Weekly Market Update 6/20/2025

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1. How many popsicles are sold annually? 

2. What song became the Beach Boys’ first Billboard Hot No. 1? 

Answers at the bottom.

Market News

EXPORT INSPECTIONS: Corn inspections this week totaled 65.9 million bushels, sitting on the upper end of estimates and remaining 6% above the required rate to maintain seasonal pace. Shipments to Japan and Mexico accounted for 26.9 million bushels this week, with the remaining portion of corn shipping to final destinations of South Korea, Colombia, and Spain. Wheat inspections totaled 14.3 million bushels, aligning with USDA estimates and shipping to final destinations including Nigeria, the Philippines, Thailand, Mexico, and Taiwan. Soybeans come in at 7.9 million bushels inspected this week and milo totaling 1.1 million bushels.


EXPORT SALES: Old crop corn export sales totaled 35.6 million bushels this morning, aligning with USDA estimates. Sales this week fall below the running 10-week average, with the largest portion of this week’s volume making its way to Japan. New crop corn sales totaled 6.1 million bushels. Soybean sales totaled 19.8 million bushels this week, exceeding estimates with 2.8 million bushels of N/C sales reported. Wheat sales were in-line with USDA estimates this week, totaling 15.7 million bushels with much of the volume traveling to final destinations of Taiwan and the Philippines. Much the same picture for milo sales as week’s previous, with sales totaling 2.0 million bushels, remaining 22% below the marketing year-to-date sales relative to the seasonal pace needed to reach USDA targets.

CROP PROGRESS AND CONDITIONS: Earlier this week, the USDA reported 93% of the U.S. soybean crop and 69% of the U.S. sorghum crop have been planted. Moisture throughout much of the central Midwest this week brings further delays to sorghum planting progress in Nebraska, Kansas, and Oklahoma. As we move into the summer months, focus on the U.S. corn crop shifts from planting progress to crop condition – U.S. good/excellent at 72% as of June 15; a 1% improvement from values reported last week. A decrease in winter wheat conditions this week sparked some market movements overnight Monday and closing the intraday session Tuesday. Fifty-two percent of U.S. winter wheat was ranked as good/excellent, decreased from the 54% reported last week. However, winter wheat conditions remain above the running five-year average and those values seen around this time last year.


WHEAT MARKET: Despite small losses today, wheat’s been on a run – with July wheat up over 25 cents this week and pushing past the 100-day moving average. Fund covering this week was likely a large market mover, with conflict in the Middle East and hot, dry forecasts in the EU bringing outside money into the complex. Russia’s largest grain producing region Krasnodar declared a state of emergency due to drought this week, further fueling the fire under wheat. Monday’s Crop Progress Report was also friendly wheat, with crop conditions down 2% this week to 52% good-to-excellent – which while it is a decline, is still well ahead of the 43% good-to-excellent 5-year average. Wheat harvest is also dragging behind normal pace at 10% harvested versus a 16% 5-year average at this time, slowed by rains across wheat country. Harvest progress should move pretty quickly next week with hot, dry forecasts. All in all, no huge headlines driving the market higher, but rather a perfect storm of lots of “little” headlines. This rally has given cash selling opportunities that are pretty attractive (hanging around $5.00 cash across GCC country). It’s worth thinking about what levels could make sense for your operation as harvest fires up.


WEATHER: Hot and windy seems to be the pattern for the weekend with a high today of 101°F with southwest winds around 25 mph and gusts up to 40 mph. Tonight will be clear and windy with lows around. Saturday and Sunday bring more heat with highs of 101°F and 95°F with south/southwest winds of 25 and gusts near 38. The early part of next week brings low 90s and slight chances for thunderstorms.
 

Trivia Answers

1. Approximately 2 billion

2. "I Get Around"