TFM Midday Update 09-18-2025

CORN

Corn prices are slightly weaker at midday, pressured by harvest progress. December corn is down 00-3/4 to $4.26-00.
Weekly export sales for corn came in at 49 mb, which was in line with expectations. Year-to-date commitments for the 2025/26 marketing year now total 938 mb, up 68% from last year.
According to China’s General Administration of Customs website, August corn imports were down 90.5% compared to August of 2024. Year-to-date corn imports for China were also down 92.9% year-over-year to 880k mt.
Rainfall across the Western and Central Corn Belt is likely to delay harvest progress as precipitation chances are high over the next 5 days.

Soybeans are being pulled lower by soybean oil as that market is awaiting more direction from the EPA regarding SRE exemptions. November soybeans are down 5-00 to $10.38-3/4, with January futures 5-00 lower to $10.59-00.
Weekly soybean export sales totaled 34 mb, which was in line with expectations. Year-to-date commitments for the 2025/26 marketing year sit at 378 mb, down 36% from a year ago.
President Trump and China’s Xi are expected to meet virtually tomorrow. It is still unclear whether the two will discuss agriculture products or not.

Wheat prices are mostly lower at midday as beneficial rains fall and global production estimates rise. December Chicago wheat is down 00-1/2 to $5.27-3/4.
Weekly export sales for wheat were in line with expectations at 14 mb. Year-to-date commitments total 481 mb, up 20.5% from the year prior.
According to Stats Canada, the 2025/26 wheat crop is seeing 1.1 mmt higher than the group’s previous estimate back in August. The group cited higher yields as the reason for the increase in production.
Taiwan has pledged to purchase 3.6 mmt of wheat worth $1.3 billion from the US during a three-year period between 2026 and 2029. Both the Taiwan Flour Millers Association and US Wheat Associates have signed an agreement.

Tanner Wilson