Corn
Price action: December corn rose 8 1/2 cents to $4.72 1/2, near the daily high and hit a three-week low early on.
Fundamental analysis: The corn futures market saw a solid corrective bounce with some perceived bargain hunting featured following recent losses.
USDA this morning reported weekly U.S. corn inspections totaled 1.885 MMT during the week ended July 30, up 351,421 MT from the previous week. Net inspections were within analysts’ pre-report range of 1.2 to 1.95 MMT.
AgRural raised its forecast for Brazil’s 2025-26 corn production to 142.8 MMT, up from its previous estimate of 139.9 MMT in June.
China’s corn, rice and cotton fields are at heightened risk of crop damage in the coming days as a heat wave sweeps through key agricultural regions in the country’s north and east, Bloomberg reports. High-pressure weather systems will lead to hotter-than-normal conditions this week, according to commercial forecaster Vaisala, with Shenyang in the northeastern province of Liaoning seeing highs of 95F to 100F through Thursday.
World Weather Inc. today said milder temperatures and some periodic showers and thunderstorms in the all of the U.S. Midwest in the coming ten days will be welcome. Crop stress in the northwest will be reduced, although soil moisture deficits will remain and that region will need to be closely monitored for later in August.
Corn traders were awaiting this afternoon’s weekly USDA crop progress reports.
Technical analysis: Corn market bulls and bears are on a level overall near-term technical playing field. Prices are in a fledgling downtrend on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at the July high of $4.92. The next downside target for the bears is closing prices below chart support at $4.47 1/2. First resistance is seen at $4.75 and then at $4.80. First support is seen at $4.65 and then at $4.60.
What to do: Get current with advised sales.
Hedgers: You should be 90% priced in the cash market on 2025-crop. Hedgers should have 40% forward sold and 20% protected with $4.80 strike December puts.
Cash-only marketers: You should be 90% priced in the cash market on 2025-crop. You should also have 50% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: November soybeans rose 4 3/4 cents to $11.92 1/4, nearer the daily high and hit a three-week low early on. September soybean meal gained $0.50 to $315.40, nearer the daily high after hitting a three-week low early on. September soybean oil rose 153 points to 68.79 cents, near the daily high and hit a four-week low early on.
Fundamental analysis: The soybean complex futures markets today saw short covering and perceived bargain buying from the specs. The complex saw support from additional export demand from China. USDA this morning reported daily sales of 488,000 MT of U.S. soybeans to China and 136,150 MT to unknown destinations during 2026-27. USDA also reported weekly U.S. soybean inspections totaled 343,941 MT during the week ended July 30. Net inspections were within the pre-report range of 300,000 to 600,000 MT.
World Weather Inc. today said that in the Midwest, daily rounds of showers and thunderstorms through the next week may not bring enough rain to prevent many crops from drying down overall, but a lack of significant heat through at least the next week and moist soils will ensure crop development occurs favorably beyond the middle of the month in much of the region with a few exceptions.
Soybean traders were awaiting this afternoon’s weekly USDA crop progress reports.
Technical analysis: A price uptrend on the daily chart for November beans has been soundly negated. The next near-term upside technical objective for the soybean bulls is closing November prices above solid resistance at the July high of $12.56 1/2. The next downside price objective for the bears is closing prices below solid technical support at $11.50. First resistance is seen at $12.00 and then at $12.15. First support is seen at today’s low of $11.75 1/4 and then at $11.60.
Soybean meal has sees a fledgling price downtrend in place on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in September futures above solid technical resistance at the July high of $334.30. The next downside price objective for the bears is closing prices below solid technical support at $300.00. First resistance comes in at $320.00 and then at $325.00. First support is seen at today’s low of $311.80 and then at $310.00.
Bean oil sees a fledgling price downtrend in place on the daily bar chart. The next upside price objective for the bean oil bulls is closing September prices above solid technical resistance at the June high of 76.68 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at the July low of 65.42 cents. First resistance is seen at 70.00 cents and then at 71.11 cents. First support is seen at today’s low of 66.51 cents and then at 65.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 100% priced in the cash market on the 2025 crop. You should be 35% forward sold on 2026 crop, with another 40% protected with November put options.
Cash-only marketers: You should be 100% priced in the cash market on 2025-crop. You should also have 55% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: September SRW rose 11 3/4 cents to $6.51, near the daily high after hitting a three-week low early on. September HRW rose 9 3/4 cents to $7.17 1/4, nearer the daily high after hitting a three-week low early on. September spring wheat futures rose 5 1/4 cents, nearer the daily high.
