TFM Morning Update 08-03-2026

CORN

Corn futures are trading lower to start the week as beneficial rains fell throughout the Corn Belt. September corn is down 1-1/4 cents to $4.39-1/2 while December is down 1-1/4 cents to $4.62-1/2.
Weather models continue to forecast a cooler and wetter pattern into mid-August, providing favorable conditions for crop development and kernel fill as much of the U.S. corn crop has moved beyond the critical pollination stage.
Friday’s CFTC report saw funds as buyers of corn as of July 28. They bought 75,490 contracts of corn which increased their net long position to 168,399 contracts. This number is likely much lower since the sell-off.

Soybean futures are trading lower this morning due to weather and a drop in crude oil after President Trump said he would pursue peace talks with Iran instead of escalating attacks. August soybeans are down 3 cents to $11.69 and November is down 5-1/2 cents to $11.82. September soybean meal is down $2.10 to $312.80 and soybean oil is up 0.18 cents to 67.44 cents.
On Friday, the Chinese government purchased eight cargoes of US soybeans from the Gulf Coast and 6 cargoes from the PNW in October and November. The total of the sales is reportedly 830,000 metric tons and is China’s largest single-day purchase in July.
Friday’s CFTC report saw funds as buyers of soybeans by 30,101 contracts which left them long 155,001 contracts. They sold 15,493 contracts of bean oil leaving them long 109,855 contracts and bought 13,503 contracts of meal leaving them long 88,655 contracts.

All three wheat classes are trading lower this morning, and Chicago has bounced off support at the 100-day moving average. September Chicago wheat is down 1-1/4 cents to $6.38, KC is down 2-1/2 cents to $7.05, and Minn is down 1-3/4 cents to $6.88.
According to the USDA, 42% of U.S. spring wheat acres were experiencing drought conditions as of July 28, up 17 percentage points from the previous week. Meanwhile, 48% of winter wheat acres were affected by drought, an increase of 1 percentage point over the same period.
Friday’s CFTC report saw funds as buyers of wheat as of July 28. They bought 12,469 contracts of Chicago wheat which left them short 6,880 contracts. They bought 3,289 contracts of KC wheat leaving them with a long position of 33,233 contracts.

Amanda Brill