TFM Morning Update 09-22-2025

CORN

Corn futures are trading lower to start the week with December corn down 3 cents to $4.21 while March is down 3 cents to $4.38-1/4. Rains throughout the Midwest may delay harvest progress.
New estimates for the Argentinian corn crop have been released with the Buenos Aires Grain Exchange seeing the 25/26 planting estimate at 7.8 million hectares, up from 7.1m ha last year. The crop is 6.2% planted.
Friday’s CFTC report saw funds as buyers of corn as of September 16 by 19,878 contracts. This reduced their net short position to 80,051 contracts.

Soybeans are trading sharply lower to start the day with pressure coming from lower soybean oil. November soybeans are down 12 cents to $10.13-1/4 while March is down 11-3/4 to $10.49. October bean meal is down $3.30 to $279.60 and October soybean oil is down 0.63 cents to 49.40 cents.
The biggest bearish factors in the soy complex right now are the lack of a trade deal between the US and China and the oil refineries generating fewer renewable blending credits last month.
Friday’s CFTC report saw funds as buyers of soybeans by 17,001 contracts which flipped them to a net long position of 2,287 contracts. They bought back 17,726 contracts of bean oil and bought back 3,013 contracts of meal.

Wheat is trading lower along with the rest of the grain complex. December Chicago wheat is down 4-3/4 cents to $5.17-3/4 while December KC wheat is down 3 cents to $5.04-1/4.
The Grain Association of Western Australia has raised its forecast for the region’s wheat harvest to 11.8 mmt for the 25/26 season. This would be up from August’s estimate of 11.5 mmt. Australia is one of the world’s largest exporters of wheat.
Friday’s CFTC report saw funds as buyers of 6,569 contracts of Chicago wheat which reduced their net short position to 85,825 contracts. They bought back 1,491 contracts of KC wheat which reduced their net short position to 51,534 contracts.

Amanda Brill