Wednesday May 21st, 2025

• CBOT futures are higher this morning following Tuesday’s positive trade.
  • Soybeans are leading gains this morning with technical support seen in recent sessions. New crop beans (SX5) are sitting above the 50, 100 and 200 day moving averages.  Heavy rains fell in key crop areas of Argentina over the weekend, interrupting the harvest of this year’s corn and soybean crops.
  • Wheat continues to build from multi-month lows, supported by a weaker US dollar, Monday’s unexpected decline in US winter wheat crop conditions and dryness in China’s wheat growing areas.  The July wheat contract closed above the 20 day moving average.
  • Corn following along from wheat’s positive momentum.  EIA will release their weekly ethanol production update this morning, the trade is looking for a rebound from last week’s drop.
• To date the US weather pattern has featured periods of heavy rainfall and dryness but the heat is lacking.
• The value of the US dollar declined overnight.