Posted on:
July 31, 2025

Markets are trading mixed this morning with corn and beans leaking lower while wheat has been able to see small gains in a very quiet trade.

Weekly export sales for wheat came in at 592.1 tmt (300-700 expected), corn 340.9 tmt (200-800), n/c corn 1,891.9 tmt (600-1,600), beans 349.2 tmt (100-300), n/c beans 429.5 tmt (100-600), meal 77.1 tmt (100-300), n/c meal 132 tmt (100-250), oil 3.1 (0-23).

Very good new crop corn sales. Surprisingly good old crop bean sales as the marketing year winds down. Solid wheat sales, although as expected.

Weekly EIA data showed ethanol production up 18k bbls per day to 1,096k bbls. Stocks were up by 272k bbls to 24,716k bbls. Weekly production of 322m gallons is inline with the necessary level to hit the USDA’s corn usage for ethanol target.

The EU lowered its forecast for usable production of common wheat to 127.3 mmt vs.128.2 mmt previously. They also lowered corn production from 64.6 mmt to 60.1 mmt.

Ukraine is expecting total grain harvest to be 51-52 mmt vs. 55 mmt a year ago as has hurt crop prospects.

Trump reported that he had reached an agreement with South Korea with the U.S. placing15% tariffs on their imports.

December corn traded an inside day on Thursday with prices finishing with small gains. The market is back in a downtrend, but the market is oversold with a potential double bottom in place. Support for Dec. is 4.10 and resistance 4.30.

Beans posted a lower low, lower high, and new recent low close on Wednesday with the market hitting new lows this morning. The downtrend is in place, but the market is getting to be oversold as well. Support for Nov. is 9.80 and resistance 10.00 and 10.30.

Corn is sitting near recent lows again this morning with support at the key reversal from a few weeks ago holding for now. A lot of bearishness and a big crop have been priced in with the downside from here not expected to be that much. Producers should hold off on new bearish positions at current levels until we see how the market trades in this price area.

Beans dropped to new lows yesterday as export demand remains sluggish and weather is bearish. There is downside risk in the beans as global supplies are viewed as adequate and managed funds haven’t built a large short in beans like they did in corn and wheat. Producers should use option strategies to cover downside risk.

 

Corn down 1

Beans down 1-2