Another year of generally good growing conditions was noted in the U.S., resulting in projected record yields for corn and soybeans, and close to those for wheat. This, along with decent weather in other feed-producing regions of the globe, pressed grain futures lower, though beans and their co-products eked out some gains for the year.

The accompanying chart displays the annual percentage change for corn, soybeans, and Chicago wheat futures on the left-hand axis, while the two-year percentage change is plotted on the right-hand axis.

The spot contract has corn down 3.9% versus the prior year's 2.8% tumble, the third price decline in a row. The two-year decline for the spot corn contract is 6.6%.

Spot soybeans were up 3.3% following the prior year's 22.9% decline, the largest annual percentage drop for soybeans since 2008. The two-year decline is 20.3%.

As for the soy products, spot soybean meal was down 4.3% this year, the third consecutive annual decline. At one point, the spot soybean meal contract was at its lowest since early 2016. Meanwhile, spot bean oil was up 20.8%.

Spot Chicago wheat was down 4.3%, following a 20.3% decline in 2024. Therefore, the two-year decline is 19.3%.

Kansas City wheat was off 8.0% for 2025, its third straight yearly decline. Minneapolis wheat was down 3.7% this past season, its fourth straight annual loss.

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