TFM Morning Update 09-26-2025

CORN

Corn futures are trading slightly lower this morning and are in a wedge pattern which could break out higher to test the $4.40 level in December. December is down 1/2 cent to $4.25-1/4 and March is down 1/2 cent to $4.41-3/4.
Yesterday’s export sales report was good for corn with sales at 1,923k tons which compared to 1,232k lasty week and 535k a year ago. Top buyers were Mexico, unknown destinations, and Colombia.
Estimates for the 25/26 Argentinian corn crop have been revised with corn planted area unchanged at 7.8 million hectares with planting now 12.3% complete.

Soybeans are slightly lower to start the day and remain rangebound. November soybeans are down 1 cent to $10.11-1/4 while March is down 3/4 cent to $10.46-3/4. October soybean meal is up $1.60 to $270.20 and October soybean oil is down 0.08 cents to 49.66 cents.
China has purchased around 40 cargoes of Argentinian soybeans taking advantage of the country’s temporary halt on export taxes. Argentina has met sales goals and has put the taxes back in place.
Yesterday’s export sales saw soybeans within trade estimates at 725k tons which compared to 925k last week and 1,575k tons a year ago. Top buyers were Egypt, Taiwan, and Mexico.

All three wheat classes are trading lower following yesterday’s gains. December Chicago wheat is down 3-1/4 cents to $5.23-3/4 while KC wheat is down 2 cents to $5.10-1/4, and Minn wheat is down 3 cents to $5.70.
The EU’s total grain production has been estimated higher at 284.2 mmt from 276.9 mmt for the 25/26 season thanks to an increase in soft wheat production to 132.6 mmt from the previous estimate of 128.1 mmt.
Yesterday’s export sales report saw wheat sales at 540k tons which compared to 388k last week and 169k tons a year ago. Top buyers were the Philippines, Italy, and Indonesia.

Amanda Brill