Weekly Ag Markets Update – 05/05/2025

Wheat: The markets closed mixed last week, with Chicago and Kansas City a little lower and Minneapolis higher.  There are still reports of and forecasts for showers in the southern half of western growing areas, but northern areas are reported to be dry.  Crops in the Great Plains are reported to be in good condition although there are concerns about too much rain falling in northern Texas and Oklahoma.  Rain has become much less in the southern Midwest and Mid South.  Chart trends are mixed in Chicago Winter Wheat markets and are up in Minneapolis.  Traders keep talking about a tight market as a reason to support prices, but enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor.  Dry outlooks for the Black Sea regions are still a main feature.  China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs.  The news was considered a positive development on Friday.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Chicago Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

 

Corn: Corn closed lower last week and near the lows of the week as the market reacted once again to better planting weather in the Midwest and as demand prospects remained strong in the weekly export sales reports.  President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet.  China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs.  The news was considered a positive development on Friday.   Demand for Corn in domestic and world markets remains strong with sales near 1.25 million tons in the latest reporting week.  It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are drying out after being too wet.  It has become warmer in much of the Midwest and planting progress is expected to be much improved this week, but rain remains in the forecast.  Oats were lower, and the trends are down in this market.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal: Soybeans and Soybean Meal were a little higher last week, and Soybean Oil closed a little lower.  The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America but also appeared as a buyer of US Soybeans in the most recent week.  China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs.  The news was considered a positive development on Friday.  Deferred months were lower as the weather is forecast to be much better for planting after this week.  Warmer temperatures are expected this weekend and warm and dry weather is in the forecast for next week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice: Rice closed lower last week on speculative trading and as the US Dollar firmed on hopes for resolutions to the tariff wars.  China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs.  The news was considered a positive development on Friday.  The cash market has been slow with mostly quiet domestic markets and average export demand.  Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher.  Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters.  Rice is planted in southern growing areas now and is about half done farther to the north.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils: Palm Oil futures were lower last week on demand concerns.  There is talk of reduced supplies in the market.  Chart trends are mixed.  Canola was higher last week and closed at new highs for the mover.  Trends are still up on the daily charts and weekly charts.  Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US.  The weather has generally been good for planting in the Prairies but it is too dry in some areas.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton: Cotton was higher last week and closed near the highs of the week.  Trends are turning up in this market as planting conditions remain good.  China said that the US had reached out fo them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs.  The news ws considered a positive development on Friday.  The demand side of the market is not robust but is hanging in there as the weekly export sales showed about 108,000 bales sold.  Some rain was reported in west Texas last week, and farmers are in the fields.  More showers are in the forecast for the Great Plains.  Planting progress is about the same as the five year average and conditions of the crops should be good.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus: FCOJ closed mostly lower last week, but May was higher in delivery, highlighting tight supplies for the market.  Ethe trends remain down in the market.   USDA has reduced Florida production mostly at the expense of the greening disease and some extreme weather seen in the last couple of years.  There are no weather concerns to speak of for Brazil or Florida right now although Brazil could turn hot and dry.

Weekly FCOJ Futures

 

Coffee:  New York and London were lower last week on what was reported to be general selling amid a rallying US Dollar.  Prices are still very high and reflect the report of tight supplies.  There are still ideas of good demand against ideas of less supplies available to the market.  The lack of offers from Brazil continues even with the Robusta harvest started.  Vietnam is done with its harvest.  Hot and dry weather is in the forecast for Brazil longer term.  Trends are up on the daily charts.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar: Both markets were lower last week as ideas of good supplies and less demand continue.  China has been a buyer with cheaper prices to help provide some support.  Thai Sugar has moved to China lately and in volume.  There were reports of some scattered showers in center south Brazil and reports that India will have comfortable beginning stocks to help cushion the blow from reduced production for the coming year.  Sugar production in Brazil’s center-south region was 731,000 metric tons in the first half of April, UNICA said.  CONAB said that Brazil’s sugar output in the center-south region is expected to hit 41.8 million metric tons in the current 2025/26 season, up 3.7% from last year

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa: New York and London were lower last week, but held to the trading range seen on the daily charts as the US Dollar turned firmer.  Trends are mixed in London and in New York, and demand ideas got hurt as the tariffs will increase costs to US buyers of chocolates.  Demand ideas have been under pressure on the high prices currently seen for Cocoa due to bad production in West Africa.  Cocoa imports are now subject to a 10% tariff at minimum.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

Questions? Ask Jack Scoville today at 312-264-4322