The CME and Total Farm Marketing Offices will be closed Thursday, June 19, in Observance of Juneteenth

CORN HIGHLIGHTS:

• Corn finished modestly higher for a second straight day on support from the wheat market and concerns over higher temperatures moving in this weekend.
• Weekly ethanol production totaled 326 million gallons — up 5% from a year ago but slightly below last week’s 329 million. Ethanol stocks rose to 24.1 million barrels, compared to 23.6 million last year.
• LSEG trimmed its Ukraine corn production forecast by 1.4% to 27.8 MMT, citing reduced planted area.
• Chinese customs data showed May corn imports down 81.6% year-over-year to 190,000 tons. Year-to-date imports are down 93.7% at 630,000 tons, as China continues to curb foreign grain purchases.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher for the fourth consecutive close but remain near the top of their trading range. Poorer than expected crop ratings along with higher biodiesel requirements have been supportive. Soybean meal was lower, and bean oil was mixed with bear spreading pulling the front months lower.
• China’s May soybean imports rose 26.2% year-over-year to 13.92 MMT, driven largely by South American supply — still a positive sign for global demand.
• In the U.S., upcoming warmer weather may aid emergence, but crop conditions remain below expectations. Combined with reduced acreage, this could fuel further gains, with some analysts eyeing the $11.00 level.
• In Argentina, a prominent crop scout increased their projections for soybean production by 1 mmt to 49.5 mmt citing good early yields. This number is relatively in line with the USDA’s expectations.

WHEAT HIGHLIGHTS:

• Wheat was the upside leader in the grain complex today, despite a lack of fresh news. Heavy rains in the southern US have delayed winter wheat harvest and are also causing concerns about quality. This may have triggered further technical buying and fund short covering. Additionally, the market could be factoring in war premium due to elevated tensions in the Middle East.
• Strength in Paris milling wheat supported U.S. prices. September Matif wheat closed six euros higher, breaking through and finishing above the 21-, 40-, and 50-day moving averages — marking a two-and-a-half-week high.
• According to Chinese customs data, wheat and wheat flour imports for the month of May were down 70.1% year on year, at 560,000 mt. Meanwhile, year to date imports were down 80.1% year on year at 1.61 mmt.
• German ag co-op DRV raised its 2025 total grain harvest forecast to 41.4 MMT (from 40.7 MMT), up 6% from 2024. Wheat production is now pegged at 21.5 MMT, up from 21.0 MMT last month.
• The Russian wheat export duty for the period of June 18-24 has declined from 652.5 to 566 Rubles per mt. This represents a 13.3% decrease. For the same timeframe, the barley duty is zero, but increased on corn from 359.9 to 397.3 Rubles.

DAIRY HIGHLIGHTS:

• Class III milk futures were pressured by a poor spot trade today. All 2025 futures contracts besides June futures saw double-digit losses on the day.
• Spot cheese closed lower for a sixth consecutive day, dropping 7.25 cents to close at $1.69/lb. Whey lost half a cent to close at $0.5475/lb.
• Class IV milk futures were quiet on the day for 2025 contracts while 2026 contracts saw some additional pressure.
• Spot butter pulled back after the recent rally, losing 5 cents to close at $2.5275/lb. Powder was the only product to see gains, improving 1.50 cents to $1.28/lb.

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Author

Amanda Brill