The Good: The soybean conditions improved by two per cent in the week ending on July 27, 2025. This makes the 2025 crop the second highest rated U.S. soybean crop in the past 10 years. The only year that had higher ratings was 2020 which eventually saw ratings dip through the month of August. Iowa continues to have the highest rated crop at 82 per cent good to excellent. Forty one per cent of the crop is in the pod filling (podding) phase which is very close to last year and the five year average of 42 per cent. The high ratings are good news for U.S. soybean production but negative for price movements.
The Bad: The bad news is that ICE canola futures dropped by C$4.90 per tonne to settle at C$695.90 per tonne. The vegetable oil complex was under pressure today with soybean dropping by 10 cents per bushel to settle at US$10.12 per bushel. Support for canola came from European rapeseed futures and soybean oil futures closed up by 0.15 per cent and 0.02 per cent, respectively. The bad news for canola is that the contract is currently in a trading range between C$690 and C$700 per bushel.
The Ugly: The Minneapolis wheat market had a bad day with nearby contracts down by three to four cents per bushel. This brought the September wheat market to US$5.82 per tonne which is a new contract low for the September contract. This was yet another ugly move in the spring wheat market which lost ground to Kansas City and Chicago wheat markets. Chicago wheat closed up by one cent per bushel by Kansas City futures were down by one cent per bushel. The move in Minneapolis comes on the heels of the North Dakota wheat tour which estimated yields at 49 bushels per acre. This is 5.5 bushels per acre below last year, which is ugly news for spring wheat.
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