Tuesday June 24th, 2025

• Grains are in the red this morning
  • The trade is in shock by Monday’s price action after all of the geopolitical events taking place, many expected a bullish reaction.
  • Corn contracts are at new calendar 2025 lows.  
  • The funds increase their net short position in the corn market.
  • Crude oil had a rough day yesterday, closing down 7%, and in the red again today.  The decline in energy values pressuring biofuel crops of soy oil and corn.
  • US wheat harvest rolls on, 19% of the crop has been combined.
• US Crop Conditions:
  • The Corn crop declined from 72% G/E to 70% G/E, but this is still well above the 64% average.
  • Soybeans held steady at 66% G/E, above the 63% average.
  • Winter Wheat ratings declined for a second straight week.  49% of the crop is now rated G/E down from 52% last week but above the 44% average.
  • US Spring Wheat declined for the first time this season, with 54% of the crop G/E compared to 57% the prior week.  
• Export Inspections:
  • Corn shipments were strong coming in at 1.5MMT.
  • Soybeans fell below pre-report expectations at 192,890MT
  • Wheat shipments were near the lower end of expectations at 254,782MT.
• President Trump announced yesterday afternoon that Iran and Israel have agreed to a tentative ceasefire.
• Favourable Central US weather pattern with plenty of rain and near to above normal temperatures.