Posted on:
June 17, 2025

Markets are trading mixed this morning with corn calendar spreads pulling back, beans sitting near unchanged, and wheat catching a modest bid after selling off on Monday. Outside markets have stabilized, although tensions between Iran and Israel continue to be elevated.

 

Managed funds to start the week were estimated as net sellers of 20k corn to push the net short out to 175k, net buyers of 3k beans to push the net long to 39k, and net sellers of 4k wheat to push the net short to 93k.

 

NOPA crush for May came out at 192.8 mbu (193.5 expected).

 

Crop progress showed corn rated 72% g/e (71 expected), beans rated 66% g/e (68 expected),spring wheat rated 57% g/e (54 expected), and winter wheat rated 52% g/e (54expected).

 

The U.S. said it would object to a recommendation at the U.N. aviation agency council that U.S. reps say favors Brazilian corn in development of green jet fuel.

 

Russia reported lower wheat export prices this week following upward revisions to Russian wheat production forecast.

 

The Ukraine grain traders union is urging their parliament to reject a proposed 10% duty on canola and soybean exports.

 

Corn posted a bearish outside down day on Monday with the market negating the bullish outside up day that we saw on Friday. Prices are testing support near the bottom of the recent range this morning with support 4.34 and resistance 4.46.

 

Beans posted a higher high and higher low to start the week, but July pulled back to post a bearish doji on the charts. The market is overbought after recent gains with support at 10.67 and resistance 10.80.

 

Corn was under heavy pressure to start the week with mostly favorable weather driving another wave of fund-selling on Monday. The market is back at support, but until there is something to spark short-covering from speculators, corn will struggle to sustain rallies. With the weather viewed as benign, the market is lacking that spark. Producers can use option strategies to establish floors while leaving the upside open.

 

Beans followed bean oil higher to start the week, but calendar spreads were under heavy pressure with old crop beans finishing the day essentially unchanged while new crop hit recent highs. The bullish biofuel news is supportive bean prices longer-term, but it’s not expected to have a major impact on old crop demand over the next couple months. With world stocks forecast at record levels, producers should make sure sales are caught up and use puts to protect unsold old crop beans.

 

Corn up 1-2

Beans up 1-2