Consus Ag Consulting Afternoon Recap

Tuesday, June 17th, 2025

Futures started the day session mostly higher this morning although we did see end of month spread trading develop in corn and soybeans. All spot contracts go into delivery this month which will elevate contract rolling. The addition of risk premium also supported futures on the open as even though current conditions across the US are favorable, we are seeing pockets of crop stress. This led to a 2-point decline in the US soybean crop rating last week. Corn condition improved 1 point, but more interest is on long-range forecasts. A large portion of the Western Corn Belt claims crops are in good shape, but rain is needed, soon. This is a little concerning as this is a time when the West is normally building soil moisture for later in the crop cycle. It took until the 17^th, but we finally had a flash sale this month with an unknown booking 120,000 metric tons of soy meal. The lack of trade deal progress limited gains today, as did uncertain geopolitical developments.