Tuesday June 3rd, 2025

• Grains are trying to make some minor gains this morning.
  • Mixed prices in the overnight grain trade have been occurring for weeks, with the directional trading taking place during the daytime hours.
  • Wheat futures were lower in the overnight trading on improved crop conditions.
  • The extended US weather forecast is offering support to crop growing conditions.
    • Temperatures are slated to run below normal in the west and above normal in the east over the next week.  The US summer weather pattern is often determined after Father’s Day, in mid June.
• US Crop Conditions/Progress
  • 93% of the corn crop has planted, 78% emerged and 69% GD/EX.
  • 84% of the soybean crop planted, 63% emerged and 67% rated GD/EX.
  • 95% of the spring wheat crop planted, 73% emerged and 50% rated GD/EX.
  • Winter wheat ratings improved by 2%, sitting at 52% GD/EX.  
• Soybean futures dropped to their lowest level in nearly two months on Monday.  An improved outlook for Brazil’s crop as well as favorable growing conditions adding pressure.
• AgRural raised their 2024/25 Brazilian corn production estimate up from 124.8 to 128.5MMT and soybeans up from 167.7 to 169MMT.  The second crop corn harvest is just starting.
• The USDA released their April soybean crush at 202.4MBU, slightly above the estimated 201.8MBU.  Corn used for ethanol was shown at 426MBU, down from 454MBU last month.
• US crude oil futures rallied on Monday, increasing by 3%.