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September 22, 2025
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn (Dec) | -0.0600 | 4.2400 | 4.0175 |
| Soybeans (Nov) | -0.2075 | 10.2550 | 10.1200 |
| Wheat (Dec) | -0.0100 | 5.2250 | 5.6850 |
| Cattle (Oct) | +3.6000 | 233.570 | 182.00 |
| Hogs (Oct) | +0.84 | 97.97 | 82.22 |
| Cotton (Oct) | -0.25 | 64.94 | 72.21 |
| Milk (Sep) | +0.06 | 17.65 | 23.33 |
| Crude Oil (Oct) | -0.01 | 62.68 | 67.63 |
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Grain and oilseed futures were mostly lower on the week. Soybeans led the way lower, particularly on Friday, as futures posted bearish outside days lower and retreated amid disappointment following a phone call between President Trump and China's Xi Jinping. While both sides said the call was constructive, there was no sign of an agreement on anything other than meeting later in the fall at a conference in South Korea, and on TikTok ownership. There was no mention of agriculture at all, as China, long the biggest buyer of U.S. soybeans, continues to buy nothing at all for 2025-26. U.S. harvest pressure is also a negative factor for corn and soybeans, along with generally favorable weather. However, drought in the Ohio River Valley and in the Delta, along with disease pressure in the western Corn Belt, is feeding uncertainty about yields. Cotton futures were strong early in the week but retreated. Rice made a new six-year low at the start of the week and bounced modestly after that. The stock market rallied again to new all-time highs after the Fed cut interest rates by a quarter point and indicated two more cuts are likely this year.
In the livestock complex, the cattle futures markets remained a roller coaster, swinging sharply up, then down, then up again. Futures again felt pressure from speculative long liquidation driven by technical weakness, seasonal beef price weakness and economic concerns, but firmed following Wednesday's Fed rate cut. Both live cattle and feeder cattle futures continued to find support from their discount to firm cash markets. Friday's Cattle on Feed report pegged the Sept. 1 feedlot inventory at 99.0% of a year earlier, marginally below the average of trade expectations. August feedlot placements were 90.1% of a year earlier below the average estimate of 91.0% but were offset by slow August marketings.
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