Rain is expected in a large part of the Corn Belt this week, which also puts pressure on corn prices. Crop ratings in the U.S. are reported at 68% good to excellent, unchanged from the previous week.

Export Inspection Data shows that over 1 million tons of corn were shipped in the week ending July 11, double the amount from the same period last year and 5% higher than the previous week. Mexico is the top destination, followed by Taiwan and Japan. Cumulative exports for the year to date stand at nearly 44.6 million tons, 31% higher than the same period last year.

AgRural estimates that the second corn crop in Brazil's central-south region is 74% planted as of last Thursday, still above the average pace.

September Corn Futures fell sharply in early trading. The settlement price on July 15 was 390.5 cents/bushel, down 2.86% from the end of the previous week.

Crop ratings are at 68% good to excellent. Additionally, export data recorded nearly 166,000 tons of soybeans shipped in the week ending July 11, up nearly 5% from the same period last year but down nearly 43% from the previous week. Year-to-date cumulative exports total 42 million tons, a decrease of nearly 16% from the previous year.

NOPA reports that its members crushed nearly 176 million bushels of soybeans in June, down more than 4% from the previous month but up 6% from last year. This figure is lower than the trade estimate of 178 million bushels. Soybean oil stocks were also below trade estimates, reaching 1.62 billion pounds at the end of June.

September Soybean Futures also decreased in early trading. The settlement price on July 15 was 1,033.75 cents/bushel, down 2.34% from the previous week’s close.

As of July 14, 71% of the U.S. winter wheat crop has been harvested, 9% higher than normal.

Export Inspection Data shows that nearly 534,000 tons of wheat were shipped in the week ending July 11, double the amount from the same period last year and 55% higher than the previous week. Year-to-date cumulative exports total over 2.2 million tons.

IKAR, a Russian consulting firm, has increased its forecast for Russia's wheat production by 1.2 million tons to 83.2 million tons.

September Wheat Futures followed the trend of other agricultural commodities, declining in early trading. The settlement price on July 15 was 532.5 cents/bushel, down 3.31% from the previous week’s close.