TFM Midday Update 10-02-2025

CORN

Corn futures are modestly higher at midday as the market looks to stabilize after late-September weakness. December corn is up 1 cent, trading at 417-1/2, while March corn is up 1-1/2 cents, trading at 434-1/4 currently.
With the government shutdown, export sales data and the October 9 WASDE report have been postponed.
Ethanol production slipped 3% last week to 995,000 barrels per day, a five-month low likely tied to pre-harvest maintenance at some plants. An estimated 99 mb of corn were used in ethanol production last week, this is below the amount needed to reach the USDA corn usage estimate of 5.60 bb.

Soybeans are higher at midday with follow-through gains from yesterday’s strong close. November soybeans are up 5-3/4 cents, trading at 1018-3/,4 while March soybeans are 5 cents higher, trading at 1051-1/4 currently.
President Trump announced he will meet with Chinese President Xi in four weeks, with soybeans stated to be a key focus. China has yet to book any U.S. soybean purchases for the current marketing year.
Harvest progress should benefit from favorable weather throughout the remainder of the week, though rain chances increase across some of the Corn Belt early next week.

Wheat futures are trading higher at midday, supported by strength in corn and soybean markets as wheat attempts to rebound from recent lows. December Chicago wheat is up 5-1/2 cents at 515. December KC wheat is up 3-3/4 cents at 499-1/4 while December Spring wheat is up 5-1/2 cents at 562-1/2.
All three wheat contracts posted new lows on Wednesday after September 1 stocks came in above expectations in the Quarterly Grain Stocks report.
The U.S. ag attaché in China left the country’s wheat production estimate unchanged at 140 mmt but raised import projections by 1.6 mmt to 6 mmt.

Keegan Madigan