plantings and a ~2.3% drop in wheat area. Jordan made no purchases in its barley tender due to lack of offers, non-commercials increased their net short in MATIF wheat to 187.3k ctrs and expanded their rapeseed long, and CFTC’s delayed report showed rising net shorts in corn, soybeans, and Chicago wheat.

Thursday Grains sold off for a second straight day on mixed news and a sharp reversal in US financial markets, with wheat supply projections still comfortable. USDA reported private sales of 462k tons of soybeans to China and 132k tons of white wheat, confirming earlier rumors. for the week ending October 2 showed strong wheat demand at 888k tons, alongside 2,260k tons of corn and 924k tons of soybeans during the period when US futures were testing contract lows.

Saudi Arabia’s GFSA issued a tender for 300k tons of wheat for February–April arrivals, while Australia’s GIWA raised Western Australia’s wheat forecast to a potential record 13.05 mmt. Sovecon lifted Russia’s wheat production estimate to 88.6 mmt on strong Siberian yields, and Argentina’s wheat harvest reached 20.3% with the production estimate unchanged at 24 mmt.

Friday Prices ended the week mixed after multiple wheat and corn contracts set new intraday lows for November, with MATIF milling wheat (USD) hitting a contract low that underscored heavy wheat fundamentals. The week ahead starts with Saudi Arabia’s wheat tender results, which may influence market direction. FranceAgriMer reported soft wheat planting at 95% with 98% rated good to excellent, well above last year’s 88%.

Marco Rubio said Trump’s Nov. 27 deadline for Ukraine to support a peace plan is flexible, following updated negotiations in Geneva. The Russian ruble strengthened on rising odds of a peace deal, reducing export competitiveness but possibly lowering the export tax, which is set to rise to ~232 RUB from ~203 RUB but may disappear if currency and index conditions hold. A delayed CFTC report for the week ending October 7 showed funds selling corn, buying soybeans, and slightly reducing their wheat short, with current estimates putting corn near -123k ctrs, soybeans near +90k ctrs, and wheat near -77k ctrs. Over the last six months, March MATIF (USD) was the worst performer, followed by Kansas and Chicago wheat, while corn and soybeans diverged

Other weekly recaps

July 27, 2026Commodities

Weekly Grains & Oilseeds Outlook: The week opened with mixed grain markets. Corn followed soybeans higher, while CBOT wheat declined and MATIF wheat closed modestly firmer. US crop data showed soybean conditions improving by 1 pp to 66% good to excellent, while corn also gained 1 pp to 67%. Spring wheat conditions fell more sharply than expected, dropping 5 pp to 53%, and the winter wheat harvest reached 74% completion. USDA also reported private soybean sales to China and unknown destinations, together with corn sales to Colombia. Weekly export inspections were weak for wheat and especially soybeans. US spring wheat led Tuesday’s gains as dry weather and deteriorating crop conditions supported prices. Other US wheat contracts also advanced, while corn recovered from early losses despite better-than-expected condition ratings. MATIF wheat remained below the highs reached during its recent rally. Brazil’s second corn harvest reached 49.8% completion, while wheat planting advanced to 97.4%. SovEcon reduced its Russian wheat forecast from 88.9 mmt to 88.3 mmt. Initial results from the North Dakota crop tour placed southern spring wheat yields at 46.0 bushels per acre, below last year but slightly above the five-year average. Grain markets moved higher again, with wheat supported by continued attacks around the Black Sea and new restrictions at Novorossiysk. Russia introduced a temporary night curfew on vessel traffic at the port, limiting movements between midnight and 5 a.m. MATIF wheat joined the rally, while corn and soybeans also closed higher alongside firmer crude oil. EU soft wheat reached 0.47 mmt as of July 19, up 252k tonnes from the previous report but below 0.86 mmt a year earlier. Non-commercial participants increased their net long in MATIF milling wheat to 111.9k contracts, the highest level in more than two years, while their rapeseed net long rose to 72.4k contracts. Wheat fell sharply across US and European markets, giving back part of the earlier gains, while corn finished unchanged and soybeans moved higher. Black Sea shipping risks remained in focus, although Ukraine’s agriculture minister denied reports that mechanisms were being discussed to secure exports from the Big Odesa ports. Allseeds halted operations in the Odesa region because of the attacks. France’s soft wheat harvest reached 99% completion, while maize conditions declined to 38% good to excellent. Funds sold 11.5k wheat contracts on Friday but remained net buyers of corn, soybeans and soybean meal over the full week. Expana reduced its EU soybean and sunflower seed production forecasts, while IKAR projected Russia’s 2026 grain crop at 139 mmt, including 90 mmt of wheat.

