Market News

Soybeans, corn drift downward on crop weather

Soybeans were lower on fund and technical selling. Development conditions continue to look favorable in much of the region. The USDA says 70% of U.S. soybeans are called good to excellent, an increase of 2%, with 76% blooming, matching the five-year average, and 41% at the pod setting stage, 1% slower than normal. Argentina has lowered its export taxes on soybeans and products, likely meaning more competition for the U.S. on the global market. Soybean meal futures were lower and bean oil was higher on the adjustment of product spreads. Soybean export inspections were above last week and last year, with Egypt and the Netherlands topping the list. The trade’s waiting for any news out of this week’s trade meeting between the U.S. and China. Malaysia’s Palm Oil Board is projecting higher exports in the back half of the year thanks to improved demand from several key customers for festival season.

Corn was lower on fund and technical selling. Corn is monitoring development weather, with traders expecting a steady to improved national crop rating. As of Sunday, 73% of U.S. corn is rated good to excellent, down 1%, and 76% is silking with 26% at the dough making stage, both close to average. Ahead of the open, Mexico bought 225,000 tons of 2025/26 U.S. corn, while unknown destinations purchased a total of 229,000 tons, with 35,000 for 2024/25 and 194,000 tons for 2025/26. That was the third business day in a row with an announced sale of U.S. corn for a running total of 1,116,066 tons, with 997,110 tons for delivery next marketing year. Weekly export inspections were up on the week and the year, with Japan and Mexico leading the way. Corn is also watching second crop harvest activity in Brazil. The USDA’s next round of supply and demand estimates is out August 12^th, with CONAB’s updated outlook for Brazil slated for the 14^th.

The wheat complex was mixed. The trade’s watching late U.S. winter wheat harvest activity and rain chances in the spring wheat region. For winter wheat, 80% of the crop is harvested, compared to the usual rate of 81%. For spring wheat, 49% of the crop is in good to excellent shape, 3% less than last week, with 92% headed and 1% harvested. Commodities in general are also waiting for more details on trade deal frameworks. That includes the recently agreed to deal with the European Union. U.S. wheat export inspections were below the previous week and a year ago, mainly to Nigeria and Japan. Ukraine’s Ag Ministry says the winter wheat harvest total stands at 7.1 million tons, compared to 14.7 million this time last year. The USDA’s attaché in Australia estimates 2025/26 wheat production at 31 million tons, less than 2024/25, but much closer to normal levels. Exports are projected at 25 million tons, compared to 23 million tons in the previous marketing year. The USDA’s attaché in Canada has the 2025/26 wheat crop at 35.15 million tons, compared to the 2024/25 total of 34.958 million tons. Exports this upcoming marketing year are seen at 27 million tons, compared to 27.5 million tons this marketing year. Canada’s new marketing year for wheat starts August 1^st.