By Tony Dreibus | Published on December 22, 2025

1. Wheat, Corn Higher on Russia-Ukraine Concerns

Wheat and corn futures were higher overnight after Russia’s top foreign policy official rejected the latest iteration of a peace offering to end the country’s war with Ukraine. 

Russia and Ukraine have been at war since Russia attacked its neighbor in February 2022. Negotiators from the U.S. and Russia met last week in Berlin and again over the weekend in Miami in a bid to hammer out a deal, but it seems an agreement has not been reached. 

U.S. envoy Steve Witkoff said the talks were constructive, but Yuri Ushakov, the policy official from Moscow, said he hadn’t read the exact proposal but that they likely don’t move the needle forward on peace talks. 

A car bomb in Moscow reportedly killed a Russian general, prompting Russia to launch an inquiry to determine if it was planted by Ukrainian special forces. 

The increased escalation in the Black Sea region may curb exports of wheat and corn from the area, limiting supply and boosting prices. 

Russia is the world’s largest exporter of wheat and Ukraine is tied as the fifth-biggest shipper. 

Wheat futures for March delivery rose 5¼¢ to $5.15 a bushel overnight on the Chicago Board of Trade, while Kansas City futures gained 5¢ to $5.20¼ a bushel. 

Corn futures for March delivery added 2¼¢ to $4.46 a bushel. 

Soybean futures for January delivery rose 3¼¢ to $10.62¾ a bushel. Soy meal was up 90¢ to $302 a short ton and soy oil gained 0.22¢ to 48.66¢ a pound. 

2. Investors Curb Bullish Bets on Beans, Corn

Money managers reduced their bullish bets on corn and bean in the seven days that ended on Dec. 9, according to data from the Commodity Futures Trading Commission. 

Investors held a net long position, or bets on higher prices, of 18,736 futures contracts in corn during the week, the latest data available as CFTC continues to play catchup from the government shutdown. 

That’s down from 32,335 contracts the previous week.

Speculators were net long by 190,125 futures contracts in soybeans, down form 227,287 the week prior, the agency said. That’s the smallest bullish position since Nov. 4. 

In wheat, hedge funds and other large investment firms held a net short position, or bets on lower prices, of 49,035 contracts in soft red winter futures, up narrowly from 46,642 contracts a week earlier. 

Investors were net short in hard red winter wheat by 17,728 futures contracts, down from 18,497 contracts a week earlier, CFTC said in its report. 

The weekly Commitment of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net short position means more are betting futures will decline.

3. Snow, Ice Expected in Minnesota, Wisconsin

Winter weather advisories have been issued for parts of southern Minnesota and Wisconsin as snow and wind are expected in the area, according to data from the National Weather Service. 

Another half inch of snow is expected on top of what’s already fallen along with a light glaze of ice, the agency said. 

Roads are expected to be slippery this morning. 

In the southern Plains, meanwhile, dry weather has led to concerns about elevated fire weather, NWS said. 

Temperatures in Amarillo, Texas, are forecast to reach 75°F today; while values in Dalhart, Texas, will hit 78°F; and temperatures in Borger, Texas, will reach 76°F. 

“High confidence in record high temperatures for at least Amarillo and Borger, with a 50% chance of breaking the Dalhart record,” the agency said.

ARTICLE: SUCCESSFUL FARMING, DECEMBER 22, 2025