3 Big Things Today, July 29, 2025

1. Wheat Futures Lower in Overnight Trading

Wheat futures were under pressure in overnight trading amid favorable weather in the U.S. and on harvest pressure as collection of the spring crop begins. 

Rainfall is expected today and tomorrow in parts of North Dakota, the biggest U.S. producer of spring wheat, South Dakota, Nebraska, and Iowa, Commodity Weather Group said in a note to clients. 

Parts of the northern Plains have 55% risk of wetter weather in the next one to five days, the forecaster said. That will boost spring wheat plants that are almost ready for harvest in the region. 

One percent of spring wheat was harvested as of Sunday, the U.S. Department of Agriculture said. That’s down from the prior five-year average of 3%. 

About 49% of the crop was in good or excellent condition, down from 52% at the same point last year, the agency said. 

The crop is expected to yield 49 bushels an acre this year, according to data from the Wheat Quality Council’s annual spring wheat tour that rolled through North Dakota last week. 

North Dakota farmers last year harvested 59 bushels an acre from their spring wheat fields, according to data from the USDA. The U.S. average was 52.5 bushels an acre a year ago. 

Eighty percent of the U.S. winter wheat crop was harvested at the start of the week, up from 73% seven days earlier but just behind the average of 81% for this time of year, USDA said. 

Wheat for September delivery dropped 7¢ to $5.31½ a bushel overnight on the Chicago Board of Trade, while Kansas City futures were down 5¢ to $5.21 a bushel. 

Corn futures for December delivery fell ¼¢ to $4.13¾ a bushel. 

Soybean futures for November delivery lost 1¼¢ to $10.10¼ a bushel. Soymeal was up 20¢ to $279.50 a short ton and soybean oil fell 0.05¢ to 55.94¢ a pound.

2. Weekly Corn, Soybean Export Inspections Improve

Inspections of corn and soybeans for overseas delivery rose week to week while wheat assessments plunged, according to data from the USDA. 

Corn inspections in the seven days that ended on July 24 were reported at 1.52 million metric tons, the agency said. 

That’s up from 984,901 tons the week prior and ahead of the 1.07 million tons examined during the same week a year earlier. 

Examinations of soybeans for export increased to 409,714 metric tons, up from 377,020 the week prior and narrowly more than the 408,582 tons assessed at the same point last year, the government said. 

Wheat inspections, meanwhile, dropped to 288,793 metric tons from 732,290 tons the previous week and behind the 468,274 tons that were inspected in the same week last year. 

Since the start of the marketing year on Sept. 1, USDA has inspected 60.3 million metric tons of corn for export, up from 46.7 million tons during the same timeframe a year earlier. 

Soybean inspections since the beginning of September now stand at 47.2 million metric tons, ahead of the 42.8 million tons assessed at this point last year. 

Examinations of wheat since the start of the grain’s marketing year on June 1 are at 3.31 million metric tons, up from the 3.13 million tons in the same period in the previous year, USDA said in its report. 

3. Storms to Roll Through Dakotas, Nebraska, Iowa

Storms are expected to start in eastern Montana today and “sweep across” parts of the Dakotas, Wyoming, Nebraska, and Iowa into tomorrow, the National Weather Service said in a report early this morning. 

Rainfall is expected and there’s a chance for severe thunderstorms tonight with intense winds and hail possible, the agency said. 

“Storms are then expected to pick back up again over the Midwest on Wednesday where there should be enough moisture and instability present to support additional heavy rain (and) flash flooding,” NWS said. 

Parts of Iowa, Missouri, Illinois, and western Indiana will likely see excessive rainfall tomorrow. 

Extreme heat warnings and heat advisories remain in effect in much of the eastern Midwest, weather maps show. 

Heat indexes in southern Illinois are forecast to hit as high as 110° Fahrenheit, the agency said. Values in central and eastern Arkansas are expected to reach 115°F this afternoon.