Weekly Ag Markets Update – 07/14/2025

Wheat: Wheat was lower last week.  USDA kept ending stocks levels close to trade estimates in the WASDE reports released on Friday.  Yields were increased slightly but demand ideas were solid.  Harvest conditions for Winter Wheat appears to be good in the US and Spring Wheat development is good.  Rains have been good in the northern Greasy Plains but Canada has been a little too dry for best yield potential.  Russia is still being watched for dry weather that could hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields.  Southern hemisphere crops appear to be good.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

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Corn:  Corn was lower last week and got no help on Friday from the USDA WASDE reports.  USDA cut its production estimated slightly but kept a year on year increase in ending stocks levels intact.  The weather forecasts remained cooler this week.  Reduced heat and some showers are expected in the Midwest this week, but temperatures could turn warmer this weekend with more wet weather possible early next week.  A moderate drought is seen near the Chicago area, but the drought area is shrinking.  The rest 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 and Soybean Meal were lower last week on good growing conditions in the Midwest.  Soybean Oil was near unchanged.  USDA made no important changes in the WASDE data released on Friday but did modify production slightly based off of the acreage estimates from June.  Lower priced offers from Brazil in the world market are still important to the US price action.  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.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice was lower last week.  USDA decreased production estimates but also cut back on demand estimates in its monthly WASDE report.  Ending stocks were up 0.6 million cwt to 3a4.6 million.  Weaker Asian prices are still around and are still a drag on US futures. South America has been offering less.  Chart trends are still mostly down on the daily charts.  The cash market has been slow with mostly quiet domestic markets and average export demand.  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 heading in most growing areas now.  Condition has been rated as good and the ratings by USDA are above last year.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils: Palm Oil futures were higher last week on improved demand hopes.  Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around.  Canola was higher.  Trends are mixed to up on the daily charts and on the weekly charts.  The weather has generally been dry 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 higher last week in choppy trading as export hopes remain less and as growing conditions are generally good.  The USDA WASDE reports showed increased ending stocks from increased production and unchanged demand.  Export sales were once again on the weak side.  There are still reports of better weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around.  Condition is rated behind last year.  The monsoon in India is off to a good start and a good production there is possible.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus: Futures were sharply higher to limit up for the second half of the week in response to news that President Trump will impose 50% tariffs on Brazil.  Brazil is the major exporter of FCOJ and sells oa lot into the US.  Trends are turning up.  USDA estimated Florida oranges production at 12.3 million boxes, up 3 million from the last report.  The production estimates had little effect on the trade.  Development conditions are good in Florida now with daily rounds of showers.  The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees.   The weather so far this year is improved with scattered showers adding to soil moisture and helping with tree health.

Weekly FCOJ Futures

 

Coffee:  General Comments:  Both markets were lower last week on ideas with London the weaker market.  President Trump announced new tariffs of 50% on imports from Brazil, but the news had little effect on prices.  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 and domestic price were firm last week.  The Brazil Arabica harvest is starting to expand and is expected to be less this year as news reports indicate that many cherries have fallen from the trees. Vietnam exported 943,000 tons of coffee in the January-June period, up 4.1% from the same period last year   Brazil exported 133,863 tons of green coffee in June, down 34% from the 203,278 tons in the same month last year.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar: Both markets were a little higher last week and closed near the highs for the week as the market holds at stronger levels even with the weather remains generally good around the world for crops.  Ideas of good supplies for the market continue and have been responsible for the recent price weakness.  The South Center Brazil harvest is faster now amid drier conditions.  Production in Centre-South Brazil has also been stronger than expected in recent weeks. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season.  Good rains are still reported in Thailand.  Sugar prices in Brazil are now cheap enough that at least some refiners could increase ethanol production and cut back on Sugar production. Sugarcane used to produce sugar in the Center-South region of Brazil rose to 51.5% in the first half of June, up from 49.7% a year earlier.  Brazil exported 3.36 million tons of sugar in June, up 5.2% from the 3.19 million tons in the same month last year.   Pakistan plans to import 500,000 metric tons of sugar to help to maintain price stability, the country’s food security ministry said.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York and London were lower last week after a week of choppy trading.  There are still 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.  Adequate soil moisture in Ivory Coast is fostering abundant flowering on trees, signaling a healthy October-to-March main crop despite mainly below-average rain in most of the main growing regions last week.  Good soil moisture in most of Ivory Coast’s cocoa-growing regions is encouraging strong flowering for the coming October-to-March main crop despite below-average rainfall last week.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

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