June 3, 2025
At this hour:
🌽Corn market is down mixed,
🌱soybeans are up 1-2c,
🍞wheat is down 5-7c,
🛢️crude oil is down 6-7c,
💲US Dollar is up 24-25 points.
-Soybean ratings come in at 67% rated good/excellent. That is about what the market expected.
-Corn ratings increased 1% in the good/excellent category, winter wheat ratings increased 2% and spring wheat ratings saw a 5% increase in ratings, which was more than the market expected.
-Weekly export inspections saw another strong week for corn and wheat with soybean inspections coming in within the trade expectations.
-Weather looks to give the majority of the U.S. anywhere from 1-3″ of rain and more in some areas over the next 7 days.
-Overall, the U.S. corn and soybean crops are off to a good start.
🐂🐻Look for a mixed day of trading with wheat lower and corn and soybeans mixed to higher.
Support/Resistance:
July corn – Support on July corn is at $4.37 which is the low from December 5th. Resistance is at $4.50 1/2 which is the 20-day moving average.
December corn – Support comes in at $4.34 1/2 which is the low from May 19th. Resistance comes in at $4.42 3/4 which is 20-day moving average.
July soybeans – Support comes in at $10.11 1/4 which is the low from March 26th. Resistance is at $10.46 3/4 which is the 200-day moving average.
November soybeans – Support is at $10.17 which is an old support/resistance line. Resistance is at $10.33 1/2 which is the 200-day moving-day average.
July Kansas City wheat – Initial support is at $5.23 which is the low from May 27th. Resistance comes in at $5.47 3/4 which is the high from May 21st.
Where do we go from Here:
Crop Progress report did not give us any surprises. We saw ratings gain 1% which was expected, and many feel we should see ratings increase again next week too. We still have roughly 7.1 million acres of corn yet to plant. The big question here is do those acres get planted to corn or do they switch to beans or get enrolled into PP? December corn futures look to be stabilizing here while July corn futures are under a little pressure. Main reason the July is under pressure is the South American total corn crop continues to get larger, and they are starting to get very competitive for corn export business later this summer. Look for December corn to stabilize and grind sideways here while July corn remains under a little pressure.
The first crop rating of the year rated the U.S. soybean crop at 67% good/excellent, right in line with what the trade was expecting. We still have roughly 13.7 million acres yet to plant in the U.S. Weather looks to bring decent rains across much of the U.S. so the question bears, will we get all of those acres planted? July soybean futures broke down below support yesterday but trading right at support here today. November soybeans held support at $10.15 and look to consolidate and trend sideways here for a couple days.
Not a surprise spring wheat rating increased 5% in the good/excellent category this week. Overall, the crop in the Dakotas looks pretty good from our perspective so it would not surprise us if we saw ratings increase 3-5% again next week. The recent rains have improved the winter wheat crop in the southern plains; however, they are expected to receive some big rains this week and that could cause some issues. Tensions between Ukraine and Russia were pretty quiet overnight. Look for wheat to pull back and test support before resuming back higher.
Upcoming USDA Reports:
June 9, 2025 – Weekly Crop Progress
June 12, 2025 – USDA Crop Production
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