Tuesday July 8th, 2025

• Markets red again to start today with strong crop conditions ratings released yesterday and Trumps “trade letter” roulette being rolled out into the marketplace 
• Weekly Crop Conditions ratings update:
  • Corn: 74% good/excellent – up 1% from last week
  • Average 68% g/e
  • Soybeans: 66% g/e – even with last week 
  • Average 62% g/e
  • Wheat: 53% harvested – up from 37% last week 
  • Average 54% completed 
• There is no direct correlation with conditions ratings to yeilds but these numbers overall do not tell a story about a crop to be concerned about – all signs pointing to strong yields 
• With the 90 pause on tariffs ending tonight at Midnight – the next step from the Trump administration is sending out “trade letters” to 12 major trade partners indicating what their individual tariffs will be
• The first letter that has been circulating propose a 25% tariff on Japan (U.S. #2 corn importer) and South Korea (U.S. #4 corn importer)
  • Now though these tariffs land on American wallets, the corn market is getting a little spooked by Trump poking such major trading partners awaiting their retaliation