July 3, 2025

Morning Comments:

• Good morning.  It’s like a Friday and a large portion of the country has already started the holiday weekend.   Normal trade today, but there will be no markets tonight or tomorrow.  Grain prices are higher again, following a nice turnaround yesterday.   A couple of trade related items helped bounce these markets the past 24 hours.   The U.S. announced a trade deal with Vietnam, which is to include $2.9 bln. of ag products.  In addition, President Trump is speaking at 7:30 tonight in Iowa.  He mentioned that he would be talking about trade and will mention news that will make farmers really happy.   A China announcement came to mind for the trade and ag markets rallied as a result.   We won’t get to trade this news until Sunday night, but there is at least some doubt that there will not be anything new about China, and it may just be President Trump discussing already agreed on deals and what he is hoping to do.   We will see.  Corn was due for a bounce anyway, so this trade talk was a nice push in that direction.  Bids were firmer yesterday for fall Gulf beans, so we will see if some flash sales correspond with that over the next few days.  The House is expected to pass the tax and spending bill this morning.  Deliveries totaled 512 meal, 18 bean oil, and 73 corn.  The weather forecast looks mostly the same.  Temps cool down just a bit next week.   A few rain chances will dot the western Midwest next week.   Warm and wet still dominates the extended forecast.  The June payrolls report showed 147,000 jobs added last month, versus expectation for +110K.   The unemployment rate came in at 4.1%, down from 4.2% in May.  A slower week for corn sales with 21 mbu. tallied for.   Undelivered sales now at 468 mbu.   Bean sales were decent at 17 mbu.   Undelivered bean sales at 150 mbu.   Wheat sales were good at 21.5 mbu.   It looked like it was just going to be weather to talk about following the long weekend but now trade talk has entered the chat.  Hopefully more good news is coming.   Have a safe 4^th.