TFM Morning Update 09-09-2025

CORN

Corn is trading slightly lower this morning with December down 1 cent to $4.20-3/4 and March is also trading one cent lower to $4.38-1/2. The grain complex is quiet again today ahead of Friday’s WASDE.
Yesterday’s Crop Progress report saw corn ratings down 1 point from last week at 68% good to excellent, but this was higher than the trade estimate. 95% of the crop is in dough stage, 74% is dented, and 25% is mature.
Estimates for Friday’s WASDE report see 25/26 ending stocks for corn around 2.013 billion bushels which would be down 104 mb from last month. Yield is expected to decline to 186 bpa.

Soybeans are completely unchanged to start the day with November at $10.33-3/4 and March at $10.68. October bean meal is up $1.70 to $238.60 and October bean oil is up 0.05 cents to 51.03 cents.
The Crop Report saw soybean ratings fall by one point to 64% good to excellent but this was 1 point above the trade guess. 97% of the crop is setting pods and 21% is dropping leaves.
Estimates for the WASDE report see 25/26 ending stocks slightly lower to unchanged at 287 mb while 24/25 ending stocks are expected to be unchanged. Yield is projected 0.4 bpa lower at 53.2 bpa.

All three wheat classes are lower to start the day with December Chicago wheat down 1/2 cent to $5.23-1/4 while December KC wheat is down 2-1/2 cents to $5.14-3/4. Yesterday, KC wheat led the complex higher.
Yesterday’s Crop Progress report saw that the spring wheat harvest is now 85% complete which is one point above the 5-year average. The winter wheat crop is now 5% planted which compares to the 5-year average of 6% for this time of year.
Estimates for Friday’s report see both the 24/25 and 25/26 ending stocks basically unchanged with the first at 863 mb. World ending stocks are expected to increase slightly.

Amanda Brill