CORN

• Corn futures are lower this morning with September down 3/4 cents to $3.78-3/4 and December down 2 cents to $4.01-1/4.
• ProFarmer Crop Tour finds IN corn yield at 193.8 and NE at 179.5.  The IN yield is the highest since the tour started in 2003 and NE is the highest since 2021.
• Dalian corn hits a new contract low; U.S. sales to Mexico supportive, but dry Midwest weather, cooler temps, and weak export demand provide resistance.

SOYBEANS

• Soybeans are mixed with the September contract up 1/4 cent at $10.1325, November down 1 cent at $10.32-3/4, Sep meal up 3.40 dollars at $290.80, and Sep bean oil down 0.38 cents to 51.30 cents.
• ProFarmer tour shows lower IN pod counts (1,376 vs 1,409 LY) but record-high NE (1,348 vs 1,172 LY).
• Soymeal strength continues to offset weaker soyoil with Sep crush up towards 191.  Dalian oils complex trades lower, American Soybean Association urges Trump for China trade deal, and Brazil may curb crush on poor margins.

WHEAT

• The wheat markets are trading mixed this morning with  September Chicago up 1-3/4 cents at $5.0025,  Sep KC wheat down 3/4 cents to $4.9875, and September Mpls wheat up 1-1/2 cents to $5.7000.
• USDA may be overstating world wheat trade by 8-10 mmt; Argentina and Australia futures hit new lows; EU exports down 14% vs last year.
• Russia’s Jul-Aug exports off 38% yoy as new vessel approval rules stall loadings; terminals overflowing with 120 ships awaiting clearance.

Author

Matt Mattke