CORN HIGHLIGHTS:

• Quiet trade in the corn market on Friday, but prices faded off session highs to finish mixed at the close. September corn finished unchanged at 439, and December was also unchanged at 462. For the week, December corn was 2 cents lower and posted its lowest weekly close in a month.
• The market continues to lack fresh bullish catalysts as weather concerns ease. Attention is shifting toward potential USDA adjustments to yield and acreage estimates next week Wednesday.
• USDA announced a flash export sale of corn on Thursday morning. Mexico bought 286,037 MT (11.3 mb) of corn split between the current and next marketing year. From that total, 29,808 MT (1.2 mb) was for 2025-26, and 256,289 MT (10.1 mb) was for 2026-27 marketing year.
• Weather forecasts remain favorable, with above-normal rainfall and normal to below-normal temperatures expected across much of the Corn Belt over the next two weeks, supporting grain fill.
• USDA will release the August WASDE report on Wednesday, August 12. The corn market could stay choppy going into the report, looking for fresh news. The focus on the report will be any possible changes in yield estimates or acres planted.

SOYBEAN HIGHLIGHTS:

• Soybeans faded from early gains Friday as traders focused more on favorable weather forecasts than recent Chinese demand. Cooler and wetter conditions expected over the next two weeks eased concerns about August crop stress.
• September soybeans lost 1 cent to 1159 while November soybeans lost 1-1/2 cents to 1176-1/4. September soybean meal lost $2.70 to $308.90 and September soybean oil gained 0.50 cents to 68.24 cents. Soybean oil likely followed crude oil higher which is up $0.90 a barrel as the Strait of Hormuz remains mostly closed to oil transport.
• Private exporters reported a sale of 238,000 MT of soybeans to China for the 2026/27 marketing year this morning. China has accelerated new-crop U.S. soybean purchases this week, reportedly buying 13 cargoes and reaching roughly 25% of its 25 mmt purchase commitment.
• For the week, September soybean lost 11-3/4 cents while November lost 11-1/4 cents. September soybean meal lost $6.00 and September soybean oil gained 0.98 cents. On Monday, the USDA will update the Crop Progress report and then on Wednesday, the USDA will release the August WASDE report.

WHEAT HIGHLIGHTS:

• Wheat closed higher across the board with support from firming MATIF futures and a drop in the US Dollar Index. The Dollar hit its lowest level since mid-June after a weaker than expected jobs report this morning. In the September contract Chicago gained 8-1/2 cents to 639-3/4, Kansas City rallied 14-1/4 cents to 714, and MIAX climbed 8-1/2 cents to 679-1/2.
• According to Ukraine’s agriculture ministry, their nation’s wheat exports for the 26/27 season could fall to 8.3 mmt due to the ongoing shipping restrictions in the Black Sea area. This is well below their earlier estimate of 17.6 mmt, and also the USDA projection of 14.5 mmt.
• The French agriculture ministry estimated total 2026 grain production at 46.1 mmt, down 5.2% year over year. Their soft wheat crop, in specific, is expected to decline 4% year over year to 31.8 mmt, while durum wheat production is anticipated to fall by 16.6%.
• In a report from the Buenos Aires Grain Exchange, they noted that completion of Argentina’s wheat planting has been put on hold by “waterlogged farms”. Nevertheless, sowing is said to be 99% complete on an estimated 6.5 million hectares. As an aside, the wet weather is said to be affecting their late corn harvest too.
• Cooler temperatures and wetter conditions are expected for the Canadian prairies over the next 15 days or so. This shorter-term forecast should be favorable for their spring wheat crop. However, the extended outlook calls for warmer and drier weather during the second half of August.

DAIRY HIGHLIGHTS:

• Class III milk prices were mixed with just slight changes across remaining 2026 contracts. September futures were 3 cents higher to $17.25.
• Spot cheese improved a penny to finish out the week at $1.55125/lb. Whey prices were unchanged from Thursday at $0.6950/lb.
• Class IV were steady from the day prior on light volume trading. September Class IV was unchanged from the day prior at $17.85.
• Spot butter fell 3.75 cents to close at $1.5125/lb while powder prices climbed 1.25 cents to go home at $1.5775/lb.

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Author

Amanda Brill