AgMaster Report – 10/16/2025

DEC CORN

A plethora of positive fundamentals has lifted Dec Corn to its Oct highs -including passing the half-way point of harvest, declining yield reports due to dryness & disease, indications from Chairman Powell that interest rates could go down significantly, statements from the Treasury Secretary that Presidents Trump & Xi would meet at the end of October & continuing superb exports due to US corn being the cheapest in the world! Monday inspections came out Tuesday & were excellent! The mkt appears to have dialed in the record crop – which has been in the news all Summer!

 

NOV BEANS

NOPA today announced 11 mb more beans were crushed than expected by analysts & this helped rally Nov Beans to 1020! Also, reports from our Treasury Secretary & Trade representative indicated that President Trump & China President XI would indeed meet at the end of October to discuss a trade deal! As well, bean’s non-China exports have been excellent – with a cheaper US Dollar & with US beans the lowest anywhere globally! Finally harvest is well over 50% in & the mkt has partially discounted the possibility that no US-China deal will be reached in 2025! Plus, $10 beans are historically quite cheap!

 

DEC WHT

Dec Wht is quite oversold but with ample world supplies that seem to cap any potential rallies! It needs some bullish news to rally from its current historically cheap price level! Spillover rally support from its neighbors – Dec Corn & Nov Beans could well jump start Dec Wht rallies!

 

DEC CAT

The raging Bull Mkt that is Dec Cat keeps chugging along despite being at record prices even well after the prime summer demand period which normally ends after Labor Day! the mkt has been supported by very low numbers & a closed US-Mexican border due to the ongoing screw-worm issues! Even relatively low pork prices haven’t been enough to lure buyers from the very high priced beef in the supermarket!

 

DEC HOGS

Since early Oct, Dec Hogs have broken $9 while Dec Cat has rallied $10! This dichotomy is quite interesting – considering how expensive everything is in the supermarket! you’d think the consumer would opt for the much lower pork prices over record high beef but his preference for steaks/burgers over pork chops is extremely powerful! Plus tariffs & down seasonals are pressuring Dec Hogs! Eventually the cat-hog spread will get too wide & the tide will turn!

Questions? Ask Bill Moore today at 312-264-4337