Corn

Friday’s CFTC release from USDA showed spec funds cutting back on their large net short position in corn futures and options by 23,453 contracts as of July 30. They held a net short of 295,096 contracts on Tuesday.

StoneX expects the US corn crop to average 182.3 bpa this year, with a crop size a 15.207 bbu.

Corn prices rebounded positively over the weekend session. The settlement price for September Corn Futures on August 2 was 386.5 cents per bushel, up 1.18% from the previous session.

Soybean

USDA reported another export sale of 202,000 MT of soybeans for 2024/25 shipment to China this morning. That follows the 132,000 MT sale from Thursday.

Spec funds in soybean futures and options were adding back to their net short position as of July 30 by 14,932 contracts. That took them to net short 178,591 contracts, within 7,200 contracts of the record net short a couple weeks ago. Commercials were adding back to their net long, by 26,634 contracts to 76,244 contracts, mainly as shorts were trimming back. 

StoneX pegs the US soybean crop at 4.483 bbu, with an average yield at 52.6 bpa.

The September Soybean Futures also rebounded over the weekend. The settlement price on August 2 was 1,018 cents per bushel, up 0.89% from the previous session.

Wheat

Friday’s Commitment of Traders report shows managed money adding 2,432 contracts to their net short position in CBT wheat futures + options, at 77,616 contracts by July 30.

The French wheat crop is estimated a 50% good to excellent according to the latest release from the FrenchAgriMer. Harvest was listed at 67% complete, up 26 percentage points from the 41% last week. 

The September Wheat Futures continued to rise. The settlement price on August 2 was 539 cents per bushel, up 1.32% from the previous session.

Source: Bartchart