3 Big Things Today, April 21, 2025

1. Corn Futures Rise in Overnight Trading

Corn futures were higher overnight on signs of demand for U.S. supplies and as the value of the dollar plunges. 

Sales of U.S. corn to overseas buyers in the week through April 10 jumped to 1.56 million metric tons, the USDA said. That’s up 99% from the previous week and 39% from the prior four-week average. 

Mexico was the big buyer at 401,500 metric tons, followed by Japan at 263,300 tons, and Spain at 240,000 tons. 

Soybean sales jumped to 554,800 tons, up from 172,300 tons the week prior, and 74% from the average, the USDA said. 

Mexico was also the big buyer of U.S. beans at 156,800 tons. The Netherlands took 127,100 tons, and Germany was in for 118,400 tons.

Wheat sales, meanwhile, totaled 76,500 tons, down 29% week-over-week but up 2% from the average for this time of year, the government said. 

The Dominican Republic bought 30,700 tons of U.S. wheat, Venezuela purchased 25,800 tons, and South Korea was in for 22,300 tons. 

Also giving futures a bump this morning is a sharply weaker dollar. The greenback was down 1.1% in early-morning trading, making dollar-denominated goods more attractive to overseas buyers. 

Corn futures for July delivery rose 3½¢ to $4.93¾ a bushel overnight on the Chicago Board of Trade.

Soybean futures added 3¢ to $10.50¾ a bushel. Soymeal gained 30¢ to $303.40 a short ton, and soy oil jumped 0.28¢ to 48.62¢ a pound.

Wheat futures for July delivery rose 1½¢ to $5.63¾ a bushel, while Kansas City futures added 2¢ to $5.72 a bushel. 

2. Speculative Investors Turn Bullish on Beans

Investors turned bullish on soybeans while raising their net-long positions — bets on higher prices — in corn, according to the Commodity Futures Trading Commission (CFTC). 

Money managers held a bullish position of 43,348 futures contracts in soybeans in the seven days that ended on April 15, the agency said. 

That’s a shift from a net-short position — bets on lower prices — of 27,334 contracts the week prior and the largest net-long position for beans since Feb. 4. 

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

Speculators raised their bullish positions in corn to 145,154 futures contracts from 131,184 contracts the previous week. That’s also the largest such position since March 4. 

In wheat, hedge funds and other large investment firms reduced their net-short positions in soft-red futures to 86,238 contracts from 90,724 a week earlier, the CFTC said. 

Investors were bullish by 42,881 hard-red winter wheat contracts, down from 46,366 contracts the week prior, the agency reported. 

The weekly Commitment of Traders report from the CFTC shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

3. Red-Flag Warnings Issued for Nebraska, Kansas

The National Weather Service (NWS) issued red-flag warnings for northeastern Colorado, central Nebraska, and much of western Kansas. Fires that develop will catch and spread quickly, the NWS said. 

Winds in central Nebraska will be sustained from 15–25 mph today and gust up to 40 mph, the agency said, while relative humidity will drop as low as 15%. 

In western Kansas, winds will range from 10–20 mph and gust up to 30 mph, the NWS said. Humidity will fall to around 11%. 

Frost advisories are in effect this morning for a few counties in the Oklahoma and Texas Panhandles, where hard-red winter wheat is growing. Temperatures overnight were expected to drop to about 30°F, the agency said.