Wednesday July 2nd, 2025

• Wheat: Excessive rainfall has led to some quality issues in the US winter wheat crop. However, overall yields remain high, and there is sufficient supply to offset the impact of these quality concerns.
• Corn: Acres and crop conditions continue to support the potential for above-trend yields. US corn condition ratings improved last week, rising by 3% to 73% rated good/excellent, this is well above the five-year average of 64%. Some analysts suggest national yields could range from 2% to 5% above trend.
  • A 2% increase would equate to a 184.6 bu/acre national yield, while 5% above trend would be 190.1 bu/acre.
  • Some believe these yields won’t be achieved given the large US acreage and the possibility that growers have reduced inputs due to high costs.
• Soybeans: Crop conditions remain favorable, with last week’s rating holding steady at 66% good/excellent this is above the five-year average of 62%. However, total planted acres are lower, which could leave the soybean market vulnerable if a weather issue develops by August.
• Mondays USDA report was uneventful. See the chart below for a comparison to previous June 30th reports
  • US corn acres were pegged at 95.2mil compared to the March estimate of 95.3mil.
  • US soybean acres were estimated at 83.4mil compared to the March estimate of 83.5mil