CORN HIGHLIGHTS:

• The corn market finished the day mixed as prices found support off session lows, supported by buying in the soybean market. September corn gained ¼ cents to 464 ¼, while December corn was unchanged at 487 ½. For the week, December corn futures gained 20 cents.
• Rumors that Russia and Ukraine could be working toward solutions to improve wheat exports initially pressured wheat sharply lower, but a recovery in wheat and renewed soybean buying helped corn finish near the middle of its trading range.
• Above-normal temperatures are building across the Corn Belt, while scattered rainfall has provided some relief. The overall forecast remains dry, making next week’s weather outlook critical for price direction.
• The U.S. Dollar Index has rallied to 3-week highs as strong energy prices could lead to interest rate hikes and a tightening monetary policy.
• President Trump announced a new round of tariffs affecting more than 80 countries, replacing the current 10% tariffs that are set to expire. Trade policy could add another layer of volatility to grain markets heading into next week.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher for the third consecutive day despite a drop in crude oil prices as markets react to a drier forecast. August soybeans gained 10-1/2 cents to $12.48 while November gained 9-3/4 cents to $12.53-1/2. August soybean meal gained $1.40 to $331.30 and August soybean oil lost 1.26 cents to 74.33 cents as it followed crude oil’s $3.00 loss.
• The 6–10 day outlook turned cooler but slightly drier across much of the Corn Belt. Markets remain focused on a potentially dry pattern into August, although scattered showers have continued this week and the latest crop ratings showed 66% of soybeans good to excellent.
• China purchased another 1 million metric tons of new crop soybeans. China now has 2.26 mmt (83 million bushels) of beans on the books for 2026/27 which is out of the 25 mmt they committed to purchase. Last week’s overall export shipments of 11.0 mb were below the 15.6 mb needed each week to meet the USDA estimates.
• For the week, August soybeans gained 43-1/2 cents scoring a new contract high, while November soybeans gained 50-1/2 cents thanks to new crop purchases by China. August soybean meal gained $11.10 and August soybean oil lost 0.48 cents. First notice day for all August contracts is on July 31.

WHEAT HIGHLIGHTS:

• The wheat complex faced pressure today as traders took profits following the recent rally, while rumors that Russia and Ukraine could be discussing an agreement to facilitate Black Sea grain exports also weighed on prices. No agreement has been confirmed, and neither country has released official details. Looking at September contracts, Chicago wheat closed 18-1/4 cents lower at $6.78, Kansas City wheat fell 14-1/2 cents to $7.45-1/4, and Minneapolis spring wheat declined 14-1/4 cents to $7.15-3/4.
• Ukrainian President Volodymyr Zelenskyy said Thursday that Russia is expected to intensify attacks on vessels in the Black Sea, warning that Moscow is attempting to disrupt Ukraine’s grain export corridor. The comments have added to concerns over potential disruptions to global grain shipments and helped support wheat prices.
• The Black Sea remains one of the world’s most important grain-shipping corridors, handling exports from major producers Russia and Ukraine. Renewed threats to vessels and port infrastructure are raising concerns that grain shipments to buyers across Africa, the Middle East, and Asia could face further disruptions.
• A crop tour conducted by the Wheat Quality Council this week estimated U.S. spring wheat yields at 48.0 bushels per acre, down slightly from 48.3 bushels per acre last year. While yields are expected to decline modestly, the results were better than many traders had anticipated, helping ease some production concerns.
• Adding support to wheat prices, intense heat has reduced crop prospects in France and Germany. The EU’s 2026/27 grain harvest is now forecast to decline more than 9% from last year, marking the sharpest annual production drop in more than two decades.

DAIRY HIGHLIGHTS:

• Class III futures were once again lower on a poor spot trade for products. August futures were down 41 cents to $17.21.
• Spot cheese lost 3.125 cents on the day to close at $1.61875/lb. Whey fell a penny to end the week at $0.68/lb.
• Class IV contracts found some weakness as both butter and powder markets fell. August futures closed 9 cents lower to $16.66.
• Spot butter dropped 0.25 cents to close out the week at $1.5075/lb. Powder improved just 0.25 cents to go home at $1.4025/lb.

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Author

John Heinberg