Corn is trading higher this morning as futures attempt to build on yesterday’s reversal from multi-month lows.
Near-term forecasts remain wet across much of the Corn Belt, but extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
July corn futures briefly hit a new 2025 low on Tuesday before recovering to close slightly higher. The market remains technically oversold and is hovering near a key support level that has attracted buying interest in recent months.
Soybeans are trading higher early Wednesday, building on Tuesday’s rebound that ended a four-day losing streak.
Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.
Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.
Wheat futures are slightly higher this morning, supported by strength in corn and soybean markets.
Dry conditions persist across key global production areas, including the Black Sea region and much of China’s primary wheat-growing provinces, adding underlying concern.
Domestically, wheat condition ratings improved last week for both winter and spring varieties. Notably, North Dakota’s spring wheat showed a strong rebound from its historically low initial rating.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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