CORN
- Corn prices remain under pressure at midday, as market participants await the USDA’s Crop Progress report, set to be released later this afternoon.
- Weather remains a key focus for traders, with varying precipitation patterns across parts of the Corn Belt and the 15-day forecast indicating above-average temperatures for much of the region.
- The Mato Grosso Institute of Agricultural Economics in Brazil reports that the corn harvest in the state has surpassed 77%, advancing by 20 percentage points over the past week.
- Corn export inspections fell below expectations last week, dropping to their lowest level since January.
SOYBEANS
- Soybean markets show mixed trading at midday, influenced by a 15-day forecast predicting variable precipitation and above-average temperatures across key soybean-growing regions.
- Soybeans and soybean meal are trading mixed, while soybean oil is posting losses.
- Traders remain concerned about demand for new-crop soybean sales as the market enters a typically active period for booking export sales—particularly if China continues to stay on the sidelines.
- China’s June soybean imports from Brazil were up 9% year-on-year.
- President Trump continues to push for an in-person meeting with China’s leader this fall, while also facing ongoing trade tensions with Brazil, the EU, and several other countries ahead of the August 1st deadline.
WHEAT
- The wheat complex turned lower at midday as traders await this afternoon’s USDA Crop Progress report, which will provide updates on both winter and spring wheat conditions.
- The market received a modest boost this morning following reports that Bangladesh has signed an agreement to purchase 700,000 tons of U.S. wheat annually, as trade negotiations with the country continue. Bangladesh has traditionally sourced much of its wheat from Russia and Ukraine.
- Last week’s market rally was partly driven by a slow start to the Russian wheat harvest, with early yield reports coming in lower than those observed in 2024.
- Scattered weekend rains fell across parts of Montana, North Dakota, and Minnesota, with additional precipitation expected this week—crucial as above-average heat is forecasted to follow.
- Weekly wheat inspections surged well above expectations, reaching the highest level since 2008.
Author
Lauren VandenLangenberg