TFM Midday Update 10-27-2025

CORN

Corn futures are higher at midday, mostly following sharply higher soybean futures. December corn is up 5 cents currently at 428.
Optimism around an upcoming meeting between President Trump and Chinese President Xi is leading grain futures higher to start the week. Weekend meetings between the two countries were reportedly productive with a pause on some tariffs resulting.
After recent harvest results, analysts are leaning lower on U.S. corn yields with most estimates now ranging from the 181 to 184 range, this would be sharply lower than the last USDA estimate from September that pegged U.S corn yield at 186.7.

Soybean futures are sharply higher to start the week after a productive meeting around trade between the U.S. and China over the weekend. November soybeans are currently 28 cents higher at 1070.
Treasury Secretary Scott Bessent said in a weekend interview that China would resume “substantial” purchases of U.S. agricultural products, adding that “soybean farmers will feel very good.” This optimism sparked a gap higher in soybean futures during Sunday night’s trade.
Brazil’s soybean planting pace is ahead of average with progress in Mato Grosso reaching 60% done as of late last week. Weather appears mostly non-threatening over the next two weeks for much of Brazil.

Wheat futures are sharply higher to start the week with December Chicago futures 18 cents higher at 530-1/2. December KC futures 16 cents higher at 517 and December Spring wheat futures 9 cents higher at 566.
Paris milling wheat futures along with CBOT contracts, gapped higher to start the week surrounding trade optimism between the U.S. and China. Front month Chicago wheat futures are above the 50-day moving average with this morning push, a level that wheat has been below since mid-July.
Weekend comments from the Buenos Airies Exchange projected Argentine wheat production to be in that 22 million metric ton (mmt) to 23 mmt range and sharply above USDA’s estimate. Argentine wheat conditions are 88% good to excellent and just 3% poor to very poor in stark contrast to last year at 38% good to excellent and nearly 20% poor to very poor.

Keegan Madigan