Chicago Close: Soybeans Pressured by Suspension of Argentina Grains Export Tax

Sep 23, 2025

Soybean futures fell hard on Monday, undercut by ideas of increased export competition out Argentina. Wheat and corn also fell.

Reports today said Argentina has suspended export taxes on all grains until Oct. 31, a move that is expected to spur additional exports from the world’s third largest soybean producer, even amid an already well supplied global market. Soybeans also remained weighed down by the lack of Chinese buying and progress towards a trade deal following last week’s phone call between US President Donald Trump and Chinese President Xi Jinping. November beans lost 14 ½ cents to $10.11, and January was down 14 ¼ cents at $10.30 ½.

Wheat remained under pressure from large global supplies, with production prospects notably improved in Australia. December Chicago wheat dropped 11 ¾ cents to $5.10 ¾, and December Kansas City was down a nickel at $5.02 ¼. December Hard Red Spring lost 10 ¼ cents to $5.27 and December Minneapolis was 3 ½ cents lower at $5.64.

Seasonal harvest pressure sent corn a bit lower on the day. December and March corn each slipped 2 ¼ cents to settle at $4.21 ¾, and $4.38 ¾.

Click here to see more...

Video: Midwest Weather Shock: Flash Drought Turns Into Heavy Rain Threat This Week (2026 Forecast)

A rapidly changing Midwest weather pattern is unfolding in 2026 as areas that recently slipped into abnormal dryness and flash drought conditions are now facing the threat of heavy rain and repeated storm systems.

After a wet spring erased early drought conditions, regions across Illinois, Iowa, Wisconsin, Minnesota, and northern Missouri have quickly dried out again since mid-to-late May. Soil moisture is dropping fast, and crops like corn and soybeans are beginning to feel the stress of rising temperatures and lack of consistent rainfall. Now, weather models show a major shift.

A developing system moving in from the Northern Plains is expected to bring multiple rounds of showers and thunderstorms, with the potential for locally heavy rainfall across the Midwest. While some areas may miss out, others could finally see much-needed relief from the growing dryness. In this video, we break down:

Current drought conditions across the Midwest

Why a flash drought is developing quickly

Timing and path of incoming storm systems

Which states are most likely to see heavy rain

How long this wet pattern could last

Will this rain end the drought or create new flooding risks? Watch the full forecast to find out.