September 15, 2025

Morning Comments:

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• Corn futures are lower this morning after an impressive close on Friday afternoon. Soybean futures are on either side of unchanged while wheat is slightly higher. Corn spreads are even while soybean spreads are marginally firmer.
• Friday’s WASDE report was bearish overall, but markets closed higher with some fund buying towards the end of the session. The biggest surprise on Friday was the addition of corn acres (98.3 mil), which will be the highest since the 1930’s. Corn exports were also raised by 100 mil bu’s to 2.975 bil bu’s.
• Corn and Soybean processor basis was mostly unchanged on Friday. As new crop begins to come off, any early premiums have subsided. We are hearing some very dry grain coming into the elevator in some areas on some fields with disease pressure and early planted dates.
• Trade representatives from both China and the US are meeting in Madrid today. US says it will press ahead with TikTok ban if China doesn't drop tariff, tech demands. China continues to request an end to the 20% fentanyl related tariff in exchange for soybean purchases.
• The lack of rainfall over the last few weeks across the AG Belt continues to deplete surface and subsurface soil moisture. Limited chances remain for the eastern belt over the next 7-10 days. Warmer than average temperatures will stick around this week.
• NOPA crush will release August data today at 11am. This report will include numbers from a new NOPA member; Norfolk Crush out of Nebraska. Trade estimates average around 182.8 million bu’s crushed for the month of August. Have a great day.