Corn

A drier weather pattern is expected across the Plains for the next week. Temps are expected to be above average, particularly in the western half of the Corn Belt.

USDA reported another private sale of 200,000 MT of corn to unknown destinations this morning for 2024/25 shipment.  US FOB prices are competitive with Brazilian offerings.

Soybean

European Union soybean imports during the young 2024/25 marketing year have reached 22.1 million bushels through July 21, which is moderately lower than last year's pace so far. EU soymeal imports are also down year-over-year after reaching 950,367 metric tons over the same period.

Brazil's Anec estimates that the country's soybean exports will reach 383.2 million bushels in July, which was modestly below it's prior projection from a week ago. Anec also estimates that the country's soymeal exports will reach 2.40 million metric tons this month.

Wheat

SovEcon gave their Russian wheat crop estimate a 0.1 MMT revision higher this morning, now at 84.2 MMT, and compared to USDA’s 83 MMT projection. EU exports have totaled 1.44 MMT so far in the marketing years from July 1 to July 21, compared to the 2.21 MMT in the same period last year.

AAFC (Canada) in confirming WASDE’s estimate for wheat production, releasing a 35.43 MMT number this week.  USDA was at 35 MMT in the July 12 WASDE report.

Source: Barchart, FarmFutures