3 Big Things Today, Oct. 31, 2025
- Media Logic Radio
- Oct 31
- 3 min read
By Tony Dreibus Published on October 31, 2025
1. Wheat, Soybean Futures Decline in Overnight Trading
Wheat futures were lower in overnight trading as traders focus on ample global supply.
Russian wheat production is now expected to reach 88 million metric tons, up from a prior projection for 87.5 million, consultancy IKAR said in a recent report.
USDA last month forecast Russian output at 85 million metric tons.
The International Grains Council last week raised its outlook for wheat output globally to 827 million metric tons, up from the September forecast for 819 million tons.
Ending stocks were seen by IGC at 275 million metric tons versus the 270 million tons previously projected.
Soybean futures, meanwhile, retreated overnight, even after the U.S. and China agreed to a deal in which the Asian nation would purchase 12 million metric tons of the oilseeds this year and 25 million metric tons in each of the next three years.
Investors who were long the market may have sold contracts and booked profits after prices surged to the highest level in 15 months on the news.
Still, traders may be hesitant to push prices too high on the trade agreement until China starts making purchases from U.S. suppliers.
Wheat futures for December delivery dropped 5¢ to $5.19¼ a bushel, and Kansas City futures were down 6¼¢ to $5.06 3/4 a bushel.
Soybean futures for November delivery fell 4¾¢ to $11.03 a bushel overnight on the Chicago Board of Trade.
Soy meal was down $2.20 to $313.40 a short ton and soybean oil futures lost 0.22¢ to 49.43¢ a pound.
Corn futures for December delivery declined 2¢ to $4.28¼ a bushel.
2. Drought in 11-State Area Recedes Week-to-Week
Drought levels in an 11-state area that includes Iowa and Illinois, the biggest producers of corn and soybeans in the U.S., receded in the seven days that ended on Oct. 28, according to the U.S. Drought Monitor.
About 34% of the region that also includes Minnesota, Missouri, Wisconsin, Michigan, Indiana, Ohio, and Kentucky, was suffering from drought conditions, the monitor said.
That’s down from 36% a week earlier but up from only 2.4% three months earlier.
In Illinois, 79% was suffering from drought, down from 88% seven days prior and 6.8% a quarter ago, the monitor said.
Ohio also saw conditions improve as 28% was seeing drought versus 34% a week earlier. Drought was not present in the state three months ago.
Conditions in Iowa, meanwhile, worsened as12% of the state was suffering from drought versus 4.6% a week ago and just 0.2% on July 29.
Drought also expanded in Wisconsin as 13% was suffering from drought, up from 11% seven days earlier. The state had no drought in late July, the monitor said.
3. Frost, Freezes Expected in Missouri, Kansas
Frost advisories and freeze watches have been issued for much of Missouri and parts of several other states including Kansas, Oklahoma, Arkansas, and Illinois, according to the National Weather Service.
Temperatures overnight in southern Missouri and southeastern Kansas were expected to fall to around 30°F, the agency said.
In northern Missouri, values were forecast to fall to around 25°F.
Rainfall is expected to start mid-morning in parts of southeastern South Dakota, northwestern Iowa and southwestern Minnesota, NWS said.
“The precipitation in this area is likely to begin as snow but may transition to a snow-rain mix to all rain by afternoon,” the agency said. “Areas along I-90 may only see rain.”
ARTICLE: Successful Farming, October 31, 2025
