Weekly Ag Markets Update – 12/08/2025

Wheat:  Wheat closed a little higher last week although demand for Wheat in export markets remains limited.  The StatsCan report showed increased Wheat production.  The weekly export sales report showed that demand was in line with expectations, but the report was still for October sales.  The threat for additional bombings of freighters by either Russia or Ukraine kept futures supported to some extent.  World prices turned weaker last week due to reports of strong production in exporter countries and mostly the countries in the global south.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.  Demand has been weaker for various origins including Russia.  In Australia, the government’s ABARES agency raised its forecast for the country’s 2025/26 wheat production by around 1.8 million tons to 35.6 million tons. That followed recent upward revisions to forecasts of Argentina’s crop, which is expected to reach a record volume.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

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Corn:  Corn was higher last week as the weekly export sales report held strong.  There have been ideas that traders expect weaker demand news from now on but demand overall has been very good and above USDA projections until now.  Ideas are that export demand is less now due to increased competition in the world market and ethanol demand is less as well.  Reports indicate that many elevators are holding less Corn than expected.  Trends are mixed in the market.  Temperatures should average below normal this week.  Oats were higher, and trends are turning up.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and the products were lower last week and it seems that Chinese demand is part of the price now.  There was some talk that China had bought more US Soybeans but this was not confirmed by USDA yesterday.  USDA announced new sales today.  The Trump administration says, however, that China is on pace to buy the 12 million tons of US Soybeans it announced a few weeks ago by the end of February.  The US will have to compete with South America for sales in a diminishing Chinese market and US prices are currently too high to complete many new sales.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  Temperatures will average below normal in the Midwest this week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice was lower last week in part due to a mediocre weekly export sales report.  The sales report was still covering October data as USDA catches up with data left unreported due to the government shutdown.  Commercials were only light buyers.  Ideas are that the market is too cheap and that farmers have sold what needs to be sold for now.  The recent selling has been to be relentless and appears tied to the weaker prices in Asia and especially India.  Trends are mixed in the market.  The harvest is over in the delta and Mid South.  California is about done with its harvest.  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.  The charts show that futures are in a short term trading range.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils:  Palm Oil futures were higher last week on some strength in competing markets and ideas of harvest delays in Malaysia due to flooding concerns.  There are still Indonesian plans to increase the use of Palm Oil in biofuels blends.  There are still ideas of increasing production.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and some concerns about demand   Canola was lower and trends are down on the daily charts.  StatsCan reported that the country has produced a big Canola crop this year.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was lower last week as traders saw weak export sales in the weekly USDA reports.  Futures could still work lower as cash market appears to be quiet.  Farmers are not selling too much due to price, but buyers are hard to find.  A lack of new Chinese demand has been important and a reason to see lower US prices.  The lack of demand seems to be part of the price for now but the demand is not a reason to see a rally anytime soon.  The US harvest is over.  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, and the trends are still mixed on the daily and weekly charts.  Trading has been choppy lately.  Traders are worried about demand even with lower prices.  FCOJ from Brazil has been subjected to tariffs but those have been stopped by the US for now.  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.

Weekly FCOJ Futures

 

Coffee:  New York and London were higher yesterday, and trends are still mixed in New York and are turning down in London.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has seen too much rain as typhoons hit the country, but the rains are receding now and harvesting has resumed

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were a little lower last week on ideas of good supplies for the market.  Trends are sideways.  There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  UNICA said that for the first two weeks of November, 18.8 million metric tons of sugarcane were harvested in for the south-central region of Brazil, which is up 14% from this time last year. 983,000 tons of sugar were refined, up almost 9% from last year, and total ethanol production was 1.3 billion liters, up almost 25% from last year.   Production in Center-South Brazil has been strong, but the south center harvest is almost over.  The prospect of a big 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.  India’s sugar production in the first two months of the 2025/26 season, which began on October 1, rose 43% from a year earlier, because of better recovery rates and faster crushing across major producing states.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York closed higher and London closed about unchanged last week.  A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately.  Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main crop.  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.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

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