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Home » 3 Big Things Today, Aug. 7, 2025

3 Big Things Today, Aug. 7, 2025

August 7, 20254 Mins Read News
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1. Wheat, Corn Futures Rise in Overnight Trading

Wheat and corn were higher in overnight trading on technical buying amid plunging prices in recent weeks. 

Speculative investors who were short the market, or had bet on lower prices, likely bought back contracts and closed their positions after the front-month wheat contract dropped to the lowest level since 2000 in intraday trading yesterday and corn futures reached contract lows for a third straight session. 

Grain and soybean futures on the Chicago Board of Trade have been under pressure as the wheat harvest rolls on and persistent concerns about demand as the Trump administration escalates trade wars with several countries. 

China, the world’s largest importer of soybeans whose goods shipped to the U.S. face a 30% tariff rate, has yet to buy U.S. beans in the current marketing year, the longest the Asian country has gone without making such a purchase since 2005, Zaner Ag Hedge’s Karen Braun said in a note to clients this week. 

If no purchases are made by Aug. 11 that would mark the longest China’s gone without purchasing U.S. soybeans since record-keeping started in 1999. 

Corn futures, however, were rising amid a semblance of demand. 

Exporters reported sales of 128,000 metric tons of U.S. corn to an unnamed buyer for delivery in the 2025-2026 marketing year that starts on Sept. 1. A separate sale of 125,000 metric tons was announced on Aug. 1. 

Corn futures for December delivery rose 2 1/4¢ to $4.03 1/2 a bushel overnight on the Chicago Board of Trade. 

Wheat for September delivery gained 5 1/4¢ to $5.13 3/4 a bushel, while Kansas City futures were up 6 1/4¢ to $5.17 3/4 a bushel. 

Soybean futures for November delivery fell 1/4¢ to $9.84 1/4 a bushel. Soymeal was up $1 to $282.30 a short ton and soybean oil lost 0.24¢ to 53.38¢ a pound.

2. Ethanol Production Falls, Stocks Hit Three-Week Low

Ethanol output fell and inventories plunged to a three-week low in the seven days that ended on Aug. 1, the Energy Information Administration said in a report. 

Production dropped to an average of 1.081 million barrels per day last week, the agency said. That’s down from 1.096 million a day a week earlier. 

In the Midwest, by far the largest producing region, output dropped to 1.021 million barrels a day from 1.04 million the previous week. That’s the lowest production level for the area since June 27. 

That was the entirety of the decliners for the week as Rocky Mountain production was unchanged at 11,000 barrels. 

Gulf Coast output rose to an average of 27,000 barrels per day from 25,000, East Coast production increased to 13,000 barrels from 12,000 the week prior and West Coast output was up a thousand barrels to 10,000 a day, on average, EIA said. 

Ethanol inventories in the week through Aug. 1 were reported at 23.756 million barrels. That’s down from 24.716 million a week earlier and the lowest since July 11, the agency said in its report. 

3. Heat Advisories Issued From South Dakota to Texas

Heat advisories have been issued for a large chunk of the central U.S. from northern South Dakota into north Texas, according to National Weather Service maps. 

Heat indexes in central South Dakota will rise as high as 104 degrees Fahrenheit this afternoon, the agency said. 

Values in central and southern Kansas will top out at about 107 degrees. Temperatures in southern Oklahoma and north Texas are forecast to reach as high as 108 degrees this afternoon. 

People working outside should take precautions to avoid heat-related illnesses, NWS said. 

Extremely hot weather is also forecast for parts of northern Minnesota where an extreme heat watch has been issued. 

Indexes are expected to reach as high as 100 degrees in the area tomorrow afternoon and evening, the agency said. 

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