Corn In the Green | Tuesday, May 6, 2025

Shortly after 9 a.m. CT, July corn was up 2¢ at $4.56¼ per bushel.

July soybeans were down 4¼¢ at $10.41¼ per bushel.

July wheat contracts were mixed. CBOT wheat was up 5¼¢ at $5.36½ per bushel. KC wheat was up 4¢ at $5.36¾. Minneapolis wheat was down a penny at $6.08½.

Yesterday afternoon, USDA released the weekly Crop Progress report.

“USDA pegged this year’s corn planting progress [in the top growing states] at 40% [complete] as of Sunday, which was one point above the five-year average for the week,” said Arlan Suderman, chief commodities economist at StoneX. “Soybean planting progress [in the top growing states] was pegged at 30%, up seven points from the five-year average for the week. Producers have a wide open window over the coming week-to-10 days across much of the Midwest, which is expected to bring rapid planting progress to the region, with generally favorable conditions for quick germination and emergence. That sets the foundation for good crops in the growing season ahead. We must still see favorable weather the rest of the growing season, but it means that we will have moved past the first potential obstacle to good yields if we can get the crops planted and established in a timely manner.

“The current outlook calls for warmer temperatures to boost early crop growth, combined with periodic showers to provide moisture as we move through the last half of May into early June. … The above has July corn testing an area of chart support near the March lows, while July soybeans continue to trade above the April lows on hopes that we will soon hear from the U.S. Environmental Protection Agency regarding the [biomass-based] diesel production mandates. Wheat prices continue to seek levels that will support demand, which has been lacking on the global market, and that presents some additional challenges for corn prices as well.”  

June live cattle were up 20¢ at $213.85 per hundredweight (cwt) as of 9:02 a.m. CT. August feeder cattle were up 13¢ at $299.03 per cwt. June lean hogs were down $1.85 at $97.15 per cwt.

June crude oil was up $2.31 at $59.44 per barrel.

The U.S. Dollar Index June contract was down to 99.19.

June S&P 500 futures were down 52 points. June Dow futures were down 342 points.

Published: 9:46 a.m. CT