3 Big Things Today, June 23, 2025

1. Corn Futures Lower on Calls for Rain

Corn futures were lower in overnight trading on forecasts for precipitation in some Midwestern states this week. 

Extremely hot weather to start the week will give way to rain, giving a boost to recently emerged corn and soybeans, according to forecasts from the National Weather Service. 

Chances for showers start Tuesday afternoon in parts of northern Indiana, southern Michigan and northeastern Ohio, the agency said. Some of the storms may turn severe on Tuesday and Wednesday with heavy rain and intense winds the main concerns. 

Storms in southern Iowa and northern Missouri are expected at the start of the week with heavy rainfall possible, NWS said. 

“Flash flooding and local river rises may occur due to heavy rainfall,” the agency said. 

Export sales of corn in the seven days through June 12 were mixed as overseas buyers purchased 903,800 metric tons from U.S. supplies, up 14% from the previous week but down 6% from the prior four-week average, the USDA said. 

Soybean sales jumped to 539,500 metric tons from 61,400 — the lowest since the marketing year started on Sept. 1, the week prior. 

Wheat sales through June 12, the first full week of the 2025/2026 marketing year, totaled 427,200 metric tons, USDA said. 

Corn futures for December delivery fell 3¾¢ to $4.37½ a bushel overnight on the Chicago Board of Trade. 

Soybean futures for November delivery lost 2¢ to $10.58¾ a bushel. Soymeal was down $1.70 to $296.40 a short ton and soy oil added 0.51¢ to 55.61¢ a pound. 

Wheat futures for September delivery fell ¾¢ to $5.82¾ a bushel, while Kansas City futures lost ¾¢ to $5.78 a bushel. 

2. Cattle on Feed, Placements Decline Year-Over-Year

The number of cattle on feed on June 1 declined slightly while placements last month dropped, according to data from USDA. 

Cattle and calves on feed at the beginning of June fell 1% year over year to 11.4 million head, the agency said in a report. 

Placements into feedlots in May, meanwhile, plunged 8% to 1.89 million head.

About 335,000 head weighing less than 600 pounds were placed last month, 275,000 weighed 600–699 pounds, 450,000 weighed 700–799 pounds, 516,000 weighed 800–899 pounds 230,000 weighed 900–999 pounds and 80,000 head weighed a thousand pounds or more, USDA said. 

Fed-cattle marketings in May totaled 1.76 million head, down 10% from the same month last year. Other disappearance was unchanged at 62,00 head. 

Texas had the most cattle on feed at the start of this month at 2.63 million, down 7% from June 1, 2024, the agency said. Nebraska was second at 2.35 million head, up 1% year-over-year. 

Nebraska led in placements in May at 495,000, unchanged from the same month last year, followed by Kansas at 470,000 head, down 3% on an annual basis, USDA said in its report. 

3. Extreme Heat Forecast for Eastern Half of the U.S. 

Heat advisories and warnings have been issued for much of the eastern half of the U.S. including Iowa and Illinois, the largest U.S. producers of corn and soybeans, according to National Weather Service maps. 

Heat indexes in parts of central Missouri and Illinois are expected to reach 103° Fahrenheit this afternoon, the agency said. In eastern Iowa and northern Illinois, values will range from 100–105°F today. 

Indexes in northern Indiana and Ohio will top out around 105°F as well, NWS said. 

“Cumulative effects of long-duration heat will likely cause significant impacts, especially since it’s the first heat wave of the season,” the agency said. “Low temperatures in the 70s will provide little relief, especially for vulnerable populations.”