CORN HIGHLIGHTS:

• Strong selling in the wheat market, and rainfall across the Corn Belt triggered additional selling in the corn market to end the week. September corn lost 5 cents to 440 ¾, and December corn dropped 4 ½ cents to 464. For the week, September corn futures were 23 ½ cents lower, and December also fell 23 ½ cents, closing lower after 4 weeks of steady to higher weekly closes.
• A slow-moving weather system brought needed rainfall to parts of the Corn Belt and is expected to deliver additional moisture through the weekend. Normal to below-normal temperatures are forecast for much of the region following the system.
• December corn closed below its 200-day moving average, a key technical level that can act as a swing point. The bearish technical signal could keep pressure on futures heading into next week.
• Corn will continue to take direction from wheat and developments in the Russia-Ukraine conflict. Any escalation against Black Sea export infrastructure could spark a wheat rebound and provide spillover support to corn.
• The U.S. Dollar Index may be starting to reverse its recent downtrend following the Fed’s decision to leave interest rates unchanged. A weaker dollar would improve the competitiveness of U.S. corn exports.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower but came back within the last 30 minutes of trade to close down just slightly. Today was first notice day for all August soybean products. Overnight, the war with Iran continued to escalate with Iran striking US targets in Kuwait, and this brought crude oil over a dollar higher, but soybean oil did not follow and may be separating itself from the moves in crude.
• August soybeans lost 5-1/4 cents to $11.72 while November lost 1-1/4 cents to $11.87-1/2. The spread between August and Nov beans has grown from even to 15 cents in the past few weeks. August soybean meal lost $1.90 to $312.20 while August soybean oil lost 1.23 cents to 67.12 cents.
• Private exporters reported a sale of 252,000 MT of new-crop soybeans to unknown destinations, with traders speculating China may be the buyer. China has now purchased 2.78 MMT of new-crop U.S. soybeans and has pledged to purchase 25 MMT before the end of the marketing year.
• For the week, August soybeans lost 76 cents while November lost 66 cents. August soybean meal lost $19.10 while August soybean oil lost 7.21 cents. While soybeans are still influenced by moves in crude oil, weather is the primary concern now, and weather forecasts largely look friendly for the soy crop heading into August.

WHEAT HIGHLIGHTS:

• Wheat dropped significantly today, posting double-digit losses across the board despite continued Black Sea hostilities. It is likely that month end profit taking played a part in the lower trade along with generally weak demand for U.S. wheat exports. In the September contract Chicago dropped 24-1/4 cents to 639-1/4, Kansas City fell 23-1/4 cents to 707-1/2, and MIAX lost 21-3/4 cents to 689-3/4.
• Ukraine’s Grain Association increased their 2026 wheat production estimate to 23.7 mmt. This would be up 5.3% year over year, and the estimate is now more in line with the USDA forecast of 24 mmt. Furthermore, the total crop harvest is seen at 84.6 mmt, with the potential for about 52 mmt of exports in 26/27. This, however, may be largely dependent on shipping disruptions caused by the war.
• FranceAgriMer reported that both winter and spring soft wheat harvests are complete, well ahead of last year’s pace. As of July 27, 65% of the crop was rated good or very good, unchanged from the previous week.
• The European Commission now expects 2026/27 EU grain production to decline 9.4% year over year to 262.8 MMT, down another 4% from its June estimate. Soft wheat production is forecast at 124.4 MMT, down 8.1%, while soft wheat exports are expected to fall by 1 MMT.
• The Buenos Aires Grain Exchange reported 98.4% of Argentina’s wheat crop planted as of July 30, up 0.7 points from the previous week. Total planted area remains estimated at 6.5 million hectares.

DAIRY HIGHLIGHTS:

• Class III milk futures showed some strength today thanks to both cheese and whey trading higher. September futures were up 59 cents to $17.53.
• Spot cheese improved 2 cents on the day to close out the week at $1.56/lb. Whey jumped a penny to close at $0.6925/lb.
• Class IV milk futures continue to rise as butter starts to curl higher. September futures climbed 66 cents to $17.80.
• Spot butter tacked on 3.50 cents to trade back into the $1.50 range at $1.5150/lb. Powder gained 6 cents to go home at $1.56/lb.

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Author

Brandon Doherty