CORN HIGHLIGHTS:

• Corn futures closed lower on Friday, wrapping up the week with losses following the release of the highly anticipated USDA WASDE report. Despite the report offering somewhat supportive figures, the market failed to gain traction. Traders remained focused on favorable weather conditions across key growing regions, which could lead to increased production estimates in future reports.
• The July WASDE trimmed 2024/25 U.S. corn ending stocks by 25 mb to 1.340 bb, with exports raised 100 mb and feed usage cut 75 mb. Production was revised to 15.705 bb, down 115 mb due to lower harvested acreage; yield held at 181.0 bpa.
• On the global front, the July WASDE report raised Brazil’s 2024/25 corn production estimate by 2 million metric tons to 132 MMT—on the low end of trade expectations. Meanwhile, projected 2025/26 global ending stocks were pegged at 272 MMT, down 3.2 MMT from the previous estimate and notably below market expectations.
• Weather continues to play a critical role in shaping corn market sentiment. In South America, harvest progress moves steadily forward, with Brazil 40% complete and Argentina at 70.4%. In the U.S., attention remains focused on weather developments as parts of the Corn Belt face ongoing drought stress. Currently, 12% of the U.S. corn crop is experiencing drought conditions—up from 7% at the same time last year.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower following a neutral to slightly bearish WASDE report. Traders likely shrugged off today’s numbers to focus on weather instead which is expected to continue being beneficial for the crop. Next month’s report will likely hold more changes. Soybean meal was lower to end the day while bean oil was higher.
• This morning, private exporters reported a sale of 219,900 metric tons of soybeans for delivery to Mexico during the 25/26 marketing year. Yesterday’s export sales were decent as well but have been overshadowed by weather trade.
• Highlights from today’s WASDE report saw predictions for the 25/26 soybean crop decreased slightly from last month’s guess. Ending stocks for 24/25 were unchanged at 350 mb and ending stocks for 25/26 were called higher at 310 mb vs 295 mb last month. Yields were unchanged, new crop bean exports were lowered, but soybean crush was increased to 2.54 from 2.49.
• For the week, August soybeans lost 51-1/2 cents to $10.04-1/4 and November lost 42 cents to $10.07-1/4. August soybean meal lost $7.10 to $270.30 while August soybean oil lost 0.80 cents to 53.75 cents.

WHEAT HIGHLIGHTS:

• Wheat futures closed lower across all classes Friday, pressured by a rising U.S. dollar, higher global production estimates, and better-than-expected U.S. spring wheat output.
• The July WASDE pegged all U.S. wheat production at 1.929 bb, up 8 mb from June and above expectations. Yields were raised to 54.2 bpa. U.S. exports for 2025/26 were also increased by 25 mb.
• U.S. 2024/25 ending stocks rose 10 mb to 851 mb, while 2025/26 stocks were trimmed 8 mb to 890 mb. Globally, 2024/25 stocks were lowered 0.4 MMT to 263.6 MMT, and 2025/26 fell 1.3 MMT to 261.5 MMT.
• As for some of the world numbers, the USDA estimated EU wheat production up 0.7 mmt to 137.25 mmt and Russian production increased 0.5 mmt to 83.5 mmt. However, they kept Chinese production steady at 142 mmt.
• The 25/26 wheat crop in Argentina is said to have gotten a boost in condition from recent rainfall, according to the Buenos Aires Grain Exchange. An estimated 91% of the crop is planted, with the total projected sowing at 6.7 million hectares.
• The Ukrainian agriculture ministry has said that approximately 2.6 mmt of grain has been harvested so far. Of that total, wheat accounts for 1.2 mmt. However, for wheat this is down 78% when compared with the 8.4 mmt harvested at this time last year.

DAIRY HIGHLIGHTS:

• Class III milk futures were slightly weaker again on pressure from a poor cheese trade. August futures saw the largest loss of 10 cents followed by the December contract to close at $17.76 and $18.51 respectively.
• Spot cheese was seen falling 3 cents during today’s spot trading session. Cheese now sits at $1.6675/lb. Whey gained half a cent to head home at $0.5675/lb.
• Class IV milk was quiet with just the September contract seeing any sort of trading activity. September futures fell 14 cents to close at $19.46.
• Spot butter was unchanged on the day at $2.59/lb while powder improved slightly to $1.2675/lb.

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Author

Amanda Brill