TFM Morning Update 09-23-2025

CORN

Corn futures are trading lower again this morning following Argentina’s announcement to scrap taxes on export sales until the end of October. December is down 1/4 cent at $4.21-1/2 and March is down 1/4 cent at $4.38-1/2.
Yesterday’s Crop Progress Report saw the corn crop rating down one point from last week at 66% good to excellent which compares to 65% a year ago. 11% of the crop is harvested which compares to 7% a week and the average of 13%.
Export inspections were good for corn at 1,329k tons which compared to 1,513k last week and 1,150k a year ago. Top destinations were Mexico, Japan, and Colombia.

Soybeans are trading lower this morning and are on track for their fourth consecutive loss as export demand remains a concern. November soybeans are down 5-1/2 cents to $10.05-1/4 and March is down 5 cents to $10.42. October soybean meal is down $2.50 to $276.40 and October bean oil is down 0.19 cents to 48.98 cents.
The Crop Progress Report saw crop ratings fall by 2 points from last week to 61% good to excellent which compares to 64% a year ago. Harvest is now 9% complete compared to 5% a week ago.
Yesterday’s export inspections were sluggish for soybeans at 484k tons which compared to 822k last week and 499k a year ago. Top destinations were to Egypt, Indonesia, and United Kingdom.

All three wheat classes are trading lower to start the day along with the rest of the grain complex. December Chicago wheat is down 1-1/4 cents to $5.09-1/2 and December KC wheat is down 2 cents to $5.00-1/4. Both are making new contract lows.
The Crop Progress Report saw that the spring wheat harvest is nearly wrapped up at 96% finished. This is on par with the 5-year average. The winter wheat crop is now 20% planted which is up from 11% a week ago.
Export inspections for wheat exceeded expectations yesterday at 854k tons which compared to 756k tons the previous week and 725k a year ago. Top destinations were to the Philippines, Mexico, and Venezuela.

Amanda Brill