Corn • Soybeans • Wheat
Boosted by the USDA Production Report Friday afternoon closed higher on the week. Wheat and Soybeans made the largest moves this week, both ending up 0.39, while corn ended the week up 0.13. Major headlines over the last week were lead by Brooke Rollins announcing the EU will be removing/reducing tariffs on US Agricultural products. This was sparked by poor growing conditions, most notably France having their worst corn crop in a decade.
Corn
Corn futures rallied into the close, with Dec corn near $4.60. The market has added weather premium as forecasts call for hotter and drier conditions across parts of the Midwest during the key July pollination window. Corn has pulled back from a one-month high earlier in the week as traders took profits ahead of USDA’s WASDE, but weather concerns and stronger energy markets continued to support the broader tone.
Farmer takeaway: New crop corn is sitting 35¢ above recent lows but still 45¢ away from recent highs. Setting price targets and disciplined selling will be key through this growing season.
Soybeans
Soybeans continue to show improving momentum, with Nov futures closing near $11.90. The market received support by renewed China buying interest, including multiple USDA-reported soybean sales to China and unknown destinations, though traders still want to see more sustained demand.
Farmer takeaway: Soybeans took a major jump on Monday, gaining back 37¢, now only 24¢ from recent highs. Incremental sales using targets will provide opportunity to capitalize on any upside move in the market.
Wheat
Wheat harvest has officially made its way to NY this week as the first loads have started to make their way from fields. The market is sitting near the median point between recent highs and lows, ending the week by gaining 20¢ on Friday.
Farmer takeaway: As wheat harvest begins, make sure to watch for quality as NY wheat has lived through a strenuous life-cycle. Take advantage of harvest market rallies and get your needs booked at profitable values.
What We’re Watching Next
· · Weather: Corn pollination risk and soybean development now dominate daily trade direction.
· · Exports: China soybean buying and corn export demand need continued confirmation to extend the rally.
· · Outside markets: Crude oil, soybean oil, the U.S. dollar, freight, and fertilizer costs remain key to futures and local basis.
Marketing Thought
The market has improved, but volatility remains high. Use strength to make disciplined incremental sales, keep target offers working. Corn has more room to recover, soybeans are approaching recent highs, and wheat has rallied sharply into harvest-season uncertainty.
Contact our merchandising team for current bids, basis levels, and contract alternatives.
Futures and basis are subject to change. This update is for informational purposes only and is not a recommendation to buy or sell futures or cash grain.