West Central Ag Grain Comments 06/24/25 7:29:14 AM
6/24/25
Good morning. Ag markets across the CBOT are again mostly lower this morning, with bean oil and wheat the downside leaders early on. Overnight news headlines have almost exclusively focused on Israel/Iran and the broader Middle East again which has seemingly produced more risk-off trade early on Tuesday despite an announced ceasefire yesterday afternoon seemingly falling apart less than 12 hours after it was announced. Otherwise, there continues to simply not be a lot of new news specific to corn, soybeans or wheat with the heart of the growing season dead ahead and the majority of the crop flourishing under high-humidity, greenhouse-like conditions in recent days; yesterday's crop progress report was as expected for the most part, and there just isn't a lot to balk about in terms of progress or growing conditions. The bull camp needs a spark to reverse current downward/sideways trending markets. Corn futures to start Tuesday are trading around a penny lower, soybean futures are trading 3-6 cents lower, and the Chicago wheat market is trading 8-9 cents lower. Products are mixed on additional spread activity, with soybean meal up around $1/ton, and soybean oil down 1.20 cents/lb. Outside markets are also mixed, crude oil futures are down another $2.20/bbl, the Dow Jones index is up 260 points, and the US$ index is down 40 points; the S&P500 is up 50 points and the NASDAQ is up 220 points. Gold futures are down around $60/oz |
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