TFM Morning Update 10-22-2025

CORN

Corn futures are trading slightly higher this morning with December up 3/4 of a cent to $4.20-1/2 while March is also up 3/4 of a cent to $4.34-1/2.
Export inspections remain a bright spot for the corn market, with Monday’s totals holding 61% ahead of the same period last year.
U.S. corn harvest is estimated to be 60%–70% complete, though rains this week may slow progress. Basis levels around the country remain firm for harvest time, an encouraging sign of underlying demand.

Soybean futures are slightly higher this morning with November soybeans are up 3-1/4 cents to $10.34 and March is up 2-3/4 cents to $10.65-1/2. December soybean meal is down $0.70 to $286.20 and December soybean oil is up 0.11 cents to 50.75 cents.
In comments yesterday, President Trump suggested that his upcoming meeting with Chinese President Xi may not occur. The ongoing back-and-forth, coupled with the lack of data during the government shutdown, has kept soybean traders hesitant to extend risk.
Soybean oil futures were pressured Tuesday after the American Petroleum Institute reiterated its opposition to reallocating renewable volume obligations, a decision that the EPA has yet to announce.

Wheat is trading mixed to start the day, December Chicago wheat is unchanged at $5.00-1/4, KC wheat is up a 1/4 cent to $4.85-1/4, and Minneapolis wheat is up a 1/2 cent to $5.45-1/4.
Gold futures suffered their largest one-day drop in prices yesterday, adding pressure to other commodity markets. The decline followed a surge to new all-time highs above $4,300 per ounce earlier in the week.
It has been difficult to find supportive news for the wheat complex, but competitively priced U.S. offerings have kept export inspections running 20% ahead of last year’s pace as of Monday’s data.

Keegan Madigan