TFM Morning Update 12-22-2025

MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

WEDNESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT).

THURSDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN

Corn futures are higher this morning and have been trending higher since the middle of last week. March corn is up 2-1/2 cents to $4.46-1/2 while May is up 2-1/4 cents to $4.53-3/4.
Brazilian corn production estimates have fallen to 142.88 mmt for 25/26 according to Safras. This is a drop from 143.56 mmt previously and is due to lower yield expectations.
CFTC data was released as of December 9 and showed funds as sellers of corn by 13,552 contracts which left them with a net long position of 9,718 contracts. They likely still hold a net long position today.

Soybean futures are higher this morning with January up 4-3/4 cents to $10.54 while March is up 5-1/4 cents to $10.64-3/4. January bean meal is up $1.30 to $298.90 while bean oil is up 0.35 cents to 48.25. Seasonals tend to show higher prices leading to Christmas.
Bloomberg reports China has purchased about 6 mmt of soybeans, roughly half of its 12 mmt commitment. They bought another 134,000 mt on Friday. While meeting the full target by year-end appears unlikely, the current pace suggests the commitment could be completed by the end of the marketing year, or sooner.
CFTC data from Dec 9 showed funds selling 35,088 contracts of soybeans leaving them long 180,338 contracts. They sold 4,952 contracts of bean oil and were short 7,636 contracts and they sold 29,397 contracts of bean meal leaving them long 28,265 contracts.

All three wheat classes are higher this morning after bombings in the Black Sea region. March Chicago wheat is up 5-1/4 cents to $5.15, KC wheat is up 4-3/4 cents to $5.20, and Minneapolis wheat is up 1/4 cent to $5.78-1/4.
Over the weekend, both Russia and Ukraine bombed each others ports in the Black Sea which has brought up fresh concerns over crop exports. Two Russian tankers were struck along with two piers where ports are located.
CFTC data from December 9 showed funds as sellers of Chicago wheat by 2,228 contracts increasing their net short position to 46,069 contracts. They bought back 900 contracts of KC wheat leaving them short 17,011 contracts.

Amanda Brill