CORN

• Dalian, Brazil, and Matif corn futures all lower on expectations of higher supply.
• US domestic basis softens amid potential farmer selling; the Sep-Dec spread at -21 points to ample domestic supply.
• Warmer, drier Black Sea weather, lower wheat prices boosting feed use, and higher US yield estimates all pressure corn prices ahead of the Aug. 12 USDA report.

SOYBEANS

• Soybeans and soymeal fell on negative US/China politics and higher US supply talk, while soyoil and palm oil rose.
• There were 518 soymeal deliveries (442 commercial), Brazil crushers consider slowing/shutdown amid poor margins; soyoil drops on profit-taking.
• Origination challenges keep Brazil basis firm; record exports of 31 mmt for Feb-July.  Buyers extend soymeal coverage at near-decade-low prices.

WHEAT

• Funds expected to roll wheat shorts to Dec as technical and fundamental signals worsen.
• Improving Australian crop and ample exporter supplies heighten Oct-Mar export competition.
• US export pace points to approximately 23.1 mmt, just below the strongest level (24 mmt) since 2020.

Author

Matt Mattke