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CBOT Trends-Wheat steady-up 1 cent, corn steady-up 1, soybeans down 3-4

ReutersSep 23, 2025 1:23 PM

- The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Steady to up 1 cent per bushel

  • CBOT wheat futures were pressured by an expected boost to Argentine exports, which also weighed on the cereal market amid ample global supply.

  • Argentina on Monday temporarily eliminated export taxes on grains and their by-products, as well as on beef and poultry, in a bid to speed up sales abroad and rake in much-needed dollars to prop up the flagging peso.

  • Farmers continue to seed the U.S. winter wheat crop that will be harvested in 2026. The USDA said winter wheat planting was 20% complete, behind the five-year average of 23% and the average analyst estimate of 22%.

  • Meanwhile, the harvest of the 2025 spring wheat crop is nearly done, with 96% complete. The figure matched the five-year average pace but lagged the average analyst estimate of 97% complete.

  • CBOT December soft red winter wheat WZ25 was last up 1 cent at $5.11-3/4 per bushel. K.C. December hard red winter wheat KWZ25 last traded up 1/4 cent at $5.02-1/2 a bushel and Minneapolis December wheat MWEZ25 traded 1/2 cent higher at $5.64-1/2 a bushel.

CORN - Steady to up 1 cent per bushel

  • CBOT corn Cv1 futures traded near flat, with brisk U.S. exports and uncertainty over U.S. yields countering broad supply pressure.

  • The U.S. corn harvest was 11% complete by Sunday, according to the USDA.

  • The agency rated 66% of the corn crop in good-to-excellent condition, down 1 percentage point from last week and in line with the average estimate among 11 analysts surveyed in a Reuters poll.

  • Despite the decline, the corn ratings were still the highest for this time of year since 2018.

  • Drier weather this week in the U.S. Midwest is likely to limit harvesting delays, according to Commodity Weather Group.

  • CBOT December corn CZ25 was last up 3/4 cent at $4.22-1/2 per bushel.

SOYBEANS - Down 3 to 4 cents per bushel

  • CBOT soybean Sv1 futures fell further on Tuesday to hit a six-week low, pressured by a lack of Chinese demand for U.S. supplies and the prospect of increased competition from Argentina after the country waived grain export duties.

  • Argentina will remove export taxes on all grains for more than a month to boost the supply of dollars during that period, government spokesman Manuel Adorni said on Monday.

  • Argentina is the world's top exporter of soybean oil and meal.

  • The U.S. soybean harvest was 9% finished, government data showed on Monday, while soybean conditions were rated 61% good-to-excellent, down 2 percentage points from last week.

  • CBOT November soybeans SX25 were last down 4 cents at $10.07 per bushel.

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