September 17, 2025

Morning Comments:

• Markets are quiet this morning after a strong session yesterday. December corn futures have been able to hold above the 100 day moving average. Corn spreads are close to even while soybean spreads are slightly firmer.
• There have been a few quick ship bids on soybeans for some northern processors around Minnesota and the Dakotas where harvest is still a week or two away from starting. Corn basis remains quiet with most processors and terminals bidding harvest values.
• US and China trade talks meetings ended prematurely in Madrid with a supposed deal in place to for Tik Tok to continue to operate in the US. Agricultural products were not mentioned.
• The FOMC September meeting will conclude today at 1pm with a release of statements from Jerome Powell. The market expects a quarter point rate decrease that may spark dissents from some policymakers who feel it is too small and too late and others who feel it is not warranted at all.
• A 45-day comment period has been opened by the EPA on biofuel policy for reallocating Small Refinery Exemptions (SRE’s) to larger refineries. The options that were mentioned, but not limited to, were 50% or 100% reallocation. Soybean oil rallied on this news this week but is lower today.
• The south American soybean planting window is beginning to open. Forecasts for Brazil show some improving conditions with rain projected that will be beneficial for timely seeding, especially in northern Brazil.