Weekly Market Update 10/23/2025

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1. Which sport is also known as "the gentleman's game"?  

2. What restaurant chain has the most locations throughout the world?

Answers at the bottom.

Market News


TRUMP-XI MEETING: President Trump is scheduled to see Chinese President Xi Jinping in a bilateral meeting next Thursday in South Korea, as the end to a week-long visit to Asia. He will also be meeting with leaders in Malaysia, Japan, and South Korea as part of the trip. Preemptive talks between Treasury Secretary Scott Bessent and Chinese officials are happening this week, with the hope that the lower-level discussions can “iron things out” ahead of next Thursday. The main discussion points are expected to center around technology, soybeans, rare earths, and fentanyl. Tensions between the U.S. and China have continued to rise in the last week, with President Trump active on social media ahead of the November 1 tariff deadline, when duties on Chinese goods have been threatened to rise roughly 155% if no deal is reached between the two countries.

MARKET UPDATE: The ongoing government shutdown is now entering its fourth week – continuing to delay influential USDA data. December corn rose 1 ½-cents in the overnight trading session on Wednesday after reaching $4.2550 – the highest intraday price seen since the end of September. At the close today, December corn was up 4 ¾ cents to $4.2775. Carry premiums continued to nosedive this week, while futures prices continue to maintain some underlying support; both driven by reduced yield prospects amid disappointing harvest results across the nation and strong nearby market demand. November soybeans rose 4-cents overnight to $10.3875, looking for their fifth advance in the past six days. Today, the soybean market closed at $10.4475, up 10-cents. Futures continue to see market upside with recent strength in the cash market, a strong crush demand, and the hopes that the US and China will soon reach a trade agreement that could bring China back to the US soybean market. December wheat futures rose 3 ¼-cents overnight, continuing to rebound from the newest contract low posted at $4.7725 on October 14^th. December wheat closed the intraday trading session at $5.0000, up 11 ¼-cents. Wheat futures have seen some spillover support in recent trading sessions from corn and soybean markets, coupled with strong export demand values. Excess rainfall in northern China has raised concerns over winter wheat seeding. “If crop problems force China to look for outside wheat sources, it most likely would turn initially to Australia or Argentina, not the U.S.,” said StoneX analyst Mike O’Dea.

TRUMP TALKS CATTLE: The Trump administration continued its efforts to reduce beef prices by urging cattle ranchers to lower their costs. Meanwhile, several agencies announced a plan to rebuild the nation’s depleted cattle herd. In previous statements, Trump mentioned that the administration was considering importing beef from Argentina to help lower record-high consumer prices. This suggestion angered U.S. ranchers. However, the departments of Agriculture, Interior, Health and Human Services, and Small Business Administration unveiled a plan to boost the U.S. cattle supply by exploring expanded grazing on federal lands and increasing payments in specific livestock programs. Economists have pointed out that there is no quick way to lower U.S. cattle prices, even if more land becomes available for grazing, mainly because it takes about two years to raise full-grown cattle: Arlan Suderman, chief commodities economist for StoneX. “Cattle prices are high because demand is stronger than supply. If you want to increase the long-term supply of beef, you don’t do it by lowering prices.” Although Trump called for lower prices, economists argue that high prices are necessary to encourage ranchers to expand their herds. Recently, U.S. feeder cattle futures reached a record high, but after Trump’s announcement on Wednesday, those futures dropped to their daily maximum limits.

CROP PROGRESS: Still no USDA Crop Progress report as the government is still shut down, but Reuters has continued their poll of 11 independent analysts for national crop progress data. Corn harvest has reached 59% completion, up 15 from last week, while corn conditions have dropped 1 point to 63% rated good to excellent. Soybean harvest has moved to 73% completion on average, however the survey ranges from 61-82% completed. 73% of winter wheat is estimated to be in the ground, an increase of nearly 10% from last week.  

WEATHER: Skies today are mostly sunny with a high near 68°F with a slight breeze from the east/southeast. Rain chances are back tonight with a 50% chance before 10pm, increasing to 60% after 1am. Rain chances remain tomorrow with a high of 60°F and cloudy to close out the work week. Friday night brings a low of 48°F and a 40% chance of showers, continuing into Saturday, but dropping to 20% with a high of 60°F. Sunday looks to be partly sunny with a high of 65°F before slight rain chances come back in the early morning hours. Next week brings sunshine with highs in the low 60s and overnight lows near 40°F.

Trivia Answers

1. Cricket

2. Subway