Corn Futures Prices Faced Some Pressure at the End of the Session, Dropping from Their Highs but Still Ending in the Green

Before the WASDE report is released, traders predict that the old crop production will be adjusted up by 25 million bushels to over 2 billion bushels, possibly due to higher actual inventory as of June 1. The new crop is expected to see significant changes, projected to be nearly 2.3 billion bushels, an increase of 158 million bushels compared to last month’s estimate, due to larger acreage.

There will be some adjustments to the new crop production based on June acreage data, with the yield expected to remain at 181 bushels per acre. Production is projected to reach over 15 billion bushels, an increase of 253 million bushels compared to the June WASDE.

September Corn Futures prices saw a recovery. The settlement price on July 9 was 394 cents per bushel, up 0.19% from the previous session.

Wheat Prices Also Rose on Tuesday, with US 2024/25 Ending Stocks Expected to Be 785 Million Bushels

This is an increase of 27 million bushels due to higher potential production and increased carryover stocks from the previous crop. Production is projected to be over 1.9 billion bushels, largely coming from winter wheat.

Japan is tendering for over 107,000 tons of wheat this week from three partners: the US, Canada, and Australia. France’s wheat production is expected to total 29.7 million tons this year, down 15.4% and the lowest in four years, according to the French Ministry of Agriculture.

September Wheat Futures prices rose slightly. The settlement price on July 9 was 572 cents per bushel, up 0.26% from the previous session.

Soybean Prices Declined in Tuesday’s Session Due to Pressure from Soybean Products

Before the WASDE report, the ending stocks of the 2023/24 soybean crop are expected to increase slightly by 2 million bushels to 357 million bushels. For the new crop, ending stocks are projected to be cut by 8 million bushels to 447 million bushels, due to lower planted acreage. New crop soybean production is also expected to be cut by 26 million bushels, to just over 4.4 billion bushels.

September Soybean Futures prices continued to decline. The settlement price on July 9 was 1,077.5 cents per bushel, down nearly 2% from the previous session.