TFM Morning Update 12-23-2025

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 trading higher and have broken above the 200-day moving average. March corn is up 1-1/4 cent to $4.48-1/4 while May is up 1-1/2 cents to $4.56. Good export sales have been supportive.
Yesterday’s export inspections was very solid for corn at 1,744k tons which was up 8.7% from last week’s 1,605k and up from 1,147k a year ago at this time. Top destinations were to Mexico, Taiwan, and Colombia.
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.

Soybean futures are higher again today with strength from Chinese purchases. January soybeans are up 1-1/2 cents to $10.54-3/4 while March is up 2 cents to $10.67. January soybean meal is leading the way higher up $1.40 to $300.00 while bean oil is down 0.07 cents to 48.48 cents.
Yesterday’s export inspections saw soybean inspections at 870k tons which was up from 810k tons a week ago but down from 1,775k at this time a year ago. Top buyers were China, Egypt, and Taiwan.
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.

Wheat is mixed to start the day with March Chicago wheat down 1/4 cent to $5.15-1/4, KC up 3/4 cent to $5.22, and Minn wheat down 1/2 cent to $5.79-1/2. Traders are likely watching the escalation in the Black Sea carefully.
Yesterday’s export inspection report saw wheat inspections at 627k tons which was up from 489k last week and up from 427k tons a year ago. Top buyers were Japan, Mexico, and South Korea.
Over the weekend, both Russia and Ukraine bombed each others ports in the Black Sea which has brought up fresh concerns over crop exports. Last night, Russia bombed power grids in Ukraine and civilians were killed.

Amanda Brill