TFM Midday Update 12-1-2025

CORN

Corn futures are modestly weaker at midday, with March down a ¼ of a cent at 447-1/2 and July futures unchanged and currently trading near 461.
As USDA works through its backlog of delayed export sales reports, last week’s update for the week of Oct. 16 showed a massive 111 million bushels in sales. This morning, USDA released data for the week of Oct. 23, with sales running 37% above the same week last year. Export inspections are also strong, running 43% higher than a year ago.
Argentina’s corn crop is now nearly 40% planted and is rated 82% good to excellent, with only 6% rated poor to very poor. A year ago, those ratings stood at 36% good to excellent and 2% poor to very poor.

Soybean futures are weaker at midday, with January down 6 cents to 1131-1/2 and March off 5-1/4 cents at 1140-1/2.
Soybeans are falling Monday after no new USDA flash sales of soybeans were announced to China this morning. It is currently estimated that China has met 4.2 mmt of the reportedly agreed to 12 mmt of soybeans to be purchased by the end of the year.
In Brazil, soybean planting is 89% complete, while Argentina has reached 36%. With Brazil’s early soybean harvest beginning in five to six weeks, Brazilian beans are currently priced 90 cents to $1.10 per bushel below U.S. supplies for February forward delivery.

Wheat futures are mixed at midday. March Chicago wheat is trading 4 cents lower at 534-3/4. March Kansas City wheat is trading 2-1/2 cents lower at 525. March spring wheat is trading 3-1/4 cents higher at 581-1/4.
Wheat crop estimates in both Argentina and Australia have been revised higher as harvest gets underway in the Southern Hemisphere. Favorable growing conditions and a fast start to harvest are expected to make Argentine wheat among the cheapest in the world, creating strong competition for U.S. wheat in the export market.
Paris milling wheat futures fell to new lows Monday while Russian wheat offers for export were lowered by $2/mt to $226/mt. Both factors are putting pressure on U.S. wheat to start the week.

Keegan Madigan