Consus Ag Consulting Afternoon Recap

Tuesday, June 24th, 2025

Futures were weaker in the overnight session but started day trade mixed with corn posting a recovery. This came after a large flash sale on corn to Mexico at 630,000 metric tons. While positive, of this sale 554,400 mt was for the 2025/26 marketing year and the bulk for 2026/27 delivery. Corn was also supported by oversold indicators but continues to face pressure from favorable weather outlooks. Soybeans and wheat were pressure by a lack of fresh news and less favorable demand outlooks. Unstable economic outlooks and market uncertainty weighed on all contracts, as did more interest in geopolitical developments. The ceasefire between Iran and Israel seems shaky at best. A sharply lower US dollar and new highs in the Brazilian real were positive for all markets early on as the spread favors the US in the global market. The interior cash market was stronger today with several quick-ship incentives posted, even from one major grain trader who slashed basis bids just a week ago.