TFM Midday Update 9-25-2025

CORN

Corn prices remain higher at midday, as export sales continue to stay strong. December corn is up 2-00 cents to $4.26-1/4, while the March contract is up 2-00 cents to $4.43-00.
Weekly export sales for corn came in above trade expectations at 76 mb. Year-to-date commitments now total 1.014 billion bushels, which is up 75% from a year ago.
US weather looks to be ideal next week for grain harvest as warm dry weather moves back through the corn belt.
China’s corn production has been raised slightly on improved late season weather. Production in the country is now seen at 299.1 mmt, up less than 1% from the previous estimate.

Soybeans are firm at midday, supported by strength in soybean oil. November beans are up 3-1/2 cents to $10.12-1/2, while the January contract is up 3-00 cents to $10.31-1/2.
Weekly export sales for soybeans totaled 27 mb, which was on the lower end of trade expectations. Year-to-date commitments now sit at 404 mb, down 37% from last year.
Argentina announced that they will start applying the grain export tax again after reaching the sales cap of $7 billion. This comes just days after announcing they would drop the export tax from grain exports.

All three wheat classes are trading higher at midday following yesterday’s weakness. December Chicago is up 4-1/4 cents to $5.23-3/4, December HRW is up 3-00 cents to $5.09-3/4, and December Minneapolis is up 2-3/4 cents to $5.70-1/2.
Weekly wheat export sales were on par with expectations at 20 mb. Year-to-date commitments total 501 mb, up 24% from the same week last year.
IKAR has raised their Russian wheat production number to 87.5 mmt, up from the groups previous forecast of 87 mmt.
According to multiple reports, Australian wheat production is improving and if it remains strong, it could be the third largest output on record.

Tanner Wilson