Chicago Close: Corn Little Changed Ahead of USDA; Soys, Wheat Higher

Jul 11, 2025

Corn futures closed little changed on Thursday, ahead of the USDA’s monthly supply-demand update. Soybeans and wheat managed gains.

Corn remained weighed down by rising US production prospects, despite good export demand. This morning’s USDA weekly export sales report showed old-crop bookings of American corn for the week ended July 3 at 1.26 million tonnes, well above trade expectations. New-crop bookings of 888,562 tonnes also topped trade ideas. Meanwhile, Brazilian government agency Conab estimated the country’s 2024-25 corn crop at 131.97 million tonnes, up 3.72 million from last month. Ahead of tomorrow’s USDA report, to be released at the noon hour EST, traders and analysts are expecting reductions in both US old- and new-crop corn ending stocks estimates compared to June. September corn was steady at $3.99 ¼, and December gained a penny to $4.16 ½.

For soybeans, old-crop weekly export sales for the week ended July 3 came in at just over 503,000 tonnes, within trade expectations. New-crop business, at 248,400 tonnes, was also within the range of trade expectations. Friday’s USDA report is expected by the trade to show a small increase in old- and new-crop US soybean ending stocks from June. August beans gained 3 ½ cents to $10.12 ½, and November added 6 ½ cents to $10.13 ¾.

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Video: Western Canadian Agriculture: Hard Times Made the World's Best Farmers

Western Canadian agriculture produced the most advanced farmers in the world not through abundance but through adversity. The crow rate fell. The wheat price went nowhere. The brown envelopes stopped.

When the subsidies disappeared, the bad farmers left and the good ones stayed. And the ones who stayed could not just grow wheat anymore. They started growing lentils and canola and peas and flax and faba beans. They built crop rotation. They got serious about agronomy because there was no government backstop. That process produced the Western Canadian agriculture Dennis Bulani describes in this clip: the most advanced, most educated farming culture in the world.

His contrast with Iowa corn and soybean farmers is sharp. At a DeKalb farmer meeting in Okoboji, Iowa, he asked what crop rotation they ran. Beans on corn stubble, corn on bean stubble. How do you fertilize? The co-op agronomist handles it. Have you considered other crops? No need. We make so much money on corn and soybeans. Western Canadian agriculture was never allowed that comfort. And now those Iowa farmers are watching soybean markets lock up with China and corn prices slide, and they do not have the agronomy knowledge or the research base to pivot. Western Canadian farmers adapted on a dime because they had done it before.

Dennis also makes the case that Western Canadian agriculture keeps adapting in real time. Low commodity prices over the past year have pushed growers to look seriously at precision spot-spray technology. He knows a neighbor who bought a sprayer with the seeing-eye system and sprayed only 80 out of 320 acres. As a chemical retailer Dennis acknowledges that will affect his sales. He supports it anyway, because if it advances Canadian agriculture and makes farmers money, that is a good outcome.

The lesson Dennis draws from the tale of two farms: continuous improvement is the only durable strategy. When canola was $22 a bushel some growers went to Arizona instead of the Crop Production Show. When the price came down those same growers came back to the research and the discipline. Products do not go on Rack Petroleum's shelves unless they pass a replicated trial first. That is what Western Canadian agriculture built through hard times: farmers who do the work whether the times demand it or not.

Dennis Bulani is CEO of Rack Petroleum and Ultimate Yield in Biggar, Saskatchewan. Dan Aberhart hosts GTF Productions, Western Canadian Agriculture's foremost live briefing platform and its foremost AI training platform for ag operators