Wednesday, July 9, 2025, 7:30 am

Grain markets had another rough day across the board. Corn led the declines, hitting new lows following the release of Monday’s Crop Progress Report, which showed stronger-than-expected crop condition ratings. Soybeans and wheat followed suit, also trading lower on the day. The selloff appears to be driven more by favorable weather forecasts and technical pressure rather than any new fundamental developments.

The market is currently hyper-focused on weather, with updated forecasts calling for timely rains and moderate temperatures across much of the Corn Belt. These conditions are reinforcing the already strong crop outlook, making it difficult for prices to find support. Outside market influences—including macroeconomic factors or global trade issues—are having minimal impact at the moment.

As mentioned yesterday, President Trump announced that multiple tariffs will be implemented on several major U.S. trading partners starting August 1st. Japan and South Korea—two of the top destinations for U.S. corn exports—are among the countries affected. When the tariffs were initially announced, traders interpreted the August 1st date as more of a guideline than a hard deadline. However, Trump reaffirmed yesterday via a tweet on X that the August 1st implementation date will stand firm, with no extensions expected.

On the crop side, this week’s USDA report showed that 74% of the corn crop is rated Good-to-Excellent (G-E), marking the highest rating for this time of year since 2018. While that level of optimism may suggest strong yields, it’s important to remember that early G-E ratings don’t always correlate with harvest outcomes. There’s still plenty of growing season ahead, and much can change between now and fall.

If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us via phone or email to info@northgowergrains.com. Prices quoted herein are for product at our elevator.