TFM Morning Update 07-15-2025

CORN

Corn is trading lower to start the day after yesterday’s bullish reversal in December futures. Despite good export demand and oversold technicals, traders are focusing on the good weather and strong crop conditions.
Yesterday’s Crop Progress report saw corn ratings unchanged at 74% good to excellent. Historically, crop conditions above 70% in July point to final yields above trendline. 34% of the crop is silking and 7% is in dough stage.
Yesterday’s export sales report were good for corn at 1,287k tons which compared to 1,564k the previous week and 1,100k tons a year ago at this time. Top buyers were Mexico, Japan, and South Korea.

Soybeans are trading lower with both August and September futures below $10.00 and the November contract only 4 cents above that level. Yesterday’s lows have not been taken out. Both soybean meal and oil are trading lower as well.
Yesterday’s Crop Progress report saw soybean crop ratings improve 4 points from last week to 70% good to excellent. This was also 2 points higher than last year at this time. 47% of the crop is blooming and 15% is setting pods.
Yesterday’s export sales report saw soybean sales on the poor side at 147k tons which compared to 400k the previous week and 175k tons a year ago. Top buyers were Mexico, Egypt, and Japan.

All three wheat classes are lower to start the day as crop conditions for spring wheat improved and the winter wheat harvest continues. September Chicago wheat futures are currently trading at support levels.
Yesterday’s Crop Progress saw spring wheat good to excellent ratings improve by 4 points to 54%. This is still far behind last year’s 77% at this time. The winter wheat crop is now 63% harvested compared to 53% last week.
Export sales were within trade estimates yesterday at 440k tons which compared to 522k the previous week and 622k tons a year ago at this time. Top buyers were Mexico, the Philippines, and Republic of South Africa.

Amanda Brill