TFM Midday Update 10-17-2025

CORN

Corn is extending its gains into the midday session, hovering near a three-week high as renewed demand optimism and steady fund buying keep upward momentum intact. December corn is up at 4.22 ¾.
Harvest pressure on corn is likely near its peak, but many in the market expect the USDA’s yield estimate to be revised lower in the next supply and demand report—once the government reopens and the report is released.
U.S. export prices for corn remain the most competitive globally, while the U.S. dollar has seen at least a modest pullback this week. Strong export demand was noted earlier in the week as prices dipped to a one-and-a-half-month low.
Planting progress in Argentina has reached roughly 30%, while France’s corn harvest is a little more than halfway finished.

Soybeans are trading higher at midday as we wrap up the week’s session on Friday. The market is finding support from lighter-than-expected U.S. farmer harvest sales and optimism surrounding a potential U.S.–China meeting in two weeks. The entire soy complex is posting gains. November soybeans are up at 10.17 ¼.
Market chatter indicates China may auction 3.5 million tons of soybeans from state reserves, opting to rely on domestic stocks instead of buying Brazil’s higher-priced supplies.
Non-Chinese buyers may look to the U.S. for soybeans as prices remain a significant bargain compared to other origins. The U.S. is reportedly in trade discussions with South Korea, requesting additional soybean purchases. Currently, about 50% of South Korea’s soybean imports come from the U.S.
Agriculture Secretary Rollins noted Thursday that the U.S. is exploring opportunities to crush U.S. soybeans in South America, aiming to diversify export markets and reduce dependence on Chinese purchases.

Wheat is trading mixed to higher at midday as the market reacts to limited news, though reports of ample global supplies continue to weigh on prices. December wheat is up at 5.03 ¼.
Recent U.S. wheat sales to Algeria and South Korea suggest that prices are attractive enough to spur international buying. U.S. SRW continues to compete well against French and Russian wheat on the global market.
Wheat markets continue to contend with large global supplies, with the Grain Industry of Western Australia noting that favorable weather conditions could result in a record crop.
Argentina’s wheat crop conditions have been strong, but the Buenos Aires Grain Exchange warns that a cold snap over the next 10 days could reduce yields.

Lauren VandenLangenberg