TFM Midday Update 09-03-2025

CORN

Corn markets are trading lower at midday amid potential demand concerns, as there have been no morning flash sales reported over the past several trading sessions.
Crop conditions declined by 2% this week, with 69% now rated good to excellent—still above last year’s 65% at this time and marking the highest rating for this point in the season since 2016.
Frost is forecasted to impact parts of Michigan and Wisconsin this week, while additional precipitation is expected across portions of the Southern Plains.
Brazil’s first crop corn planting has reached 6.7%, slightly behind last year’s 7.7% at this time. Meanwhile, drought conditions in the EU are expected to reduce corn production by at least 5%.

Soybeans remain softer at midday, pressured by a stronger U.S. dollar and growing trade concerns. Soybeans and soybean oil trade lower, while soybean meal posts slight gains.
USDA confirms the sale of 185,000 tons of U.S. soybean meal for delivery to the Philippines in the 25/26 year.
An appeals court has ruled that President Trump’s tariffs exceeded his presidential authority, sending the case to the Supreme Court for review in October. As a result, countries still negotiating trade deals—including China—are likely to delay progress as they wait to see whether the Court will strike down the tariffs.
Soybean conditions fell 4% last week—more than expected—with 65% now rated good to excellent. This puts the crop on par with last year’s rating at the same time.
Dry conditions in the eastern Corn Belt led to declining soybean crop ratings in Illinois, Kentucky, Tennessee, Ohio, and Michigan. Meanwhile, Wisconsin, Minnesota, and South Dakota were the only states to report improvements in soybean conditions.

Wheat trades mixed at midday, pressured by rising global production forecasts and increasing export supplies.
Upside potential in the wheat market remains limited, as Russian exports continue to improve alongside rising production forecasts for both Australia and the EU.
U.S. HRS harvest is now at 72% complete, compared to 67% at this time last year and conditions remain unchanged at 49% good to excellent, well below last year’s 69% at this time.
Kazakhstan has experienced a very strong season and expects to have 8-9 million tons of excess wheat to export.

Lauren VandenLangenberg