CORN

• Corn futures are trading near steady Monday morning, still hovering close to recent lows.
• Several private analysts are projecting the 2025 U.S. corn crop above 16 billion bushels, with national yields at or above 185 bu/acre. The record national average yield remains 179.3 bu/acre set in 2024.
• U.S. corn export prices out of the Gulf are roughly $10/mt cheaper than Brazilian offers for August and September shipments.

SOYBEANS

• After a tough week, soybean futures are starting the first full week of August with a modest rebound.
• Soybean oil futures have been under pressure lately following last week’s OPEC+ decision to raise oil production again, weighing on energy-linked commodities.
• Friday’s Census Crush report showed a June soybean grind of 197 million bushels—slightly above expectations but down from May’s 204 million. End-of-June soybean oil stocks came in at 1.893 billion pounds, well above the trade estimate of 1.67 billion.

WHEAT

• Wheat futures are trading near unchanged to start the week.
• SovEcon lowered the Russian wheat production estimate by 300,000 mt to 83.3 mmt and cut Ukraine’s production by 2.8 mmt to 19.8 mmt, citing disappointing yields in southern growing regions.
• Trade negotiations with countries like India and Brazil are still ongoing behind the scenes, but the broader tariff landscape remains a bearish overhang for grain markets.

Author

Keegan Madigan