Corn

The EU reported that the region's corn imports reached 1.74 million tons as of July 28, higher than the same period last year. Crop progress data indicates that 77% of the U.S. corn crop was silking as of July 28, 1% higher than the five-year average.

Corn prices faced strong selling pressure. The settlement price for the September Corn contract on July 30 was 388.75 cents/bushel, down 1.89% from the previous session.

Soybeans

The 7-day weather forecast shows a likelihood of rain in some U.S. soybean growing regions, with temperatures from day 8 to day 14 expected to be normal to below normal, along with higher-than-normal rainfall.

The Crop Progress report indicates that 77% of the U.S. soybean crop in the 18 monitored states is blooming, and 44% is setting pods, both higher by 3 and 4 percentage points, respectively, compared to the average.

The September Soybean contract price dropped significantly. The settlement price on July 30 was 1,011 cents/bushel, down nearly 2% from the previous session.

Wheat

Weekly crop progress data shows that 82% of the U.S. winter wheat crop has been harvested, higher than the average. The spring wheat crop is at 94%, with 1% harvested, both slower than the corresponding averages by 2 percentage points.

Japan is bidding for over 119,000 tons of wheat this week, including nearly 57.6 thousand tons from the U.S. Official EU data shows that soft wheat exports in the first four weeks of the marketing year were 1.85 million tons, down from 2.99 million tons in the same period last year. Tunisia purchased 125,000 tons of soft wheat and 50,000 tons of durum wheat imports on Tuesday.

The September Wheat contract price declined again. The settlement price on July 30 was 524 cents/bushel, down more than 1.3% from the previous session.

Source: Barchart