TFM Midday Update 9-23-2025

CORN

Corn futures are higher at midday, supported by export sales and ratings slipping. December corn is up 2-1/4 cents to $4.24-00, with March futures 2-1/4 cents higher to $4.41-00.
Monday’s Crop Progress report showed corn ratings falling 1 point from last week to 66% good-to-excellent but remaining 1 point ahead of last year. Harvest was seen improving 4% from last week to 11% complete. This compares to 13% harvested through the same week last year.
The USDA announced another sale of US corn to Mexico this morning, this time for 122,947 tons. This has led to some additional support in corn prices.

Soybeans are rebounding slightly at midday after starting off the morning weaker. Both the November and January futures contracts are a penny higher to $10.12-00 and $10.31-3/4 respectively.
Yesterday’s Crop Progress report showed soybean ratings falling 2 points to 61% good-to-excellent. Harvest advanced to 9% complete, up from 5% last week but down from 12% through the same week last year.
According to AgRural, Brazil’s 2025/26 soy sowing is just 0.9% complete in the center-south region. This is up from 0.1% last week but is on par with last year’s pace.

Wheat prices are getting a boost at midday, supported by slow planting progress in Ukraine and strong export inspections in yesterday’s inspections report. December Chicago futures are up 8-1/4 cents to $5.19-00.
Spring wheat harvest is reported at 96% complete, up from 94% last week and 95% a year ago. Winter wheat planting now stands at 20% done, up from 11% planted last week.
According to Ukraine’s agriculture ministry, wheat exports are down 28% year-over-year to just 4mmt.

Tanner Wilson