CORN

• Corn is trading higher this morning as futures attempt to build on yesterday’s reversal from multi-month lows.
• Near-term forecasts remain wet across much of the Corn Belt, but extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
• July corn futures briefly hit a new 2025 low on Tuesday before recovering to close slightly higher. The market remains technically oversold and is hovering near a key support level that has attracted buying interest in recent months.

SOYBEANS

• Soybeans are trading higher early Wednesday, building on Tuesday’s rebound that ended a four-day losing streak.
• Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.
• Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.

WHEAT

• Wheat futures are slightly higher this morning, supported by strength in corn and soybean markets.
• Dry conditions persist across key global production areas, including the Black Sea region and much of China’s primary wheat-growing provinces, adding underlying concern.
• Domestically, wheat condition ratings improved last week for both winter and spring varieties. Notably, North Dakota’s spring wheat showed a strong rebound from its historically low initial rating.

Author

Keegan Madigan