Agricultural commodity markets experienced notable volatility and shifts in late May 2025. Soybeans, corn, and wheat futures saw volume runs with closing volatility ranging from approximately 13.8% to 25.3%, with soybeans around 14% to 17.9%, corn near 20% to 21.3%, and wheat between 24.2% and 25.3%. Coffee robusta prices reached a six-month low on the ICE due to increased supply. Trade activity in China remained strong with 25 to 30 cargoes of soybeans traded, though Argentine soybean quality was reported as lower this year, contributing to a large price spread of 50 cents per bushel between Argentina and Brazil for August shipments. Total commitments year-over-year showed increases in wheat (+14%), corn (+28%), soybeans (+12%), soymeal (+12%), and a substantial rise in soyoil (+634%), while cotton commitments decreased by 7%. The Bloomberg Agriculture Index declined by 3.6% in May, with Arabica and Robusta coffee among the largest decliners amid easing global supply concerns and seasonal price adjustments. Hedge funds increased soybean purchases but sold corn in response to warmer and wetter U.S. weather forecasts. Non-commercial speculators held a net short position of approximately 440,000 contracts in agricultural futures, the smallest short since September 2024, as the market transitioned into June and the critical U.S. weather season.