3 Big Things Today, July 11, 2025

1. Wheat Futures Lower; Corn, Beans Little Changed

Wheat futures were lower in overnight trading, and corn and soybeans were little changed ahead of today’s supply and demand reports from the USDA. 

Higher wheat stocks are possible in today’s World Agricultural Supply and Demand Estimates (WASDE) report from the agency amid narrowly higher quarterly stockpiles and planted acres. 

Old-crop corn exports are expected to rise, and new-crop output may be down narrowly from the June estimate. No adjustments for new-crop demand or yield are expected. 

The soybean balance sheet should remain little changed, but higher carryout is possible amid increased quarterly stockpiles and planted area. 

Wheat prices were also capped in overnight trading, as farmers in Kansas, the largest U.S. producer of winter varieties, have found favorable yields as the harvest rolls on. 

“Despite early drought, uneven stands and losses to wheat streak mosaic virus, some farmers are reporting better-than-expected yields, with test weights and protein levels starting strong before tapering off due to late rains,” industry group Kansas Wheat said in a report yesterday. “Overall, the 2025 season has been an improvement over recent years.” 

The industry group reported that one western Kansas farmer said he’s been seeing improved yields, while in the northwestern corner of the state yields were “a little lower” than originally thought. 

Wheat for September delivery fell 2¢ to $5.52½ a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 3½¢ to $5.31¼ a bushel. 

Corn futures for December delivery were down a penny to $4.15½ a bushel. 

Soybean futures for November delivery dropped 2¼¢ to $10.11½ a bushel. Soy meal was up 20¢ to $285.50 a short ton, and soybean oil fell 0.26¢ to 53.21¢ a pound.

2. Weekly Corn, Soybean Sales for Export Improve

Sales of corn for export jumped week to week and soybean sales improved, according to data from the Ag Department. 

Corn sales to overseas buyers in the seven days that ended on July 3 improved to 1.26 million metric tons from 741,200 tons a week earlier, the agency said. That’s also up 70% from the prior four-week average. 

Mexico bought 469,900 metric tons, Japan took 436,200 tons, South Korea was in for 146,100 tons, Colombia purchased 119,000 tons, and Guatemala bought 59,600 tons of U.S. corn. 

The total would’ve been higher, but an undisclosed country canceled cargoes of 140,200 tons. 

Corn exports rose 15% to 1.68 million tons. 

Soybean sales were reported at 503,000 metric tons, up 9% from the previous week and 43% from the average, the USDA said. 

An undisclosed country took 114,400 tons from U.S. suppliers, Egypt was in for 88,600 tons, Japan bought 72,300 tons, Indonesia purchased 70,500 tons, and the Netherlands took 58,100 tons. 

Exports for the week totaled 395,900 tons, up 57% from the week prior. 

Wheat sales totaled 567,800 metric tons, down slightly from 586,000 tons the previous week, the agency said. 

South Korea bought 90,000 tons, Japan was in for 70,000 tons, Malaysia purchased 55,000 tons, and the Philippines took 54,400 tons. The Dominican Republic canceled orders for 22,900 tons. 

Exports for the week were reported at 447,200 metric tons, the USDA said in its report. 

3. Floods Expected in Parts of Nebraska, Iowa

Flood warnings and watches have been issued for counties in eastern Nebraska, much of Iowa, and parts of northwestern Illinois, according to National Weather Service (NWS) maps.

Storms rolled through northeastern Nebraska overnight, bringing 1–4 inches of precipitation, and may continue throughout the day. Excessive runoff is expected due to saturated soils, the agency said. 

“Creeks and streams may rise out of their banks, and low-water crossings may be flooded,” the NWS said. 

Runoff may also lead to flooding in eastern Iowa and northern Illinois. 

Repeated rounds of thunderstorms are expected in the area, which may increase chances of flooding in the area, the NWS said.