CORN HIGHLIGHTS:

• Despite some early session support from the wheat market, the continued wet and cooler forecast kept the sellers active as prices finished with moderate losses on the session. September corn futures lost 3 ¼ cents to 445 ¾ while December corn slipped 3 ¼ cents as well to 468 ¼. Going into Friday trade, December corn futures are down 19 cents on the week.
• USDA released the weekly export sales report on Thursday morning. For the week ending July 23, U.S. exporters reported new sales of 362,900 MT (14.3 mb) of old crop and 1.062 MMT (41.8 mb) of new crop sales. Unknown destinations and Mexico where the largest buyer of U.S. new crop corn on the week.
• Weather models are forecasting a cooler and wetter window into mid-August, which should be favorable for crop development and kernel fill as the corn crop has moved past the pollination window.
• Increased hostilities between Ukraine and Russia on the overnight trigger strong buying in the wheat market on the overnight session, triggering some buying support in the early part of the corn session.
• As the wheat futures faded off session highs, corn future trended lower into the close.
• Farmer selling of old crop supplies will likely limit any short-term rallies as producers look to make room for this falls potential harvest.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower after mixed trading, with early support from higher wheat prices fading as all three grain markets pulled back from their morning highs. While continued fighting between Russia and Ukraine supported the wheat market, escalating tensions involving Iran added volatility to crude oil. Overnight, an Egyptian port was reportedly struck in a drone attack linked to Iran for the first time as the conflict widens, increasing uncertainty in energy markets and adding support to soybean oil prices.
• August soybeans lost ¾ cent to $11.77-1/4 while November lost 4 cents to $11.88-3/4. For the week so far they have lost over 64 cents. Improving weather forecasts have been the primary factor behind the sell-off. August soybean meal lost $1.20 to $314.10 while August soybean oil lost 0.82 cents to 68.35 cents.
• Today’s export sales report was good with China as the top buyer. The USDA reported an increase of 11.1 mb of soybean sales for 25/26 and an increase of 49.0 mb for 26/27. This was up from the previous week and up from the previous 4-week average. Top buyers were China, unknown destinations, and Mexico. Last week’s export shipments of 18.0 mb were above the 16.4 mb needed each week to meet USDA estimates.
• Estimates for Brazilian soy exports and crush amounts in 2026 have increased according to Abiove. The country is now expected to export a record 115.4 million metric tons of soybeans which would be up 1.1% from the estimate in June. Soybean crush in Brazil is expected to rise to 63.3 mmt for the year, up slightly from the last estimate of 63.0 mmt.

WHEAT HIGHLIGHTS:

• All three wheat classes posted gains today but finished well off their session highs. Early strength was driven by continued tensions in the Black Sea region. A sharp decline in the U.S. Dollar Index and higher Paris milling wheat futures also provided support. However, wheat prices retreated from their highs late in the session, likely due to profit-taking and weakness in the corn and soybean markets. In the September contract, Chicago gained 2-3/4 cents to 663-1/2, Kansas City climbed 5-1/4 cents to 730-3/4, and MIAX was up 6-1/2 cents at 711-1/2.
• The USDA reported an increase of 10.5 mb of wheat export sales for 26/27. Shipments last week totaled 11.7 mb, which falls below the 14.4 mb pace needed per week to reach their 775 mb export goal. Wheat export commitments for 26/27 have reached 254 mb, down 27% from last year.
• Russia is reported to have attacked a Ukrainian dry cargo vessel along with two additional ships near Odessa. Meanwhile, Ukrainian drone strikes are said to have caused significant damage to a major Russian grain terminal near the Kerch Strait. This led to sharply higher wheat prices overnight.
• Rusagrotrans has reduced their estimate of Russian July wheat exports from 2.1 mmt to 1.9 mmt. Additionally, their current forecast for August shipments sits between 3.0-3.5 mmt, but this will likely be cut down the road if the war continues to escalate and cause logistics problems.
• According to the USDA, as of July 28, US spring wheat acres experiencing drought conditions reached 42%. That represents a jump of 17% from the week prior. Meanwhile, winter wheat area in drought increased 1% to 48% during the same timeframe.

DAIRY HIGHLIGHTS:

• Strong, double-digit gains for the Class IV contracts came today from a spot market trade that saw buyers getting in on low prices.
• Spot settled 9 cents higher today at $1.48/lb after hitting its lowest point since January. Powder was up more than a nickel for a $1.50/lb close.
• Class III futures were two-sided and mostly quiet today. The second month August contract finished 8 cents higher.
• A fifth-straight lower close for cheese saw it settle at $1.54/lb after the recent failed breakout. Whey was green today to move to $0.6825/lb.

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Author

Amanda Brill