3 Big Things Today, Aug. 27, 2025

1. Wheat Futures Lower Overnight on Harvest Pressure

Wheat futures were lower in overnight trading as the winter harvest in the U.S. wraps up and collection of spring varieties rolls on. 

About 98% of the U.S. winter crop was in the bin as of Sunday, up from 94% a week earlier and on par with the prior five-year average, the Department of Agriculture said in a report this week. 

Roughly 53% of spring wheat was harvested at the start of the week versus 36% seven days earlier and just behind the average of 54% for this time of year, the agency said. 

Just below half of the spring crop was in good or excellent condition, down a percentage point week over week and well behind the 69% that earned top ratings at this point a year earlier. 

Consultancy IKAR said they now expect Russian wheat production at 86 million metric tons, up by 500,000 tons from a previous outlook. USDA earlier this month forecast Russian output at 83.5 million metric tons. 

Corn futures were also lower overnight on favorable weather in much of the U.S. Midwest, while soybeans were modestly higher on technical buying. 

Wheat for September delivery lost 4¢ to $5.27 3/4 a bushel, while Kansas City futures dropped 4¢ to $5.13 3/4 a bushel. 

Corn futures for December delivery fell 1 1/2¢ to $4.88 a bushel. 

Soybean futures for November delivery rose 2 1/4¢ to $10.51 3/4 a bushel. Soymeal was down $1.10 to $292.20 a short ton and soybean oil lost 0.11¢ to 53.37¢ a pound.

2. Plunging Prices Make Corn Unprofitable, NCGA Says

Corn prices have dropped about 50% since the peak in 2022 while the cost of production has declined only modestly, making production of the grain unprofitable, the National Corn Growers Association said in a report.

Despite plunging prices, the cost to grow an acre of corn this year is down only 3.3% from when prices topped out in 2022, the group said. 

“This is particularly problematic for farmers trying to cash flow high production costs while the corn price has tanked,” NCGA said. 

Production of the grain in the U.S. is poised to reach 16.742 billion bushels on yield of 188.8 bushels an acre in the 2025-2026 marketing year that starts on Sept. 1, the Ag Department said in a report earlier this month. Both would be records if realized. 

Favorable weather throughout much of the growing season in the Corn Belt led to the record production and yield forecasts. 

The average cost to grow a bushel of corn this year is projected at about $4.75, and USDA expects farmers will receive about $3.90 a bushel, resulting in a per-bushel loss of 85¢, NCGA said.

“Rising production costs combined with sharply declining corn prices have created significant financial challenges for U.S. corn growers, leading to sustained negative profit margins,” the association said. “Despite some impressive yield prospects, the economic outlook remains bleak due to unfavorable price and cost trends.” 

3. Storms Possible in Parts of Nebraska, Kansas

Storms are possible this evening into tomorrow along the Nebraska-Kansas border, according to the National Weather Service. 

The threat of severe weather is low with the storms, the agency said.

In central Nebraska, scattered showers will persist throughout the week with the best chances of widespread precipitation over the weekend. 

Further east in central Illinois, a low chance for thunderstorms exist for this evening and overnight, NWS said. Severe weather isn’t expected.