3 Big Things Today, Oct. 24, 2025
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Corn futures declined in overnight trading; drought receded slightly in the Midwest.
By Tony Dreibus Updated on October 24, 2025
1. Corn Futures Lower Overnight as the Harvest Rolls On
Corn futures were lower in overnight trading on some technical selling and harvest pressure.
Investors who were long the market, or had bet on higher prices, likely sold their contracts and booked profits after futures yesterday reached the highest in a month.
Prices were up amid increased ethanol production that jumped to the highest level in more than four months last week.
Ethanol output averaged 1.112 million barrels in the seven days that ended on Oct. 17, up from 1.074 million barrels a week earlier and the highest since June 6, the Energy Information Administration said in a report yesterday.
Still, harvest pressure kept a lid on prices in the overnight session.
Analysts polled by Reuters estimated the corn harvest in the U.S. was 59% complete and 73% of soybeans were in the bin. The weekly crop progress report from the USDA, along with most other reports, haven’t been released since the government shutdown began on Oct. 1.
About 65% of corn collection was complete and 81% of soybeans were in the bin at this point last year, USDA data shows, in what was an unusually rapid harvest.
The Reuters poll also showed that 63% of the corn crop was in good or excellent condition, down from 64% in a week-earlier survey.
Corn futures for December delivery fell 1¾¢ to $4.26¼ a bushel overnight on the Chicago Board of Trade.
Soybean futures for November delivery lost 1¾¢ to $10.60¼ a bushel. Soymeal was unchanged at $292.30 a short ton and soybean oil futures fell 0.09¢ to 50.78¢ a pound.
Wheat futures for December delivery fell a tick to $5.12¾ a bushel, and Kansas City futures added ¾¢ to $5.00¾ a bushel.
2. Drought Conditions Recede in Parts of the Midwest
Drought receded slightly in an 11-state area that includes Iowa and Illinois, the biggest producers of corn and soybeans in the country, according to the U.S. Drought Monitor.
Just over 36% of Minnesota, Iowa, Missouri, Wisconsin, Illinois, Michigan, Indiana, Ohio, and Kentucky was suffering from drought as of Oct. 21, the monitor said.
That’s down from 38% a week earlier. Three months ago, only 4.2% of the region was seeing drought conditions.
Just 4.6% of Iowa was suffering from drought versus 4.7% last week and 0.9% three months earlier, the Drought Monitor maps show.
Next door in Illinois, meanwhile, almost 88% of the state was seeing drought conditions. That’s up from 86% seven days earlier and less than 10% three months ago.
Conditions in Nebraska show 12% of the state seeing drought, up from 9.1% the week prior but well below the 36% that was suffering from dry weather three months earlier, the monitor said.
Southwestern Kansas, the Oklahoma panhandle and much of the Texas panhandle are, at least for now, drought free, the maps show.
3. Freezing Weather Expected From Iowa to the Atlantic
Freezing weather continues to move east as warnings remain in effect from eastern Iowa to the Atlantic Coast, according to the National Weather Service.
Temperatures overnight along the Iowa-Illinois border fell to around 28°F, the agency said. Freeze warnings will last until 9 a.m. local time.
Values along the Indiana-Ohio border dropped to around 29°F, NWS said.
Flood watches have been issued for much of central and eastern Oklahoma into north Texas as storms rumble through the area.
“Periods of rain and scattered thunderstorms will continue today through tonight,” NWS said. “Locally heavy rainfall amounts are likely and flooding could develop across portions of eastern Oklahoma. Avoid any flooded roadways.”
