11/18/25 Follow the Leader: Soybeans

11/18/2025 Follow the Leader: Soybeans Morning Market Talk There will not be a Morning Market Talk this morning due to Technical Difficulties. On the Grains Soybean futures initially pulled back overnight from Monday’s impressive gains, but are poking above unchanged and testing the waters above Monday’s highs early this morning. Demand and fund buying triggered Monday’s strong gains. While some argue about whether the price rally is fundamentally justified, the fact of the matter is this rally will go as high as speculative money flow allows. In typical fashion, corn and wheat followed to the upside. Wheat has shown partial leadership with recent support from geopolitical uprisings in the Black Sea region. Corn remains fully a follower. China’s state-owned COFCO purchased upwards of 20 cargoes of U.S. soybeans for December and January delivery on Monday, with shipments booked out of the Gulf and PNW, according to Bloomberg, citing people familiar with the situation. Of note, Bloomberg reported the total as “nearly a million tons,” though 20 standard cargoes would be ~1.3 MMT; 51 million bushels. There was also unconfirmed talk China booked U.S. soybeans for summer 2026 delivery. With USDA fully functional again, we will get confirmation of most if not all of…