July 20, 2026Commodities

Weekly Grains & Oilseeds Outlook : Wheat prices gave back Friday’s gains as the market assessed how long restrictions in the Sea of Azov could continue. The disruption remained a source of risk, although Russia had other ports available to redirect cargoes. Corn and soybeans closed higher alongside a surge in oil prices after the US announced plans to reinstate its blockade of Iranian vessels in the Strait of Hormuz and seek a 20% charge on other cargoes using the waterway. US crop conditions improved, with corn rated 68% good to excellent and soybeans 65%, both 1 pp higher over the week. Spring wheat ratings also increased to 58%, while the winter wheat harvest reached 67% completion. Wheat recovered from early losses as continued attacks on vessels and infrastructure around Ukraine’s Black Sea corridor supported prices. Russia said it would reroute grain exports through other Black Sea and Baltic ports to meet its commitments, although this would increase transport costs. US wheat futures outperformed MATIF as the dollar weakened following lower-than-expected inflation data. CONAB raised Brazil’s corn production forecast to 141.73 mmt but reduced its wheat estimate to 6.03 mmt. EU Commission data placed soft wheat exports at 0.21 mmt as of July 12, although vessel lineups indicated volumes closer to 0.9 mmt. Wheat futures rose strongly as shipowners increasingly avoided Ukrainian Black Sea ports and some existing bookings were reviewed or cancelled. Traders also paused new purchases while reassessing insurance, freight and execution risks. Attention remained focused on Russian export flows from Novorossiysk, particularly during the period when the country’s wheat programme normally accelerates. France’s farm ministry estimated the soft wheat crop at 32 mmt, only 4% below last year despite the earlier heat wave. Non-commercial participants also moved from a net short of 9.7k MATIF wheat contracts to a net long of 23.6k contracts. Wheat reversed lower after reaching multi-month highs as traders reduced part of the Black Sea risk premium. Germany’s DRV lowered its 2026 wheat production estimate to 21.89 mmt from 22.63 mmt in June because of heat and limited rainfall. FranceAgriMer projected French soft wheat exports at 14.4 mmt and ending stocks at 3.65 mmt, but did not publish a corn SnD . US weekly export sales reached 235k tonnes of wheat, 626k tonnes of corn and 1.96 mmt of soybeans, with wheat and corn sales below market expectations. Drought affected 19% of US corn, 18% of soybeans and 24% of spring wheat acreage. Grain markets ended the week higher, led by wheat, as attacks and shipping restrictions in the Black Sea continued. Renewed US-Iran tensions also pushed Brent crude above $90. The French soft wheat harvest advanced by 33 pp to 92% complete, while French corn condition ratings fell another 6 pp to 41%. Weather forecasts indicated continued stress for French corn, cooler conditions across much of Europe and unwanted rain in northern Poland and the Baltics. Managed money increased its net long in Chicago corn by 30.7k contracts to 43.4k and reduced its net short in Chicago wheat by 25.5k contracts to 36.8k.

