TFM Midday Update 10-21-2025

CORN

Corn is weaker at midday, pressured by harvest pace and The American Petroleum Institute saying they do not support year-round E-15 sales. December corn is down 3-00 cents to $4.20-1/4 while March corn is 2-1/2 cents lower to $4.34-1/2.
According to a Bloomberg poll, US corn harvest is seen at 59% complete, down from 62% complete through the same week last year but above the 5-year average of 57%.
AgRural reported that Brazil’s first corn crop has reached 51% planted, up from 48% planted through the same week last year.

Soybeans are pulling back at midday but remain slightly above unchanged. Support is coming from President Trump announcing he feels confident that a trade deal will get done with China next month. November soybeans are up 1-00 cent to $10.32-3/4, while the January contract is up 3/4-00 cent to $10.50-3/4.
A Bloomberg poll showed the average estimate for soybean harvest at 74% complete, up from 60% a week earlier but below last year’s pace of 81% complete.
According to AgRural, Brazil’s soybean planting has now reached 24% complete, up 10% from last week and 6% higher than the previous year.

Wheat prices are softer at midday, pressured by increasing global supply estimates. December Chicago wheat is down 3-1/4 cents to $4.20-00, December KC is 4-00 cents lower to $4.86-00 and December Minneapolis is down 1-00 cent to $5.47-1/2.
Winter wheat planting is seen at 76% complete according to a crop survey. This is up from last week’s survey which showed 60% planted and up from last year’s 73% planted through the same week.
IKAR has raised their wheat production forecast again for Russia by 0.5 mmt to 88 mmt. This compares to the USDA’s estimate of 85 mmt.

Tanner Wilson