3 Big Things Today, July 24, 2025

1. Soybean, Corn Futures Higher on Hot Weather

Soybean and corn futures were higher in overnight trading amid ongoing extreme heat in much of the eastern Midwest. 

Heat indexes in parts of Missouri and Arkansas will range from 110 to 115 degrees Fahrenheit this afternoon, according to the National Weather Service.

Values in southeastern Missouri, counties in Kentucky and areas of southwestern Missouri will see temperatures around 110 degrees, the agency said. 

Soil moisture levels are expected to decline in areas affected by the ongoing heat, which is forecast to last for at least another six days in the region, NWS data show. 

Still, subsoil moisture in Missouri was 90% adequate or surplus in the week through July 20, up a percentage point from the previous week, the U.S. Department of Agriculture said in a report this week. About 60% of Arkansas saw adequate or surplus subsoil moisture, down from 67% a week earlier. 

The warm nights will likely end on Tuesday and showers next week may aid moisture levels, Commodity Weather Group said in a note to clients. 

Wheat futures were little changed as traders keep an eye on North Dakota where the Wheat Quality Council’s annual spring wheat tour is underway. 

Scouts after two days of scouting wheat fields have pegged yields at 47.8 bushels per acre after touring 287 fields. That’s down from last year’s two-day total of 52.4 bushels per acre on 215 fields.

The tour continues today before wrapping up in Fargo. 

Soybean futures for November delivery rose 5 1/4¢ to $10.28 a bushel. Soymeal was up $1 to $286.60 a short ton and soybean oil gained 0.4¢ to 56.26¢ a pound.

Corn futures for December delivery rose 2 1/2¢ to $4.20 a bushel overnight on the Chicago Board of Trade. 

Wheat for September delivery added 1 1/4¢ to $5.41 3/4 a bushel, while Kansas City futures rose 1¢ to $5.24 1/2 a bushel. 

2. Ethanol Production Falls to Lowest in Three Weeks

Ethanol output fell to a three-week low in the seven days that ended on July 18 while inventories climbed, according to data from the Energy Information Administration. 

Production of the biofuel decreased to an average of 1.078 million barrels a day, the agency said. That’s down from 1.087 million barrels the week prior and the lowest average since the week that ended on June 27. 

In the Midwest, output fell narrowly to 1.026 million barrels per day, on average, from 1.028 million a week earlier. That’s also the lowest since late June. 

Gulf Coast production dropped to 28,000 barrels a day from 24,000 the previous week, and East Coast output was down to 9,000 barrels a day from 12,000 barrels, the agency said. 

West Coast production was unchanged week to week at 9,000 barrels per day. 

The Rocky Mountain region was the lone gainer, rising to an average of 10,000 barrels per day from 9,000 barrels a week earlier. 

Ethanol stockpiles in the week through July 18 totaled 24.444 million barrels. That’s up from 23.635 million barrels the week prior and the largest inventory level since May 16, EIA said in its report. 

3. Flood Watches Issued in Kansas, Missouri

Flood watches have been issued for parts of central and northern Kansas and northwestern Missouri, according to National Weather Service maps. 

Thunderstorms will likely develop this afternoon and evening, potentially bringing as much as 5 inches of rain to the region. 

“Flooding caused by excessive rainfall continues to be possible” this afternoon in counties in north-central Kansas, the agency said. “Excessive runoff may result in flooding of rivers, creeks, streams and other low-lying and flood-prone locations.”

In northwestern Missouri, repeated thunderstorms will bring heavy rain to the area and flooding is likely. 

Hot weather will again persist today as heat advisories and warnings have been issued from north Texas through northern Michigan, NWS maps show. 

Heat indexes in southern Missouri will top out at around 115 degrees, the agency said.