By Tony Dreibus Updated on November 12, 2025

1. Wheat Futures Lower Ahead of Friday Reports

Wheat futures were lower in overnight trading as investors square positions ahead of Friday’s supply and demand reports from USDA. 

The agency will release its November report, which was originally scheduled for Nov. 10, at the end of the week.

A survey from Reuters showed market-watchers are expecting USDA to raise its outlook for ending stockpiles to 867 million bushels, up from the September outlook for 844 million bushels. 

USDA didn’t release an October report amid the ongoing government shutdown. 

Still, underpinning prices overnight was continued optimism that the shutdown, which started on Oct. 1, would end this week. A bill to end the longest shutdown in the country’s history is headed to the House after being approved by the Senate on Monday. 

The House Rules Committee advanced the bill, stripping out Democratic amendments including one that would extend health insurance subsidies. 

Wheat futures for December delivery fell 4¾¢ to $5.31¼ a bushel overnight on the Chicago Board of Trade, and Kansas City futures dropped 6¢ to $5.17¾ a bushel. 

Corn futures for December delivery fell ¼¢ to $4.31¾ a bushel. 

Soybean futures for November delivery rose 2½¢ to $11.29¾ a bushel. Soy meal was up $1 to $317.90 a short ton and soybean oil futures lost 0.25¢ to 50.85¢ a pound. 

2. Dairy Prices Lower, Milk Production Increases Annually

Dairy prices plunged both weekly and annually and milk production increased on a yearly basis, according to

separate reports. 

Cheese block prices dropped 8.4% in the seven days that ended on Nov. 10, while milk was flat and butter declined 5.1%, Truist Securities said in its weekly restaurant commodity update. 

On an annual basis, cheese blocks dropped 6.3%, milk was down almost 26% and butter prices plunged 44%, Truist said. 

Milk production in September, meanwhile, rose 4.2% year over year to 18.3 billion pounds, USDA said in a report on Monday. The agency revised its August output levels to 18.8 billion pounds, a 3.6% yearly increase. 

The number of cows on dairy farms totaled 9.15 million head, up by 235,000 on an annual basis, the USDA said. 

Per-cow production rose to 1,999 pounds, up 30 pounds year over year. 

In the July-September quarter, milk production rose 3.8% annually to 58.2 billion pounds, the agency said in its report. 

3. Dry Weather Forecast for Northern Missouri, Kansas

Dry weather is expected in northern Missouri and extreme eastern Kansas through the rest of the week, according to the National Weather Service.

“Warm and dry conditions (are forecast) through this weekend,” NWS said. 

Temperatures will rise to about 80°F and could potentially hit a record, the agency said. Windy, dry weather will prevail creating elevated fire-weather conditions on Saturday. 

Snow and winds in northern Indiana, meanwhile, may reduce visibility and create slippery conditions, NWS said. 

“Temperatures overnight will also drop to freezing or slightly below freezing, which may cause wet roads from snow melt to refreeze, causing slippery conditions and black ice to form, especially on untreated roads and bridges,” the agency said. 

ARTICLE: Successful Farming, November 12, 2025