Tuesday, November 4th, 2025, 5:00 AM CST By: Cole Raisbeck
Grain markets continued higher to start the week. Soybeans were the leader once again as the market extended its rally, finishing 15 to 20 cents higher. Wheat also caught a bid throughout the day, gaining 9 to 10 cents higher in the Chicago contracts and 5 to 11 cents higher in the KC contracts. Corn lagged behind but still managed to close 2 to 3 cents higher.
Weekly US grain export inspections totaled 1,668,781 MT of corn, 350,293 MT of wheat, and 965,063 MT of soybeans. Soybean harvest is estimated to be 92% complete. Corn harvest is estimated to be 85% complete.
TO DO: You can click here to review our current and updated price targets. We are adjusting our target to make a 20% hedge on your 2025 corn crop if March 2026 corn rallies to $4.53. This would bring the total 2025 hedges to 40%.
WHAT WE’RE THINKING:
Reports of additional Chinese purchases of both US and Brazilian soybeans circulated through the market yesterday. With the recent rally in soybeans and the US dollar pushing higher, Brazilian soybeans have become the cheaper option. While the market remains optimistic, we’re still waiting to see follow-through on actual Chinese purchases. As always, watch what they do, not what they say. Meanwhile, reports of Chinese wheat buying (for the first time since last October) helped wheat extend its rally and provided support to corn throughout the session.
WHAT TO WATCH:
I continue to watch the bull spreads work. Spreads have narrowed throughout this rally across the grain markets. The January-to-March soybean spread has tightened from 15 cents to 5-to-6 cents during this move. If you have hedges in the January contract, then consider rolling them forward to March.
Overnight Markets
December Corn: The trading range is 2¢; the last trade shows corn futures are down 2 ¢ at $4.32 per bushel.
January Soybeans: The trading range is 9; the last trade shows prices down 7¢ at $11.27 per bushel.
Wheat: Chicago wheat is up 1¢, KC wheat futures are down 1¢, Minneapolis wheat is up 1¢.
Global Stock Markets: The stock market in China is down 0.41%, while stocks in Japan are down 1.74%. European stocks are down 0.94%.
Outside Markets: The US Dollar Index is up 0.10 at 99.98, crude oil is down 98 cents per barrel at $60.06. S&P futures are down 70 points at 6,813.00. Dow futures are down 345 points at 47,130 and gold futures are down $8.60 at $4,005.70.
Livestock Futures: Livestock futures were mixed to start the week. December Live Cattle climbed $2.52 higher to close at $232.20, while November Feeder Cattle jumped $3.70 to finish at $342.57. In contrast, December Lean Hogs slipped 67 cents lower to end at $80.60.
TODAY’S CHART: January-to-March Soybeans Spread
About This Chart: This is the daily chart of the January-to-March soybean spread. You can see it narrowed throughout the recent rally. Since early July, it had been trading between 13 and 17 cents. However, after a $1.15 rally in January soybeans over the past two weeks, the spread has tightened to just 6 cents. The bull spreads continue to work, making this a good time to consider rolling any January hedges out to March.