06/10/2025 Tomorrow’s Headlines

On the Grains
Yesterday’s planting progress showed that we are currently 97% planted on corn and 90% planted on soybeans, representing a 4% and 6% increase, respectively. The real question is, what happens to the 3% unplanted? The bulk of that is in Ohio, Kentucky, and Tennessee. Tennessee must get planted; we can’t have the distilleries running out of product—talk about riots. Will those acres be turned in as prevented-plant corn acres? Only time will tell. Yesterday, fund liquidation began in wheat and has since moved to corn. A major wire service is now predicting that the crop will be 50% silking by July 15th. While the math may come to that, it’s hard to believe when temperatures have been in the 50s at night—great sleeping weather but poor corn-growing weather. The forecast is for nationwide Growing Degree Days (GDD) to accumulate at a rate of 94-110% of normal. Good to excellent ratings increased 2% to 71% nationally, down slightly from last year’s 74%. Take Iowa (+12%), Minnesota (+3%), Missouri (+6%), and Wisconsin (+5%) out of the mix, it’s hard to find a state that grows meaningful corn acres that is better than last year. I would not get bullish on those numbers, if you want to get bullish, it has to be on the acres left to plant, the crop condition ratings are nothing more than a talking point at this time. December corn must hold support at $4.34, or this could be a long summer.