Grain Market Commentary 9/23/25
CBOT Prices:
Soybeans traded lower during the overnight session but managed to retain gains made in the morning. After the Nov25 futures contract reached a mid-morning high of 10.155, it closed the day at 10.124, up 1.5 cents from the previous settle. The Jan26 contract also posted a modest gain of 1.75 cents.
Corn recorded modest gains of 2 to 4 cents, led by the nearby contract. The Dec25 futures contract climbed steadily throughout the day, ending 4 cents higher at 4.2575. The Dec25 contract continues to trade above year ago prices despite larger acreage and yield projections from the USDA.
Market Headlines:
Argentina suspended export taxes on a range of agricultural products:
This export tax suspension, which will remain in effect until the end of October or until exports total $7 billion, applies to corn, soybeans, wheat, and several other ag goods. Its intention is to boost export sales and generate revenue. Argentina is a large exporter of soybean products but not soybeans. A noteworthy fact is that Argentina increased agricultural trade with China earlier this year.
The USDA released the Grain and Feed Update for Mexico today:
Mexico’s corn production is forecasted to be up 8%, driven by favorable weather and increased planted acres. In addition, their corn imports are stable at 25 MMT, with the US as the dominant supplier. Both consumption and feed demand is up 2-3% due to population increase and livestock growth.
Weather:
Domestic: Showers in the south Midwest and Northern Delta will continue to aid soft red winter wheat through Thursday. The Midwest will face drier weather in most of the 6–10-day forecast, which is likely to aid early corn and soybean harvest pace. 
International: In Brazil, modest showers have favored coffee/sugar areas, while center-west soybean areas have seen only scattered moisture. In the northern China Plain, there are excessive wetness concerns for early wheat seeding. In Argentina, a decrease in rain has eased wet spots.
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