July 13, 2026Commodities

Weekly Grains & Oilseeds Outlook : Grain markets started the week sharply higher as Chinese buying and weather concerns triggered a wave of buying. Soybeans and corn led the rally, while wheat also gained as managed money entered the week net short in both corn and Chicago wheat. China's COFCO bought at least 300k tons of US soybeans for September-November shipment, with some estimates reaching 600k tons. Hot and dry Midwest forecasts also supported corn during a critical stage of development. Saudi Arabia purchased 661k tons of wheat for September-October arrival, with the average price around $7.4/t below its previous tender. Prices extended their gains on follow-through buying, with China and weather still driving sentiment. Higher oil prices also provided support as tensions in the Middle East returned to the market. EU soft wheat exports ended the season at 23.42 mmt, compared with 21.62 mmt last year, while lineups suggested exports were more than 4 mmt higher. Oil jumped after reports of attacks on tankers near Hormuz and renewed US strikes on Iran. Grains corrected after the strong start to the week despite another surge in energy prices and confirmation of Chinese soybean purchases. USDA reported 472k tons of soybean sales to China, but the market reaction was muted after several days of speculation. Argentina's wheat production estimate was raised by 0.5 mmt to 20.5 mmt following larger planted area, heavy June rainfall and lower urea prices. Meanwhile, the IMF cut its 2026 global growth forecast to 3.0% and raised its inflation forecast to 4.7%. Markets were mixed ahead of the USDA WASDE report. US wheat moved higher on expectations of supportive figures, while corn and soybeans eased as Midwest weather forecasts turned cooler. Attention increasingly shifted to , with expectations for lower US and global corn and wheat ending stocks. Corn export sales disappointed at 967k tons, while USDA confirmed another 136k tons of new-crop soybeans sold to China. Argentina's wheat planting reached 87.9%, around 12 pp ahead of average. MATIF wheat surged on concerns over Russian grain exports, with the September contract closing 5.5% higher on record trading volume. Russia temporarily suspended commercial shipping through the Kerch Strait and the Don-Azov Canal. The suspension followed continued Ukrainian drone attacks on Russian vessels. The July WASDE was most supportive for corn, cutting US 26/27 ending stocks by 170 mbu to 1.79 billion bushels. Global corn carryout also fell by 5.96 mmt, while managed money flipped back to a net long in corn. Iran declared the Strait of Hormuz closed, although passage remained possible amid severe risks and very limited traffic.

July 6, 2026Commodities

Weekly Grains & Oilseeds Outlook : Grain markets started the week under pressure as traders positioned ahead of the USDA Acreage and Grain Stocks reports. Corn led the decline, falling to fresh contract lows, while wheat continued to face harvest pressure despite growing concerns over European weather. remained the dominant theme. Hot and dry conditions persisted across France, keeping stress on corn, while cooler temperatures and rainfall improved prospects across northern Europe. In the US, winter wheat harvest advanced to 48% complete, while corn and soybean condition ratings slipped slightly but remained above the five-year average. Markets rebounded after the USDA delivered a friendlier-than-expected report. Wheat acreage was the biggest surprise in Tuesday’s report, coming in 1.1 million acres below expectations, mainly because of lower winter wheat area. Outside the US, Canadian farmers reduced wheat plantings while expanding canola area more aggressively than expected. EU wheat exports also continued to outperform last year, with shipments exceeding 23 mmt and line-up estimates approaching 27.5 mmt. Follow-through buying lifted grains higher as rumors of renewed Chinese demand supported sentiment, although no purchases were confirmed. Attention increasingly shifted toward July weather, with US forecasts remaining favorable while heat continued to threaten corn production in France and Spain. Brazil also strengthened the global supply outlook after StoneX raised its second-corn production forecast, while easing inflation and lower oil prices reduced pressure on broader commodity markets. Markets traded quietly ahead of the US holiday, with weather forecasts and China headlines providing the main direction. Traders remained reluctant to price in additional Chinese demand without confirmed purchases. US drought coverage improved further, while Argentina continued reporting strong wheat planting progress. Saudi Arabia also returned to the market with a 655k-ton wheat tender for September-October shipment. Trading remained subdued with US markets closed for Independence Day. French wheat ratings weakened but remained close to last year's levels, while harvest advanced quickly. French maize conditions fell sharply, dropping 18 pp w/w to 58% G/E as of June 29. That compares with 78% G/E a year ago. Attention also turned to Saudi Arabia's wheat tender, while OPEC+ agreed to increase August oil production, adding further pressure to energy markets.

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