3 Big Things Today, June 3, 2025

1. Wheat Drops Overnight on Improved Ratings

Wheat futures were lower in overnight trading on improved winter-crop conditions in the U.S. 

About 52% of winter wheat was in good or excellent condition as of Sunday, the U.S. Department of Agriculture said in a weekly report. That’s up from 50% a week earlier. 

Fifty-one percent of wheat in Kansas, the biggest producer of winter varieties, earned top ratings, in increase from 48% the week prior, the agency said. 

Three percent of the crop was harvested at the start of the week, on par with the average for this time of year. Some 83% is now headed versus 75% the previous week and the prior five-year average of 79%. 

Half of the U.S. spring wheat crop was in good or excellent shape, up from 45% seven days earlier, but still well behind the 74% a year ago, USDA said. 

About 69% of corn earned top ratings, up a percentage point week to week but down from 75% at this point last year, USDA said.

Sixty-seven percent of the U.S. soybean crop was in good or excellent condition, the agency said in its first conditions report for the oilseeds this year. 

Wheat futures for July delivery dropped 5¢ to $5.34 a bushel, and Kansas City futures lost 7 1/2¢ to $5.32 1/4 a bushel. 

Corn was unchanged at $4.38 1/4 a bushel. 

Soybean futures for July delivery rose 3 1/4¢ to $10.36 3/4 a bushel overnight on the Chicago Board of Trade. Soymeal was up $1.10 to $295 a short ton and soy oil futures fell 0.04¢ to 46.24¢ a pound. 

2. Soybean, Corn Inspections Rise Weekly 

Inspections of soybeans and corn for offshore delivery rose week to week, according to data from the Ag Department. 

Soybean assessments in the week that ended on May 29 increased to 268,343 metric tons, the agency said in a report. 

That’s up from 200,022 tons the previous week but behind the 361,217 tons inspected during the same week a year earlier. 

Examinations of corn for export increased to 1.58 million metric tons from 1.42 million in both the previous week and the same week last year, USDA said. 

Wheat inspections dropped to 552,910 metric tons from 562.969 tons the week prior, the government said. The total was still higher than the 427,276 tons assessed at this point a year ago. 

Since the start of the marketing year on Sept. 1, USDA has inspected 44.6 million metric tons of soybeans for overseas delivery, an increase from 37.8 million tons during the same period the previous year. 

Corn inspections since the beginning of September now stand at 48.6 million metric tons, up from 47.8 million tons at this point a year ago. 

Wheat assessments from the start of the grain’s marketing year on June 1, 2024, through May 29 totaled 21.8 million metric tons versus 18.7 million tons a year earlier, USDA said in its report. 

3. Flood Watches Issued From Texas Through Missouri

Flood watches have been issued for a large chunk of land stretching from northern Texas into northeastern Missouri, according to National Weather Service maps. 

Excessive rainfall in parts of eastern Oklahoma may result in flooding of rivers, creeks and streams, the agency said in a report early this morning. 

“Thunderstorms are likely through the day today, especially during the afternoon and evening,” NWS said. “Storms my tend to move over the same areas with rainfall rates exceeding 1 inch per hour, leading to an increased risk of flooding.”

In northern Missouri, storms may produce an inch or 2 of rain per hour this evening into tomorrow morning, which may result in localized flash flooding, the agency said. 

Further north, heavy rainfall and strong winds are forecast for parts of northern Wisconsin as thunderstorms rumble through the region this afternoon into tonight, NWS said.