Written Commentary
UNICA Report Approaches
August 14, 2025
CORN
Corn futures continue to drift lower. Bearish supply market has seen additional 2025 US supplies offering resistance. USDA estimates World corn crop at 1,263 mmt versus 1,225 this past year. USDA estimates US crop at 398 mmt versus 377 this past year. One group estimated US crop closer to 414 mmt. Another estimated the crop at 410 mmt. USDA also estimates US corn exports at 68 mmt versus 69 mmt this year. Some fear that US exports could drop to 61 mmt, At the same time, current estimates of Brazil and Argentina corn crop will be up 15 mmt versus last year. USDA estimates 25/26 World corn end stocks at 272 mmt vs 284 this year. Above estimates suggest end stocks could grow 23 mmt.
SOYBEANS
Soybean, soymeal and soyoil futures continue to trade lower. Bearish supply market has seen additional 2025 US supplies offering resistance. USDA estimates World soybean crop at 427 mmt versus 422 this past year. USDA estimates US crop at 118 mmt versus 118 this past year. One group estimated US crop closer to 122 mmt. Another estimated the crop at 120 mmt. USDA also estimates US soybean exports at 47 mmt versus 50 mmt this year. Some fear that US exports could drop to 43 mmt, At the same time, current estimates of Brazil and Argentina corn crop will be up 15 mmt versus last year. USDA estimates 25/26 World soybean end stocks at 126 mmt vs 125 this year. Above estimates suggest end stocks could grow 23 mmt.
WHEAT
Chicago and KC wheat futures continued to trade lower. USDA estimates World wheat crop at 808 mmt versus 800 last year. US is 52 mmt versus 53 last year. One group estimated US crop closer to 50 mmt. Today, S&P Global raised EU wheat crop 1 mmt, Russia 900 mt and Canada 1 mmt. USDA estimates World wheat exports at 213 mmt versus 205 last year. US is 23 mmt vs 22 last year. Russia 46 mmt vs 43 last year. EU 32.5 mmt versus 26.5 last year. Canada 27.0 versus 27.5 last year. Australia 23.0 mmt versus 25.0 last year. World wheat end stocks are estimated at 261 mmt versus 263 last year.
All charts are provided by The Hightower Report.
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