Posted on:
July 24, 2025

Markets are trading higher this morning with strong wheat exports pushing that market into the green this morning.

Managed funds on Wednesday were estimated as net sellers of 1k corn to push the net short out to 178k, net buyers of 1k beans to reduce the net short to 16k, and net sellers of 4k wheat to push the net short back out to 61k.

Export sales this morning for wheat came in at 712.2 tmt (250-500 expected), corn 643.1 tmt (100-800), n/c corn 733.9 tmt (400-800), beans 160.9 tmt (100-350), n/c beans 238.8 tmt (250-500), meal 182.6 tmt (150-300), n/c meal 91.9 tmt (100-250), and oil 1.4 (0-20).

Very good wheat sales and good corn sales relative to expectations. New crop bean sales disappointed.

Weekly EIA data showed ethanol production off 9k bbls per day to1,078k bbls.  Stocks were up by 809k bbls.  Weekly production of 317m gallons is below levels needed to hit the USDA’s usage forecast.

China reportedly booked their second bulk purchase of soymeal from Argentina as they continue to explore trading relationships other than the U.S.

Australia said they would ease restrictions on imports of U.S. beef.

China said they would reduce the number of breeding sows in an effort to stabilize pork prices.

China pledged to increase financial investment to stabilize grain and other key ag product production as part of its broader food security strategy.

December corn posted a lower low, lower high, and lower close on Wednesday with the market continuing the retracement of last week’s gains. Indicators are neutral, but last week’s bullish key reversal is still valid. Support is 4.18 and resistance 4.35.

Beans posted a higher high and higher low on Wednesday, but the market ran into trend resistance early in the day and reversed from there to finish with losses.  Indicators are neutral and the market is balanced. Nov. support is 10.10 and resistance 10.30.

Corn is seeing small gains overnight, but is down on the week as non-threatening weather is limiting buying interest. With that said, we still have a bullish reversal in place from last week and current supply/demand projections would suggest there isn’t a lot of downside risk from here. Hold off on any new bearish positions after recent losses.

Beans traded up to fill the gap that had been left on Sunday night in early trade yesterday, but then fell from there to finish lower. The global supply outlook for beans is bearish with the weather also bearish. Producers can look at option strategies to establish floors with upside.

 

Corn up 2-3

Beans up 2-4