3 Big Things Today, July 21, 2025

1. Soybean, Corn Futures Fall on Midwest Rain

Soybean and corn futures were lower in overnight trading as rainfall in the U.S. Midwest over the weekend likely gave crops a boost. 

As much as 3 inches of rain fell in southern and eastern Iowa on Saturday and Sunday, according to National Weather Service maps. About 2.25 inches fell in Muscatine, Iowa, and 1.6 inches came down in Dubuque, Iowa. 

Flash-flood and flood warnings have been issued for parts of southeastern Iowa, northern Missouri, and much of Illinois, the agency said. 

Heat advisories and extreme heat warnings also have been issued as hot weather is forecast through at least Wednesday. 

Advisories will take effect over a wide chunk of land stretching from central South Dakota south into northern Louisiana, and from western Nebraska into western Kentucky.

Prices also may be falling on technical selling after soybean and corn prices rose last week, leading speculators who’d bet on higher prices to sell their contracts and liquidate their positions. 

Soybean futures for November delivery fell 8¼¢ to $10.19½ a bushel overnight on the Chicago Board of Trade. Soymeal was down 70¢ to 288.10 a short ton and soybean oil lost 0.35¢ to 55.47¢ a pound.

Corn futures for December delivery dropped 1¾¢ to $4.06¾ a bushel. 

Wheat for September delivery rose 1¾¢ to $5.48 a bushel, while Kansas City futures added 1¢ to $5.30 a bushel. 

2. Speculators Take Bearish Stance on Soybeans

Money managers turned bearish on soybeans last week while reducing their bearish bets on corn, according to data from the Commodity Futures Trading Commission. 

Investors held a net short position, or bets on lower prices, of 17,192 soybean futures in the week that ended on July 15, a shift from a bullish position of 7,184 contracts seven days earlier, the agency said. 

That’s the largest bearish position since the week that ended on April 8. 

Speculators, however, reduced their net shorts in corn futures to 159,044 contracts from 179,287 the previous week, CFTC said. That marks the smallest bearish position since June 10. 

In wheat, hedge funds and other large investment firms were net short by 63,034 soft red winter futures, up from 57,593 contracts the week prior. 

Investors held a net-47,635 futures contracts in hard red winter wheat, up slightly from 42,463 contracts the previous week, CFTC said in its report. 

The weekly Commitment of Traders report from the Commodity Futures Trading Commission 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.

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

3. Extremely Hot Weather Expected in Kansas, Missouri

Extreme heat warnings have been issued for the eastern half of Kansas, much of Missouri, and counties in several other states, according to National Weather Service maps. 

Heat indexes in central and eastern Kansas will reach as high as 110° Fahrenheit, the agency said. Heat warnings will remain in effect through at least Wednesday. 

“Heat-related illnesses increase significantly during extreme heat and high-humidity events,” NWS said. 

An extreme heat watch has been issued for much of southeastern Iowa and northern Illinois, where values may reach 115°F. 

Storms also may impact the area as excessive rain that leads to flooding is possible in the region, NWS said. Flood warnings are in effect for parts of the Iowa, English and North Skunk rivers.