Weekly Ag Markets Update – 09/02/2025

Wheat: Wheat was mixed last week, with Chicago a little higher and KC a little lower as the weekly export sale report was moderately strong but found some selling in response to word of lower prices being paid in Russia.  The Spring Wheat harvest is active and the Winter Wheat harvest is done.  Rains have been good in the northern Great Plains but Canada has been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year.  Russia is still being watched for dry weather that has so far hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields.  Russian Black Sea prices have been firming as producers are not making sales and are looking for higher prices to offset yield losses.  Reports from Russia indicate that later weather has improved and that somewhat higher yields than were forecast earlier are now possible.  Southern hemisphere crops appear to be good.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures0p

Weekly Minneapolis Hard Red Spring Wheat Futures

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Corn:  Corn was higher last week on what appeared to be speculative short covering even though ideas are still heard that supplies will be more than ample for the demand.  There was commercial selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest.  Temperatures should average below normal this week and it should be mostly dry.  Most of the Midwest has seen adequate or greater precipitation and production ideas are high.  Demand for Corn in world markets remains strong.  Oats were higher.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal: Soybeans and the products were lower and continued to find some selling on ideas of strong yield potential from the current cool and dry weather seen in the Midwest.  The export sales report was strong and above trade estimates.   China has not bought US Soybeans yet and traders are worried that demand for the new crop will be a lot less this year. Good growing conditions continue in the Midwest with cool and mostly dry weather in the forecast.  Prices are still higher in Brazil, but China and other buyers are still buying there for political reasons.  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 slightly higher last week on reports of bad weather in Arkansas and northern Louisiana but as the harvest is active in Texas and southern Louisiana.  Chart trends are still mostly down on the charts.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.  New crop harvesting has started in Louisiana with reports of good but not great yields and quality.  Texas reports average to below average field and milling yields.  There is more concern about the crops in Arkansas where it has turned very hot.  Milling quality of the old crop 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 and harvest has started near the Gulf Coast.  Crop condition slipped slightly in the USDA reports released a week ago.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils: Palm Oil futures were lower last week.  Demand for export has been strong to start the month.  Futures were also higher today as the increase in ending stocks was not as much as anticipated.  There was talk that India will soon be buying a lot with festivals coming soon.  Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around.  Canola was lower and made new lows for the move as exporters remain worried abouts access to the Chinese market.  Trends are down on the daily charts and on the weekly charts.  The weather has generally been dry for crop development in the Prairies with warm and dry weather still around.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was a little higher last week after USDA reported stronger export sales.  Sales of 179,000 bales were reported last week.  Better weather is expected for the Delta and Southeast for the coming week as crop condition reports were mostly unchanged.  There are still reports of hotter and drier weather in West Texas.  There are still ideas that growing conditions are generally good.  There are still reports of better weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around.  It is starting to turn dry in west Texas again, however.  The monsoon in India is good and a good production there is possible.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were mostly a little higher Friday, but September was lower again.  Futures were lower for the week.  Trends are turning down on the daily charts.  Development conditions are good in Florida now with daily rounds of showers.  The poor production potential for the crops comes from early dry weather but also the greening disease that has caused many Florida and closed near the lows of the week producers to lose trees.

Weekly FCOJ Futures

 

Coffee:  New York and London were higher last week ad traders worried abouts the weather in growing areas, especially Brazil, and the effects of the Trump tariffs.  There are still reduced deliverable supplies for both exchanges as commercials have taken the supplies instead of buying in cash markets.  Robusta is still more available to the market and with Brazil holding back on offers to world destinations.  The lack of deliverable stocks in both markets and the lack of deliveries has supported the futures market.  Prices had been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up.  The Brazil harvest is moving along, and Indonesia about over.  Vietnam is done with its harvest.  A cold snap earlier this month will reduce the size of the next coffee crop in Brazil’s Cerrado Mineiro growing region by around 412,000 60-kg bags, or 5.5%, Expocacer said.  Rains will be needed in September to improve the outlook for next year’s arabica crop in Brazil, which has been impacted by dry weather and cold snaps.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

 

Sugar: New York was a little lower last week and London was a little higher.  The Brazil production could be less, in part due to a recent freeze event and in part to reports of less sucrose in the cane.  There were ideas of less European production this year that could rally prices later in the year but have drawn no interest so far from speculators.  Ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  The South Center Brazil harvest is faster now amid drier conditions.  Production in Center-South Brazil has also been strong. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season.  Conab on Tuesday cut its forecast for sugar production in the 2025/26 season to 44.5 million metric tons, citing bad weather conditions.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York was a little higher last week and London was a little lower in consolidation trading as reports of increased selling pressure from producers abated and weather concerns in West Africa took center stage.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but Africa has turned dry and producers there are concerned about potential losses now.  The market feels that there is less demand and less production from Ivory Coast and Ghana.  Dealers said there were signs the U.S. was moving to exempt some cocoa producers from tariffs, including potentially Ecuador and Indonesia.  The U.S. has agreed in principle to exempt Indonesian exports of cocoa from the 19% tariff imposed by the US.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

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