Market Snapshot | Corn, soy firmer as trade negotiations whirl

June 3, 2025

Pro Farmer's Market Snapshot
Market Snapshot | June 3, 2025
(Pro Farmer | June 3, 2025)

Corn futures are 1 to 3 cents firmer.

  • Nearby corn futures are posting corrective gains with support coming from strength in soybeans and crude oil.
  • USDA rated the corn crop 69% “good” to “excellent” and 5% “poor” to “very poor.” Plantings were estimated to be 93% complete, with emergence estimated at 78% as of June 1.
  • South American crop consultant Dr. Michael Cordonnier said he was prepared to increase his Brazilian corn crop estimate another 1 MMT to 2 MMT after recent rains benefited late safrinha corn. However, record-low temps last Friday and Saturday in southern Mato Grosso do Sul, Parana and Sao Paulo may have damaged safrinha corn that is still filling. Cordonnier says how much damage, if any, is yet to be determined.
  • July corn futures are finding support at Monday’s low of $4.34 1/4, while resistance stems from the 20- and 10-day moving averages, currently trading at $4.50 and $4.52 1/4.

Soybeans are around 4 to 7 cents higher, while soymeal is near unchanged. Soyoil is trading around 60 points higher.

  • Soybeans are correctively higher after posting a four-day string of losses.
  • USDA rated the soybean crop as 67% “good” to “excellent,” while 84% of the crop was planted and 63% had emerged as of June 1.
  • President Donald Trump is “likely” to speak with Chinese President Xi Jinping this week, White House Press Secretary Karoline Leavitt said on Monday, as tensions escalate following accusations from both sides of violating a recent trade truce.
  • The U.S. has presented Vietnam with a “long” and “tough” list of demands as part of ongoing trade negotiations aimed at averting sweeping new tariffs, multiple sources familiar with the talks told Reuters. According to four individuals briefed on the matter, the U.S. framework includes an annex with extensive requests — delivered at the end of May following the second round of talks — some of which would require Vietnam to drastically reduce its reliance on Chinese-made industrial components.
  • India’s palm oil imports in May surged 87% from April to a six-month high of 600,000 MT, as lower inventories and a price discount to rival soyoil and sunflower oil prompted refiners to increase purchases. Soyoil imports rose 10% to 398,000 MT and sunflower oil imports increased 2% to 184,000 MT.
  • July soybeans are trading within Monday’s range, with support layered at $10.36 1/4 and $10.29 3/4. Resistance stands at the 40-, 100-, 10- and 20-day moving averages, each trading around $10.50.

Winter wheat futures are 1 to 2 cents firmer, while HRS futures are mostly 6 cents lower.

  • SRW wheat futures are modestly firmer amid corrective buying.
  • USDA rated the spring wheat crop as 50% “good” to “excellent,” up five points. The winter wheat crop was pegged at 52% “good” to “excellent,” up two points from last week.
  • Ukraine’s grain production may fall 10%, according to agriculture minister Vitaliy Koval. He noted an abnormally warm winter, no humidity and prolonged rains delayed sowing, therefore he expects a decrease in harvest.
  • July SRW futures are finding support at the 20-day moving average of $5.32 1/2, while initial resistance stands at $5.47 3/4.

Live cattle and feeders are posting strong gains at midsession.

  • Nearby live cattle are solidly higher amid continued cash support.
  • Cash cattle averaged a record $229.94 last week, up $2.97 from the previous week. Cash prices have risen for seven consecutive weeks, with the last six being records. Over the past seven weeks, cash prices have surged more than $22.00.
  • Choice boxed beef fell 34 cents to $366.00, while Select rose $1.46 to $358.11, narrowing the Choice/Select spread to $7.89. Movement totaled 122 loads.
  • June live cattle look poised to test the May high of $218.625. Initial support lies at $216.33.

Hog futures are mostly firmer in midmorning trade.

  • June lean hogs are slightly weaker despite firming cash and wholesale fundamentals.
  • The CME lean hog index is up another $1.06 to $95.90 as of May 30, marking the biggest daily gain in the seasonal rise.
  • Pork cutout slipped 47 cents to $106.75 on Monday, though prices remain at the highest since August 2023.
  • June lean hogs continue to find support at $100.45, while initial resistance stands at $101.10.