Weekly Ag Markets Update – 10/20/2025

Wheat:  Wheat closed higher last week on speculative buying and despite reports of weaker prices paid in Russia and Argentina.  No USDA reports were released due to the government shutdown.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada.  It has been warm in the Great Plains so far this Fall.  Southern hemisphere crops appear to be good.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was higher last week on speculative buying.  Most USDA reports are cancelled as the government is still closed.  The harvest is active in all areas of the Midwest.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with very good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near to above normal this week and there are forecasts for mostly dry conditions.  Most of the western Midwest has seen adequate or greater precipitation and production ideas are high.  Areas east of the Mississippi River have been very dry for the last month or more.  Demand for Corn in world markets remains moderate to strong.  Oats were a little lower.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and the products were higher last week as the trade war between the US and China continued.  Traders are looking forward to positive results from the meeting between Trump and Xi near the end of the month.  China has shown no interest in buying US ag products and Trump has now threatened to regulate cooking oil imports from China in a new escalation in the war.  Forecasts call for mostly dry conditions to be seen in the Midwest this and next week.  Temperatures will average near or above normal.  Prices are still higher in Brazil, but China and other buyers are still buying there for political reasons.  Export demand remains less for US Soybeans as China has been taking almost all the export from South America due to the Trump tariff regime.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice was a little lower in choppy and two sided trading last week.  Trends are still turning down in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.  Louisiana reports good but not great yields and quality.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils:  Palm Oil futures were a little lower last week on news that Indonesia was considering increasing a tax on exports of Crude Palm Oil.  The market sentiment overall is bullish despite some concerns about Indian demand   Canola was higher as the US Dollar was weaker and as Canada and China agreed to negotiate trade issues that have included a ban on imports of Canadian Canola by China.  Trends are mixed on the daily charts and on the weekly charts.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher and chart trends started to turn up.  The market hopes for positive news from the Trump-Xi meetings near the end of the month.  There are no more USDA reports coming due to the closure.  The US harvest has started in most areas and initial yield reports are positive.  However,, Cotton is not being sold by many producers as they wait for higher prices.  There are still ideas that growing and harvesting conditions are generally good.  There are still reports of good weather in Texas and into the southeast with warm temperatures and a few showers and demand concerns caused by the tariff wars are still around.  Bolls are opening and there is mostly no rain except for a few showers.  The monsoon in India is good and a good production there is possible.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were lower last week.  The US government remains shut down.  Trends are still down on the charts.  The weather is considered good for production here and in Brazil and Mexico.  Development conditions are good in Florida and in Brazil now with occasional showers in Florida and dry weather in Brazil.  The poor production potential for the crops comes from early dry weather but also the greening disease that has caused many Florida to lose trees.  Brazil production potential got hurt by cold and dry weather seen earlier in the year.

Weekly FCOJ Futures

 

Coffee:  New York was lower after trading higher early in the session and London was higher yesterday in a reversal from Tuesday and on fears of dry weather over the last third of the month that could impact cherry set and development.  There are still reduced deliverable supplies for both exchanges, but the lack of deliverable stocks in both markets has supported the futures market.  Vietnam has seen mostly good growing conditions but too much rain from some tropical systems has been reported in some areas.  Activity remained quiet in top robusta producer Vietnam on limited supplies as offers of fresh beans from the current harvest have yet to pick up.  U.S. and Brazilian officials held trade talks on Thursday that the two sides called positive and agreed to work to schedule a meeting between President Donald Trump and Luiz Inacio Lula da Silva soon.  A revision of the 50% U.S. tariff on Brazilian imports, including coffee, could push arabica prices lower.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were lower last week.  Trends are still turning down in both markets.  Ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  Production in Center-South Brazil has also been strong. Sugar production in Center-South Brazil was stronger-than-expected during the second half of September, rising 10.8% to 3.14 millipon tons.  The outlook for cane crops in India and Thailand are in good condition with reports of good rains this year, while Brazilian cane continue to favor producing sugar over ethanol.  The prospect of a global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increased supplies while global consumption is expected to remain steady.  France’s farm ministry on Tuesday forecast sugar beet output in 2025 at 34.2 million metric tons, up from 31.8 million expected last month. This would be 5% above the 2024 harvest and 10% above the five-year average despite a fall in planted area.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York closed a little lower and London closed a little higher last week.  Demand concerns in West Africa continue.  Bigger supplies are expected at West Africa ports soon as Ivory Coast has raised the farmgate price paid to farmers and they are expected to sell.  Ghana has also raised farmgate prices.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand and the lack of demand is expected to continue.  Cocoa arrivals at ports in Ivory Coast were down 52% between October 1 and October 12 against last year.   GEPEX industry data published earlier showed the September cocoa grind in Ivory Coast, which vies with the Netherlands as the world’s top grinder, fell 38.6% year-on-year. The total 2024/25 season cocoa grind fell 9.9% year-on-year.  Europe’s third-quarter cocoa grind fell 4.8% from a year earlier to 337,353 metric tons.  The reduction was less than the trade expected.  Asia’s third-quarter cocoa grind fell 17% versus a year ago, while the North American third-quarter cocoa grind rose 3.2%.  cocoa purchases in Ivory Coast have stalled as a record farmgate price and poor-quality stocks keep buyers and exporters away.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

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