TFM Morning Update 12-12-2025

CORN

Corn futures are trading lower this morning as lower soybeans drag prices lower. December corn is up 3/4 cent at $4.36 but goes off the board today. March soybeans are down 2-1/4 cents to $4.44-1/4. All other deferred contracts are down as well.
Export data for the month of September was released and showed corn exports at 275 mb which compared to 252 mb in August and 171 mb the previous year. This put exports 60.9% higher year over year. Top destinations were Mexico, Japan, and Colombia.
Brazilian corn production is being estimated at 138.9 mmt for 25/26 which would be slightly lower than last year’s 141.03 mmt. This Bloomberg survey data cites lower yields, but other analysts have projected higher yields.

Soybean futures are sharply lower this morning on concerns of Brazilian oversupply. January beans are down 10 cents to $10.83-1/2 while March is down 9-1/2 cents to $$10.93-1/4. January soybean meal is down $1.60 to $300.40 and Jan bean oil is down 0.36 cents to 50.46 cents.
China’s Sinograin has planned a second soybean auction of half a million metric tons next week, presumably to make room for recent US purchases. This has still not been enough to support US futures with large global supply and bearish technical picture.
Soybean exports for the month of September were seen at 105 mb which was up from 84 mb the previous month but down 8.3% from 114 mb the previous year. Top buyers were Egypt, Mexico, and Japan.

All three wheat classes are lower this morning along with the rest of the grain complex. March Chicago wheat is down 4-1/4 cents to $5.29-1/4, March KC wheat is down 3 cents to $5.19-1/4, and Minn wheat is down 1/2 cent to $5.75-3/4.
Wheat exports for September were seen at 119 mb which compared to 99 mb the previous month and were up 29.7% from the previous year’s 92 mb. Top buyers were Mexico, the Philippines, and South Korea.
Estimates for the Argentinian wheat crop have increased to 27.7 mmt from a previous estimate of 24.5 mmt. This would be a record of over 25 years, and this is due to yields being “unimaginably” high according to analysts. harvest is 58% complete.

Amanda Brill