CORN
- Corn continues to trend lower at midday after some private groups estimate higher ending stocks for both 2024/25 and 2025/26. December futures are down 1-1/2 to $4.18-3/4.
- A private crop tour in McLean County, Illinois reported yield findings of 233.9 BPA, which is up from 227.12 last BPA last year.
- A higher dollar at midday is adding weakness to not only the corn market but the rest of the grain complex as well.
SOYBEANS
- Soybeans continue to lead the grain complex lower on lack of optimism regarding a trade deal getting done with China. November soybeans are 15-00 lower to $10.39-1/2.
- There are rumors circulating that China may stop buying US products through the rest of 2025 as the trade spat is ongoing.
- July crush will be released this afternoon. Analysts are expecting a record-breaking month at 207.2 mb compared to 197.1 mb crushed in June. Soybean oil stocks are expected at 1.90 billion pounds, which if realized, would be slightly higher than June’s 1.893 billion pounds.
WHEAT
- All three wheat classes are drifting lower at midday, pressured by global production boosts. December Chicago wheat is trading 9-00 lower to $5.25-1/4.
- Egypt’s wheat imports have fallen to 4.5 mmt this year, down 21% from the year prior, according to the finance minister.
- Australia’s wheat output is expected to reach 33.8 mmt, which if realized, would be the fourth-largest wheat crop on record.
- SoveEcon has raised their Russian wheat export estimate to 43.7 mmt, up from 43.3 mmt in the groups previous estimate.
Author
Tanner Wilson