TFM Morning Update 06-23-2025

CORN

Corn is trading lower to start the week following weekend strikes by the US into Iranian nuclear sites. Further retaliation could cause the Strait of Hormuz to be closed which would be bullish for all energy commodities including ethanol.
Friday’s export sales report saw corn sales above expectations at 1,059k tons. This compared to 762k last week and 605k tons a year ago. Primary destinations were to Japan, Mexico, and South Korea.
In Brazil, corn prices have moved lower as trade expects high supplies in the coming weeks from a large second crop corn which is now estimated at 101 mmt, up 12% from the last record.

Soybeans are trading slightly lower to start the day but remain near the top of their range. Soybean meal is trading lower, but bean oil is following crude higher in the fallout of the strikes on Iran.
Friday’s export sales report saw soybean sales above expectations at 615 mmt which compared to 120k tons last week and 641k a year ago at this time. Top buyers were Mexico, Germany, and unknown.
Chinese soybean imports from Brazil for the month of May increased by 37.5% year over year. They bought 12.11 mmt from Brazil which compared to 8.81 mmt last year, and they bought just 1.63m mmt from the US.

All three wheat classes are trading slightly lower to start the week but remain near their highest levels in months. July Chicago wheat has met some resistance at the 200-day moving average, but a close above that level could see a move to 6 dollars.
Friday’s export sales report saw wheat sales within trade expectations at 427k tons which compared to 389k last week and 579k a year ago. Top buyers were Taiwan, the Philippines, and Venezuela.
In Kansas there were reports last week that storms with winds of up to 100 mph caused significant damage to the wheat crop. In other wheat areas, conditions are too wet which could pose more problems.

Amanda Brill