TFM Morning Update 09-29-2025

CORN

Corn futures are trading slightly lower to start the week and have faded from overnight highs with December now below the 21-day moving average. December is down 1-3/4 cents to $4.20-1/4 and March is down 1-1/2 to $4.37-1/4.
India is reportedly considering buying US corn for producing ethanol and increasing energy purchases in general in an effort to secure a trade deal according to the Economic Times.
Friday’s CFTC report saw funds as sellers of corn by 14,624 contracts which increased their net short position to 94,675 contracts. This is now the shortest that funds have been in the ag complex in the last 12 months.

Soybeans are trading lower this morning and remain rangebound and below all major moving averages. November soybeans are down 3-1/2 to $10.10-1/4 while March is down 3 cents to $10.46. October soybean meal is up $1.90 to $270.70 and October soybean oil is down 0.31 cents to 49.29 cents.
Global palm and soybean oil prices are expected to rise by an estimated $100-$150 a ton or more next year as a result of supply concerns as vegetable oil supplies may tighten between January and March.
Friday’s CFTC report saw funds as sellers of 31,589 contracts of soybeans as of September 23 leaving them short 29,302 contracts. They sold 22,286 contracts of bean oil and 20,497 contracts of meal.

All three wheat classes are trading lower this morning and have faded from higher prices overnight. December Chicago wheat is down 3/4 cent to $5.19, KC wheat is down 3/4 cent to $5.04-3/4, and Minn wheat is down 1/2 cent to $5.67-1/4.
Wheat futures may be seeing pressure from an improvement in the EU projected production as a result of favorable harvest weather. soft wheat production is now estimated at 132.6 mmt compared to the previous estimate of 128.1 mmt.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 12,110 contracts which left them short 97,935 contracts. They bought back 1,230 contracts of KC wheat leaving them short 50,304 contracts.

Amanda Brill