CORN HIGHLIGHTS:

• The corn market saw follow-through buying support after Thursday’s rebound from contract lows. A firm tone in export demand, highlighted by strong weekly sales and additional new sales announcements, helped underpin prices and boost market sentiment.
• The USDA released the weekly export sales report on Thursday morning. New crop corn sales remain very strong with new sales totaling 3.16 MMT (124.5 mb) for the week ending July 31, well above expectations, and the third highest total all time. A portion of the strong sales was the movement of 491,700 MT of sales reduced from old crop and rolled into new crop.
• The corn marketing year ends on August 31, and the U.S. still has nearly 300 mb of old crop corn sales to ship. Export shipments will be key going into the end of the month, but it is likely any unshipped bushels will be shifted to new crop sales.
• USDA announced two more flash sales of corn on Thursday morning. The USDA reported Mexico purchased 106,680 (4.2 mb) MT and Guatemala purchased 105,000 MT (4.1 mb) of corn for the 2025-26 marketing year.
• Next Tuesday, August 12, the USDA will release the August crop production report with a potential yield adjustment. With the strong crop ratings, the average yield estimate by analysts is 184.3 bu/acre, up 3.3 bu/acre above trend of 181.0 bu/acre. The range of estimates is from 182.5 to 188.1. Such a wide range will likely bring volatility in the market going into that report.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher, snapping a two-day losing streak and recovering all of Wednesday’s losses and then some. The rally was likely fueled by profit-taking on short positions by funds ahead of next week’s WASDE report, as well as support from strong export sales. In the products, soybean meal finished higher, while soybean oil closed lower.
• Today’s export sales report saw soybean sales exceed trade expectations with an increase of 17.2 million bushels for the 24/25 marketing year and an increase of 20.0 mb for 25/26. Top buyers were Taiwan, the Netherlands, and Germany. Last week’s export shipments of 25.3 mb were above the 16.9 mb needed each week to meet the USDA’s estimates.
• The weather forecast is likely to provide some support to the soybean market as August weather is key for the bean crop development. Temperatures are forecasted to run 4-5 degrees above normal across the corn belt over the next couple weeks. Rainfall is to remain near to above normal as well for the same time period.
• Brazilian cash soybean prices have seen basis firming, making it difficult for importers to source soybeans out of Brazil. For the key fall months, U.S. soybeans are the better value on the export market, and there where whispers of Brazil end users looking to possibly source a few soybeans from the U.S.

WHEAT HIGHLIGHTS:

• All three wheat classes finished strong for a second straight day during Thursday’s trade. The rally was sparked by strong export sales and short covering before next week’s USDA WASDE report.
• Weekly export sales for wheat totaled 27 mb, which was at the upper end of trade expectations. Year-to-date commitments are up 21% from last year and sit at a 5-year high of 378 mb.
• Trade estimates for next week’s WASDE report have all wheat production down from 1.929 billion bushels last month to 1.922 billion bushels this month. Ending Stocks are also seen falling from 890 mb to 882 mb.
• There are reports that President Trump, Ukraine’s Zelenskyy and Russia’s Putin are set to meet in the upcoming days to discuss a resolution to end the war between Russia and Ukraine.

DAIRY HIGHLIGHTS:

• Class III futures were solidly higher today as September gained 31 cents to settle at $18.74.
• Spot cheese extended the recent rally with another 1.50 cent gain to close at $1.81/lb. Spot whey was up a penny.
• Class IV futures went the other direction, falling hard with September down 37 cents to $18.73.
• The Class IV spot markets saw butter down 3.00 cents today while powder fell a penny.

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Author

Amanda Brill