3 Big Things Today, June 20, 2025

1. Wheat Futures Down in Overnight Trading

Wheat futures were lower in overnight trading as the U.S. winter harvest ramps up. 

Ten percent of winter wheat was harvested as of Sunday, up from 4% a week earlier, the U.S. Department of Agriculture said in a report earlier this week. Still, that’s well behind the prior five-year average of 16%. 

In Kansas, the biggest producer of winter varieties, 3% was collected versus the average of 11% for this time of year. 

The harvest started on Thursday in southwestern Kansas amid temperatures of 100 degrees Fahrenheit, industry group Kansas Wheat said. 

Rainfall in central Kansas, meanwhile, kept farmers on the sidelines, though the precipitation is expected to give way to windy, warm weather this weekend, the group said. 

Lee Scheufler, a farmer in Rice and Ellsworth counties, started harvesting his crops on June 10 and said he’s seen yields averaging 20% above normal despite some rain delays. After Tuesday’s downpours that left standing water, he was able to find dry ground from which to continue crop collection, Kansas Wheat said. 

Derek Sawyer, a farmer in McPherson County, Kansas, said fields he cut prior to showers arriving on Tuesday was averaging about 80 bushels an acre. About 10 inches of rain fell in some places, he said, which likely will reduce yield potential in the same fields by 25%. 

“Test weights were good, but will no doubt decrease with the rain,” Kansas Wheat said in its report. “Some fields are in standing water and may not be able to be harvested.”

Wheat futures for September delivery fell 5¢ to $5.85 1/2 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 3 3/4¢ to $5.83 1/4 a bushel. 

Corn futures for December delivery rose 2¢ to $4.46 a bushel. 

Soybean futures for November delivery gained 3 3/4¢ to $10.72 a bushel. Soymeal was down $1.60 to $296.70 a short ton and soy oil added 0.8¢ to 56.2¢ a pound. 

2. Production Costs Expected to Rise in 2026

Operating costs to grow corn, soybeans and wheat are all expected to rise in 2026, according to data from the Ag Department. 

The cost to produce corn are expected to rise to an average of $457.90 per planted acre in 2026, up from $449.23 the year prior, USDA said. 

Fertilizer prices are expected to rise 5% year over year to $169.69 an acre, representing the largest portion of the cost of production. Seed costs will rise 0.6% to $116.20 an acre. 

Chemicals, custom operations and repairs will all rise on an annual basis, while fuel, lube and electricity costs are expected to fall, the agency said. 

Soybean production costs are forecast to rise to $245.59 per planted acre in 2026, up from $242.72 an acre this year, USDA said. 

Seed prices will rise 0.6% to $75.34, fertilizer is expected to increase to $48.30 from $45.99 an acre and chemicals will rise to $47.23 from $45.88 per planted acre. 

The cost of custom operations and repairs will increase slightly, while fuel, lube and electricity will decline in 2026, the government said. 

Wheat costs will increase 0.2% year over year to $161.25 an acre. 

Spending on fertilizer is projected to jump 5% to $62.56 per planted acre, seed will rise to $18.20 from $18.09 and repair costs will increase narrowly to $31.64 from $31.43 an acre, the agency said. 

Chemicals and custom operations will also rise year over year, while fuel, lube and electricity costs will decline, USDA said in its report. 

3. Heat Advisories, Warnings Issued For Several States

Hot weather is forecast from eastern Colorado through Indiana and from northern Minnesota south into the Gulf Coast, according to National Weather Service maps. 

Temperatures in eastern Nebraska and western Iowa are expected to top out around 109 degrees Fahrenheit this afternoon, the agency said. Heat warnings have been issued in the area through tomorrow night. 

Overnight lows will only reach the upper 70s, providing limited relief from the heat. 

In southern Illinois and Indiana, heat indexes will range from 100 to 108 degrees, NWS said. 

Those working outside are advised to wear lightweight clothing and limit strenuous activities to early mornings or evenings.