Posted on:
July 25, 2025

Markets are under modest pressure overnight with beans hitting new lows for the week while corn and wheat are trading within yesterday’s range. Selling ahead of August first notice day and overall non-threatening weather are limiting buying interest in the beans.

Managed funds on Thursday were estimated as net buyers of 6k corn to reduce the net short to 172k, net buyers of 1k beans to reduce the net short to 15k, and net buyers of 1k wheat to reduce the net short to 60k.

Cattle on feed will be out after the close with on feed expected to be 99.2%, placements 98%, and marketings 96.4%.

The North Dakota wheat tour estimated wheat yields for the state would average 49bpa, which was down from 54.5 bpa a year ago.

The U.S. and Australia reached an agreement to allow better access for U.S. beef into Australia, which is also a major exporter of beef.

China’s ag ministry said dry weather and high temperatures were persisting in some parts of the country and would negatively impact harvest this fall.

December corn posted a higher high, higher low, and higher close on Thursday with the market struggling to get momentum going in either direction after spending the first three days of the week under pressure. The market is balanced with directional indicators neutral. Support for Dec. is 4.16 and 4.12 with resistance 4.30 and 4.33.

Beans posted a lower low and lower high on Thursday, but prices were able to recover from intraday lows to finish higher. The market is probing new lows this morning, however, to negate yesterday’s recovery. The market is balanced with directional indicators neutral. Support for Nov. is near 10.18 and 10.00 with resistance 10.30.

Corn is on track to finish the week with losses, but remains above the level of the key-reversal from last week, which keeps that potential low in place. With the market trading a national yield somewhere 183+ bpa, there isn’t much room for error with the “tight tassel” reports making the rounds and increasing the risk that the market may be too optimistic with their big national yield. With balance sheets not overly supplied even with the big yield, and production risks growing, producers can hold off on any new bearish positions and should look at buying back calls that were sold above the market and are likely holding little value at this time.

Beans are on track to finish the week with losses as the market failed at trendline resistance and the weather is looking favorable as we head into the critical portion of the bean growing season. With global supplies forecast a trecord levels, producers should look at zero-cost option strategies to protect downside risk.

 

Corn down 2-3

Beans down 6-7