Consus Ag Consulting AM Market Briefing

Tuesday, July 8th, 2025

Corn, soybeans, and wheat all remain under pressure to start Tuesday’s trade, although losses are much less than during yesterday’s collapse. The main topic of the market remains US tariffs and their impact on trade. While several deals are reportedly close to being done, the market wants to see progress with our leading trade partners, mainly China, the EU, Japan and South Korea. Japan and South Korea are facing 25% tariffs starting August 1^st. These are two of the US’ largest trade partners and account for 700 mbu of corn demand. While ag products may be omitted from tariffs, it is still a negative factor for relations. Trade also remains focused on weather, mainly the lack of a substantial threat for US crops. Interesting to see that while the national corn crop rating improved, states in the Eastern Belt saw ratings decline. Two most noted are IL and OH. Analysts are starting to release estimates for Friday’s WASDE report with some questionable numbers to say the least. Positioning ahead of this release will be more of a factor in price discovery as the week progresses. Once again, managed money attitude will be key in today’s trade, as will updated weather forecasts and trade developments.

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3 things to watch