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Grain Comments: 07-16-2025
Good morning.
Corn and soybean futures are finding room to the upside while wheat futures are steady to a shade weaker. The corn market still looks like its benefitting from some technical buying following Monday’s reversal higher. The funds were buyers of an estimated 9K contracts of corn on Tuesday, and small sellers of beans and wheat. CZ futures are testing resistance at the 20-day moving average near 425.75. The next area of significance would be the July 7th gap in the 4.30 to 4.33 area. For beans, higher lows for the 2nd day in a row gives a little hope, anyway.
Crude oil is under pressure and down another 80 cents. Futures are down roughly $14 from the late June highs. The dollar index is mixed, and the equity markets are attempting a mild recovery with the Dow up 100 points after dropping 450 points on higher inflationary data on Tuesday.
Fresh fundamental news remains somewhat scarce again this morning. Reportedly, a trade deal has been made with Indonesia. There are reports that the trade deal includes a transshipment duty on items coming from China to the US via Indonesia.
Weather maps have turned maybe even wetter for especially the ECB, but also for southern and the eastern half of Iowa over the next 5 days. 1.50-3.00” rains are expected across a large portion of the ECB through the weekend. For many areas, these rains will be very beneficial. There is some heat forecasted for the S Plains and S Midwest in the 6-10- and 8-14-day outlook.
Have a great day.
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