Fundamental analysis: The winter wheat futures markets saw corrective bounces in prices today. There are still concerns about grain getting shipped out of the Black Sea region, which is keeping a floor under prices at present.
USDA this morning reported weekly U.S. wheat inspections totaled 335,313 MT during the week ended July 30. Net inspections were within the pre-report range of 300,000 to 500,000 MT.
Vivescia, one of France’s largest grain handlers, has observed contrasting wheat yields and quality as persistent heat caused an early harvest, according to Reuters.
World weather today said good harvest weather is occurring in the central U.S. Plains and in parts of the Midwest. The favorable harvest should continue through the next week to 10 days despite a few showers and thunderstorms and brief delays. Spring wheat, barley and other small grains in the U.S. northern Plains and southern Canada’s Prairies are stressed and losing yield potential due to the lack of rain and very warm to hot temperatures. Not much rain is likely through the next 10 days and production potential will continue to decrease for some of the driest areas, although some short-term cooling will occur this week. Too much rain has been falling in parts of Russia’s New Lands possibly raising the potential for wet weather disease. The wet bias is expected to prevail for the next ten days. Good winter crop harvest weather continues in Russia’s Southern Region and parts of Ukraine. Western Europe weather has been warm and dry promoting winter crop harvesting. Dryness this season reduced yields.
Wheat traders were awaiting this afternoon’s weekly USDA crop progress reports.
Technical analysis: Winter wheat market still bulls have the slight overall near-term technical advantage but have faded recently. Bulls need to step up and show better power soon, to keep their advantage. Price uptrends on the daily bar charts for SRW and HRW have been negated. Also, bearish broadening patterns have formed on the daily bar charts for September SRW and HRW futures. SRW bulls’ next upside price objective is closing September prices above solid chart resistance at $7.00. The bears’ next downside objective is closing prices below solid technical support at $6.00. First resistance is seen at $6.65 and then at $6.75. First support is seen at today’s low of $6.32 and then at $6.20.
HRW bulls’ next upside price objective is closing September prices above solid chart resistance at the July high of $7.77 1/2. The bears’ next downside objective is closing prices below solid technical support at $6.75. First resistance is seen at $7.25 and then at $7.40. First support is seen at today’s low of $6.98 3/4 and then at $6.90.
What to Do: Get current with advised sales.
Hedgers: You should have 30% sold for 2026. Remain patient on 2027 sales for now.
Cash-only marketers: You have 30% of expected 2026-crop production sold. Remain patient on 2027 sales for now.
Cotton
Price action: December cotton futures rose 78 points to 82.57 cents, near the daily high and closed at a nine-week high close today.
Fundamental analysis: Cotton futures today saw technical buying amid a price uptrend in place on the daily bar chart. Gains in the grain futures markets and the U.S. stock indexes today were also supportive outside markets for the natural fiber.
Cotton traders were awaiting this afternoon’s weekly USDA crop progress reports.
World Weather Inc. today said the weekend was hot to excessively hot in western Texas and southwestern Oklahoma, where stress to cotton increased in many areas, while beneficial and heavier-than-expected rain fell from the southwestern Panhandle to west-central and central parts of west Texas Friday, with a few other areas also seeing rain. Western Texas and southwestern Oklahoma will see dry weather through much of the next two weeks and the infrequent showers expected should not prevent significant drying from taking place, while warm to hot temperatures and short soil moisture cause stress to cotton to increase. The Blacklands, South Texas, and the Coastal Bend will also see little rain through the next two weeks and cotton will develop favorably where significant rain fell recently in the southern Blacklands, Coastal Bend, and a few south Texas locations, while crop stress increases elsewhere.
Technical analysis: December cotton futures bulls have the overall near-term technical advantage and are keeping alive a price uptrend on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at the July high of 82.96 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 77.73 cents. First resistance is seen at today’s high of 82.63 cents and then at 82.96 cents. First support is seen at today’s low of 80.39 cents and then at 80.00 cents.
What to do: Get current with advised sales.
Hedgers: You are now 100% sold on old-crop. You are 60% sold for 2026-crop sales at this time.
Cash-only marketers: You are 100% sold on 2025-crop. You are 60% sold for 2026-crop sales at this time.