TFM Morning Update 10-21-2025

CORN

Corn futures are mixed and trading quietly to start the day with December down 1/4 cent to $4.23 while March is up 1/4 cent to $4.37-1/4. Corn basis has been relatively steady at around 40 cents under December.
Estimates according to a Bloomberg poll see the US corn harvest at 59% complete as of October 19 which would compare to last week’s survey average of 45%. This would compare to the USDA last year at 65%.
Yesterday’s export inspections report saw corn inspections at 1,318k tons which compared to 1,210k tons last week and 1,001k a year ago. Top destinations were to Mexico, Japan, and Spain.

Soybean futures are higher again today with continued hope that the US and China will come to a trade agreement. November soybeans are up 5-3/4 cents to $10.37-1/2 and March is up 5-1/2 cents to $10.69-1/2. December soybean meal is up $1.20 to $286.40 and December soybean oil is up 0.02 cents to 51.34 cents.
The US soybean harvest is estimated to be 74% complete with a range between 61-80%. This would compare to last week’s survey guess of 60% and would compare to 81% at this time a year ago.
Yesterday’s export inspections saw soybean inspections at 1,474k tons which compares to 1,017k last week and 2,550k tons a year ago at this time. Top destinations are Mexico, Bangladesh, and Pakistan.

Wheat is trading lower to start the day but remains 10 cents off recent contract lows. December Chicago wheat is down 2 cents to $5.02-3/4, KC wheat is down 2-1/4 cents to $4.87-3/4, and Minn wheat is down 3/4 cent to $5.47-3/4.
Bloomberg surveys show that the winter wheat crop is likely 76% planted within a trade range of 74-80%. This would compare to 65% in last week’s survey and the 73% from the USDA last year.
Yesterday’s export inspections report saw wheat inspections at 481k tons which compared to 448k last week and 271k a year ago at this time. Top destinations were Nigeria, Thailand, and Korean Republic.

Amanda Brill