
Jack Scoville
Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322
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Weekly Ag Markets Update – 06/02/2025
Wheat: Chicago Winter Wheat markets closed lower last week on forecasts for improved growing conditions at home and abroad. Minneapolis was higher as growing conditions are more suspect in the Northern Plains and Canadian Prairies. There are still reports that cold weather had created frosts in Ukraine and Russia and reports of dry weather in some parts of the EU and China, but these are forecast to change in the short term. Russia is forecasting a large reduction in Wheat production for the coming year. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry and cold. Some rain was seen in the northern Great Plains last week and wetter and warmer conditions are now forecast. It is too wet in the Delta and Southeast. Chart trends are turning down. Overall demand for world Wheat has been weak.
Weekly Chicago Soft Red Winter Wheat Futures
Weekly Kansas City Hard Red Winter Wheat Futures
Weekly Minneapolis Hard Red Spring Wheat Futures
Corn: Corn was lower last week, with forecasts for improved growing conditions in the Midwest next week the main reason for the selling. Warmer and drier weather is in the forecast for this week after a cold week last week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong. Oats were higher.
Weekly Corn Futures
Weekly Oats Futures
Soybeans and Soybean Meal: Soybeans were lower last week on forecasts for good growing conditions in the Midwest. Soybean Meal was higher and Soybean Oil was lower as it is now doubtful that the biofuels allocations will be released soon and waivers to small producers could mean reduced demand for ethanol or biofuels in the US.. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Warmer temperatures and drier conditions are expected this week after a cold and wet week last week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation.
Weekly Chicago Soybeans Futures
Weekly Chicago Soybean Meal Futures
Rice: Rice was higher last week and chart trends remain up on the weekly charts. The trends are up on the daily charts, with speculative short covering the main feature. 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 most growing areas now. Condition has been rated as good so far by private sources and USDA.
Weekly Chicago Rice Futures
Palm Oil and Vegetable Oils: Palm Oil futures were higher last week on reports of good demand from the private surveyors. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. The Ringgit was stronger to help limit gains. Chart trends are down. Canola was lower last week after making new highs for the move. Trends are up on the daily charts and on the weekly charts. The weather has generally been good for planting and crop development in the Prairies with warm and dry weather around lately.
Weekly Malaysian Palm Oil Futures
Weekly Chicago Soybean Oil Futures
Weekly Canola Futures
Cotton: Cotton was a little lower again last week and trends are turning down in the market again. There are still reports of better weather for planting in Texas and on demand concerns caused by the tariff wars and after USDA reported moderate to poor weekly export sales. Planting conditions remain good in Texas, but it is still too wet in the Delta and Southeast. Some rain was reported in west Texas last week, and farmers are in the fields. It has turned drier in the Delta and Southeast. Planting progress is now behind the five year average and conditions of the crops should be good.
Weekly US Cotton Futures
Frozen Concentrated Orange Juice and Citrus: Futures were higher last week and trends are mixed in the market. A low is trying to be completed. USDA adjusted US and Florida production slightly higher than in production estimates in its recent reports. Production estimates remain well below those from a year ago. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees. A tight market and higher prices should remain a feature for futures traders.
Weekly FCOJ Futures
Coffee: New York and London were lower last week, and London made new lows for the last few months. Trends are down on the charts. Prices have now been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil Robusta harvest continues and Indonesia continues to harvest. Vietnam is done with its harvest. The Brazil Arabica harvest is starting and is expected to be less this year.
Weekly New York Arabica Coffee Futures
Weekly London Robusta Coffee Futures
Sugar: Both markets were lower last week on ideas of good supplies for the market. London White Sugar has been leading the New York Raw Sugar contracts lower, Ideas of good supplies and less demand continue. China has been a buyer with cheaper prices to help provide some support. There were reports of some scattered showers in center south Brazil and the harvest has been slower but is expected to be faster now amid drier conditions. Good growing conditions are reported in India.
Weekly New York World Raw Sugar Futures
Weekly London White Sugar Futures
Cocoa: Both markets closed higher last week after making new lows early on the week on reports of increased availability of Cocoa to the market. There are still reports of increased flows of Cocoa from Nigeria and reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market anticipates good demand and less production from Ivory Coast and Ghana. Early pod counts for the 2025/26 main crop suggested there is unlikely to be a significant recovery in production next season. Mid crop counts have not been strong and here have been concerns that current dry conditions will hurt production potential. Trends are mixed to down in London and in New York.
Weekly New York Cocoa Futures
Weekly London Cocoa Futures

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