TFM Midday Update 9-24-2025

CORN

Corn futures are trading lower at midday, despite early yield reports coming in slightly below expectations. The market remains under pressure due to the potential for a record-breaking U.S. corn crop. December futures are trading down at $4.23 5/8.
USDA confirms the sale of 312,956 tons of US corn to Mexico for the 25/26 year.
Black Sea exporters are reportedly lowering corn prices in an effort to remain competitive with U.S. and South American offers on the global export market.
Ethanol production for the week ending September 19th totaled 301 million gallons, down from 310 million the previous week. Despite the weekly decline, production remains 3% above the yearly average. An estimated 102 million bushels of corn were used in the production process.

Soybeans moved higher at midday, gaining positive momentum following a flash export sale announced this morning. The entire soy complex is trading in positive territory. November soybeans are trading up at $10.12 3/8.
USDA confirms the sale of 101,400 tons of US soybean meal to Guatemala for the 25/26 year.
S. soybeans remain under overall pressure as the lack of progress in trade with China continues to weigh on the market. Traders are particularly focused on reports that China purchased additional soybean cargos from Argentina yesterday.
The EU’s announcement yesterday to delay the implementation of its anti-deforestation law by one year has added pressure to its soybean meal prices this week, as the move increases the likelihood of stronger demand for U.S. meal exports.

Wheat is trading mostly higher, with some mixed action across contracts, supported by rising Russian wheat prices. Additional support came after former President Trump urged the UN to tighten financial pressure on Russia by halting purchases of Russian energy. December wheat is posting gains at $5.22 5/8.
Rising global crop estimates in recent weeks have added pressure to the wheat market. Notable increases are being reported in key producing regions, including Russia, Canada, Argentina, and Australia.
Wheat demand is also providing support to the market, with Algeria purchasing 600,000 tons of milling wheat, Jordan buying 60,000 tons, and South Korea securing 50,000 tons. Additional tenders from Bangladesh and Syria are also adding to the demand outlook.
Ukraine winter wheat sowing is 14% complete.

Lauren VandenLangenberg