The grain markets may have found support but have struggled to find strength as harvest progresses along and politics give us no news. December, March and May futures all closed 6 cents lower on the week. December futures failed to fill the July gap at 4.3275 last week but remained close. The funds ended the week short 105,497 corn contracts and short 20,812 soybean contracts.
President Trump and Chinese leader Xi Jinping talked on Friday, and reports are that the call was cordial but there were no deals finalized. President Trump said he would meet Xi Jinping at a regional summit meeting taking place at the end of October in South Korea and will visit China in the early part of next year.
Harvest continues to push northward fast, and early yield reports are starting to flow from the Midwest. Early yields are mixed, but the consensus is smaller than what the USDA is currently projecting. The market is currently under pressure from all aspects, shrinking yield, slow exports, South American production and a lack of trade deals.
The current weather pattern and longer-term forecasts favor a speedy harvest that could put some pressure on storage facilities due to the size of this year’s crop and lack of exports. I expect basis levels to weaken during harvest before stabilizing and becoming stronger after the crop is put away.
Corn harvest was reported at 7% complete this past year, which is right in line with the 5-year average and slightly behind last year.
Upcoming reports
| Date | Report |
| 9/30/2025 | Grain Stocks |
| 10/9/2025 | Crop Production |
