3 Big Things Today, May 23, 2025

1. Wheat Lower Overnight on Favorable Weather

Wheat futures were lower amid favorable weather in several global production areas.

Rainfall in the U.S. southern Plains will boost prospects for the hard-red winter wheat crop while precipitation in northern growing areas of the country will favor early spring wheat growth, said Don Keeney, an agricultural meteorologist with Maxar. 

Drought conditions in Kansas and Oklahoma, the largest producers of winter wheat, were little changed week to week, according to the U.S. Drought Monitor.

About 35% of Kansas was suffering from drought conditions as of May 20, down from 37% seven days earlier. Twelve percent of Oklahoma was seeing drought, unchanged week over week. 

Still, only 22% of Kansas and 7.8% of Oklahoma was suffering from drought three months ago, the monitor said. 

Showers in western Ukraine and Belarus will improve soil moisture as will rainfall next week in eastern Ukraine, Keeney said in a note to clients. 

“(The) forecast is wetter in eastern Ukraine next week,” he said. “Rain should favor western Ukraine, Belarus and (the) eastern Volga Valley through Monday.”

Wheat sales for the 2025-2026 marketing year that starts on June 1 were robust at 882,200 metric tons, as an unnamed buyer purchased 153,300 tons and the Philippines bought 137,000 tons from U.S. suppliers, the Department of Agriculture said in a report. 

Corn sales were reported at 1.19 million metric tons, down 29% week over week and 14% from the prior four-week average.

Export sales of soybeans totaled 307,900 metric tons, down 9% from the week prior but up 10% from the average for this time of year, USDA said. 

Wheat futures for July delivery fell 1 3/4¢ to $5.42 3/4 a bushel overnight on the Chicago Board of Trade, while Kansas City futures dropped 4 1/4¢ to $5.35 3/4 a bushel. 

Corn futures fell 1/2¢ to $4.62 1/2 a bushel.

Soybean futures for July delivery declined 3/4¢ to $10.66 3/4 a bushel. Soymeal was down $1.90 to $296.60 a short ton, and soy oil rose 0.55¢ to 49.66¢ a pound.

2. Red Meat Production Falls 1% Year Over Year

Red meat output in April fell 1% from the same month in 2024, according to a report from the Ag Department.

Production in the U.S. totaled 4.6 billion pounds last month, down from 4.64 billion a year earlier, the agency said in a monthly report. 

Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds to 1,431 pounds. 

Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was up a pound to 291 pounds. 

Veal output plunged 39% to 2.1 million pounds, while lamb and mutton production jumped 13% to 12.8 million pounds. 

Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year, the agency said. 

Beef and pork production since the start of the year were both down 1%, USDA said in its report. 

3. Flood Watches Issued For Parts of Kansas, Missouri

Flood watches have been issued for counties in Kansas, Oklahoma, Missouri and Arkansas amid excessive runoff from showers, National Weather Service maps show. 

One to 3 inches of rain has already fallen and another 2 to 4 inches, possibly higher in some areas, is forecast over the next few days, the agency said. 

“This additional rainfall could exacerbate rivers and streams” and cause them to overrun their banks, NWS said. 

Further north, patchy areas of frost are expected in parts of northern Wisconsin overnight into tomorrow. 

“A more widespread frost is expected across north-central Wisconsin late Saturday night into Sunday morning,” the agency said.