CORN

• Corn futures are modestly higher at midday, supported by strength in soybeans as traders await the USDA’s WASDE report.
• The report is expected to lower 2024/25 ending stocks, with export projections likely revised higher — current pace suggests USDA may be 100 mb too low.
• It will also offer the first look at 2025/26 balance sheets, with ending stocks projected near 2.0 billion bushels.
• Warm, dry weekend weather supported rapid planting progress; a storm system is expected later this week across the Midwest.

SOYBEANS

• Soybean futures rallied this morning with U.S. equities after the U.S. and China agreed to a 90-day tariff reprieve, easing trade tensions and slashing duties.
• Today’s WASDE report is expected to show 2024/25 U.S. soybean ending stocks near 369 million bushels, 2025/26 at 362 million, and a 2025 crop projection of 4.338 billion bushels—slightly below last year’s output.
• This afternoon’s Crop Progress report is likely to show soybean planting at 46%–49% complete, well ahead of the 5-year average of 37%, reflecting a strong pace amid favorable weather.

WHEAT

• Wheat futures are trading slightly higher this morning, following strength in the broader commodity complex.
• Today’s WASDE report is expected to show 2024/25 U.S. wheat ending stocks at 845 million bushels, down slightly from April, with initial 2025/26 stocks projected at 848 million.
• Today’s crop progress report is expected to show winter wheat conditions improving by 1–2 points to 52%–53% good to excellent.

Author

Keegan Madigan