October 10, 2025

Sitting at my desk this afternoon when the James Franklin being dismissed from Penn State came out. I think this every time it happens, and it's crazy how often it does happen, but I should have been a Power 4 college football coach. James Franklin is going to get almost $50 million to NOT coach at Penn State.

A small segment of the economy works that way I suppose, and if there wasn't money there to do it it wouldn't happen. So I guess I'll either stop complaining or stop watching college football.

Markets trended lower all weak then had a bad Friday after China trade talks all but ended. More on that later.

At least there is a sliver of green on the picture to the left. Cash corn up a penny for the week which is a function of local basis being strong. Futures actually lost almost 9¢ for the week. End users caught with low supplies as corn harvest is later than expected.

Government shutdown continues so we did not get the October 9th WASDE Supply and Demand Report. No matter what that report would have said it probably would have been 'trumped' by Trump promising new tariffs against China.

With that news on Friday grain markets took a large hit. Below is the Dec'25 KC wheat chart. It closed at $4.83 which is 4¢ below where the Sep'25 KC wheat closed.

Nothing fun showing anyone with wheat that chart. Let's look at the corn chart. At least with corn we have had some upside activity since August. 40 day moving average (orange line) is below the 20 day moving average (blue line) which is a supporting indicator. We'll need to see how thing open up tonight and into the next week. That blue line 20 day moving average did take a dip on Friday.

With the government shutdown we don't have any export data to look at. It does seen that wheat exports are still pretty good. We've seen interest from exporters and other buyers for our wheat which tells me still have decent demand.

We still get weather data from government even with the shutdown. The last 14 days have been good for rain fall in our area. I think HRW conditions are much better than they where a year ago.

We are still pretty dry though. We'll see if this US Drought Monitor changes much next week.

Grain Marketing Thought:

For corn keep an eye on the Dec'26 corn contract. We've had some interest in HTAs that would probably lock in >$4.00 corn for next year. We can also look at MinPx or Min/Max Price. Using options could be a good way to manage risk.

Hope everyone has a good week and stay safe with harvest.

Bart Moseman

Legacy Coop’s Grain Team is available for helping develop marketing plans for producers. Call the Hemingford Grain line at 308-487-3325 to discuss current markets and strategies.

Also check out our new website at legacycoop.com.