TFM Midday Update 9-9-2025

CORN

Corn futures are weaker at midday, pulled down by the wheat market. December corn is 1-0 lower to $4.20-3/4 while the March contract is 1-0 lower to $4.38-1/2.
Monday’s Crop Progress report showed corn ratings falling 1 point to 68% good-to-excellent. This compares to 64% good-excellent at this time last year. Harvest is on track with last year at 4% complete.
S&P Global pegs US corn yield is 189.1 bpa, above the USDA’s estimate of 188.8 bpa. Expectations for this Friday’s WASDE report are that the USDA will adjust their yield estimate lower.

Soybeans are being pulled lower by lack of Chinese demand despite higher Brazil prices and a weaker dollar. November soybeans are down 0-3/4 to $10.33-00, while the January contract is a penny lower to $10.51-3/4.
Yesterday’s Crop Progress report showed soybean ratings dropped 1 point to 64% good-to-excellent. This is down 1 point from last year’s conditions at 65% good-to-excellent.
According to AgRural, Brazil has just started soybean seeding in the Parana region with just 0.2% of the area planted. This compares to 0% at through the same week last year.

All three wheat classes are lower at midday despite the US dollar index hitting a 6-week low. December Chicago wheat is trading 2-1/4 lower to $5.21-1/2.
Spring wheat harvest advanced 13% from last week to 85% complete. Harvest is now slightly ahead of last year’s pace. Winter wheat plantings are seen at 5% done, just below the 5-year average of 6% planted at this time.
SovEcon has raised their wheat production forecast for Russia to 86.1 mmt, up from the groups previous estimate of 85.4 mmt.

Tanner Wilson