October 17, 2025

Morning Comments:
 

• Happy Friday. Grain markets are off to a positive start this morning. December ’25 corn is extending its weekly gains and trading above the 100-day moving average. November soybeans are up about a nickel, and wheat is modestly higher.
• Spreads are firmer with CZ/CH posting a new high at -13 ¼ this morning. Soybean spreads have been volatile but SX/SF has strengthened to -17 as of this morning.
• Corn harvest is progressing across much of the Midwest, with the Eastern Corn Belt just getting underway. Reports out of Ohio point to some disappointing yields so far. Grain piles are becoming more common as harvest enters its final stretch, particularly across the western plains.
• A round of severe weather is expected to move through Missouri and the Eastern Corn Belt tomorrow. Forecast models vary on rainfall totals, though most show heavier amounts along the I-70 corridor. Temperatures are expected to drop once the system passes.
• Basis activity was quiet again yesterday. Eastern rail bids remain firm relative to last year, while western rail demand is still soft as the Plains corn harvest supplies the market with ample bushels. Feedyards in the west continue to favor wheat, and some areas in the southwest are reportedly no-bid for sorghum.