TFM Morning Update 06-03-2025

CORN

Corn is trading slightly higher this morning as prices recover from lower trade yesterday and lows made overnight that brought July futures down to $4.35. If corn closes higher today, it would break a streak of 7 lower closes.
It has been reported that Vietnam is expected to sign trade deals with Washington to buy more than 2 billion dollars worth of US agriculture and vowed to remove all tariffs on US imports. Vietnam is the world’s third-largest buyer of US corn.
Yesterday’s Crop Progress report saw crop ratings for corn improve slightly by 1 point to 68% good to excellent. This was on par with trade guesses. 93% of the crop is planted and 78% is emerged.

Soybeans are trading higher this morning but remain under all major moving averages in the July and November futures. The move lower has come despite strong crush numbers and an ending stocks number which is estimated to be just 295 mb. Soybean meal is higher while bean oil is lower.
Yesterday’s census crush report showed a record month for soybean crush in April at 202.3 million bushels that was 14% higher than the previous year and puts total crush 6% higher than a year ago.
The Crop Progress report saw 67% of the soybean crop rated good to excellent which was a point lower than the average trade guess and was the first soybean rating this year. 84% of the crop is planted and 63% is emerged.

All three wheat classes are trading lower with Minneapolis wheat leading the way lower and Chicago wheat only down slightly. Both the Chinese wheat belt and Black Sea Regions are to dry which should support wheat further.
Yesterday’s Crop Progress report for spring wheat saw good to excellent ratings improving by 5 points from last week at 50% which was also above trade estimates. 95% of the crop is now planted and 73% is emerged.
Crop Progress for winter wheat saw the crop rating improve by 2 points to 52% good to excellent which was also above the trade guess. 83% of the crop and 3% is harvested which compares to 5% at this time last year.

Amanda Brill