TFM Midday Update 12-09-2025

CORN

Corn enters midday slightly higher with March futures up 1-1/2 cents to $4.45-1/4, while May futures are up 1-1/2 cents to $4.52-3/4.
Argentina has announced they will lower their corn export tax from 9.5% to 8.5%.
Estimates for today’s WASDE report show carryout decreasing slightly from 2.154 billion bushels to 2.124 billion bushels. Ending stocks are also expected to be lowered from the previous report.
Early projections from the USDA show 2026 corn acres are expected to drop to 95 million acres, down from 98.7 million acres this year.

Soybeans are trading lower at midday on pressure from better weather in South America. March Futures are down 4-3/4 cents to $11.01-00.
Argentina will reportedly lower their export tax on soybeans by 2% from 26% to 24%. This is adding additional pressure to soybeans at midday.
Today’s WASDE report is expected to show increases to both the US and world ending stocks numbers. South American production is also expected to increase which may add further downside pressure on prices.
The USDA estimates that 2026 soybean acres are expected to grow to 85 million acres, up from 81.1 this season.

Wheat futures are mixed at midday. March Chicago is 2-1/4 cents lower to $5.32-1/2, March KC is down 1-00 cent to $5.25-1/2, and March Minneapolis is 3-1/2 cents higher to $5.74-3/4.
Argentina announced they are also lowering their wheat export tax to 7.5%, down from 9.5% previously.
Today’s WASDE report is anticipated to show a slight decrease to US ending stocks and a slight increase to world ending stocks.
The USDA estimates that wheat acreage for the 2026/27 season will be at 44 million acres, down from 45.3 million acres this season.

Tanner Wilson