AgMaster Report – 09/24/2025

DEC CORN

The Sept WASDE issued on 9-12-25 was negative but the mkt reacted positively due to declining yield reports from the incipient harvest! Production was 16.814bb (16.742 – Aug, 14.867 -2024). Yield was 186.7bpa  (188.8-Aug, 179.3 – 2024)! Since then, the mkt has traded sideways – with rallies being capped by harvest pressure & farmer selling & supported by waning yield reports, a slumping US $, solid exports & a ¼ % lowering of interest rates! We feel the mkt carved out a seasonal low right after the August WASDE Report as indicated by the above chart – showing a 35 cent rally since then! The upcoming record corn crop was widely known & was finally dialed in after the USDA Aug Report!

 

NOV BEANS

Unlike its sister Dec Corn, Nov Beans aren’t dealing with a record crop but have major issues with a general lack of China buying! The Sept WASDE showed production at 4.301bb (Aug- 4.292, 2024 – 4.366) & yield at 53.5bpa (Aug – 53.6, 2024 – 50.7)! This mkt has also been range bound since the report – today, the mkt neared the top end off optimism over a phone conference between Presidents Trump & Xi but faded late as the good trade vibes disappeared at the end of the conference! Much like Dec Corn, Nov Bean bottomed right after the Aug WASDE – then rallied 70 cents – only to forfeit part of that rally off the continuing inability of the US & China to reach a new trade accord! The Fed’s lowering of IR’s this week, a plummeting US Dollar & non-China exports – however – has supported this mkt on breaks! US Beans are the cheapest anywhere globally & are still attracting adequate export business!

 

DEC WHT

Dec Wht has consolidated in the past month between 510 & 540! The Winter Wht crop is doing well & Russia’s crop is pretty well baked into the price! The mkt is historically cheap with a very low US Dollar & will very likely rally when corn & beans do – with the help of healthy export demand!

 

OCT CAT

Has Oct Cat finally topped out? That’s the $64 question! Various factors suggest a top – record high prices have caused demand destruction & seasonally demand falls off sharply after Labor Day – only to revamp for the Thanksgiving/Christmas holidays! However, every correction since early July has been a buy! THE TREND IS YOUR FIREND! Time will tell but currently the mkt is consolidating $10 off its highs!

 

OCT HOGS

While Oct Cat have broken $12 off its highs this month, Oct Hogs have punched out new contract highs – clearly establishing the contract as the new UPSIDE LEADER in the meat complex! The consumer finally did the obvious in the supermarket – opting for the low-priced pork vs the record high price beef! Wonder what took them so long?

 

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