TFM Morning Update 10-28-2025

CORN

Corn futures are trading higher again this morning on optimism over a Chinese trade deal this Thursday. Dec futures came within 1/4 cent of filling the gap from July 3rd. Dec corn is up 2-1/2 cents to $4.31-1/4 while March is up 2-1/2 cents to $4.46-3/4.
According to a Bloomberg poll, the corn harvest is estimated to be 73% complete with guesses ranging between 69 and 80%. This would compare to the survey average of 59% last week and 81% a year ago.
Yesterday, the USDA said that the US inspected 1,188k tons of corn for export as of October 23. This compared to 1,325k last week and 860k tons a year ago at this time. This is up 38.1% year over year. Top destinations were to Mexico, Colombia, and Korean Republic.

Soybean futures are higher again today as trade anticipates a trade deal with China incoming. Prices reached their highest levels since October 2024. November soybeans are up 9-1/2 cents to $10.76-3/4 and March is up 10-3/4 cents to $11.06-1/4. December soybean meal is up $3.90 to $302.10 and Dec bean oil is down 0.39 cents to 50.39 cents.
Surveys estimate that 84% of the soybean crop is now harvested with guesses ranging between 80 and 88%. This would compare to 74% at this time a week ago and 89% a year ago.
Yesterday’s Export Inspections report saw 1,061k tons of soybeans inspected for export, which compared to 1,590k last week and 2,631k tons a year ago. Top destinations were to Mexico, Egypt, and Italy.

Wheat is higher this morning as funds exit short positions as they expect stronger export sales to come. December Chicago wheat is up 5-1/4 cents to $5.31-1/4, KC is up 4-1/2 to $5.19, and Minn is up 4-1/2 cents to $5.64-3/4.
Estimates see winter wheat plantings at 85% complete with a range of 81 to 89%. This would compare to last week’s progress of 76%. Crop conditions are estimated at 50% good to excellent with a range of 44-55%, and this would compare to 38% last year at this time.
Yesterday’s export inspections saw wheat at 259k tons, which compared to 493k last week and 295k tons a year ago at this time. Top destinations were to Korean Republic, Vietnam, and Japan.

Amanda Brill