Corn futures eased on the day, with the most-active contract Cv1 ended the week nearly 2.05 per cent lower, amid expectations of a large U.S. harvest.

Corn faced pressure from weather forecasts calling for milder nighttime temperatures in the Midwest in August, which can be beneficial to the plants during the crucial grain-fill period, traders said.

CBOT soybeans slipped on trade uncertainty and export demand questions, as U.S. weekly export sales hovered at the lower end of trade estimates.

Traders said they were trying to position ahead of the Trump administration’s August 1 tariff deadline, but were hesitant to make big shifts in their trading models as U.S. talks are progressing with several top export markets.

The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said.

The U.S. Department of Agriculture confirmed private sales of 140,000 metric tons of U.S. new-crop corn to South Korea and another 102,870 tons to Mexico, and private sales of 142,500 metric tons of U.S. new-crop soybeans to Mexico.

The most-active wheat, soybean and corn futures all ended the week lower. CBOT wheat Wv1 ended down 3-1/4 cents at $5.38-1/4 a bushel, with CBOT corn Cv1 closing 1-3/4 cents lower at $4.19 a bushel.CBOT soybeans Sv1 settled down 3-1/4 cents at $10.21 a bushel.

U.S. wheat exports, which have been considered among the cheapest on the global market, have been brisk. Net U.S. wheat export sales for the week ended July 17 came in at 712,000 metric tons, at the high end of a range of trade estimates.

Scouts on an annual North Dakota crop tour projected hard red spring wheat yields in the top-producing state will average 49.0 bushels per acre, down from a record 54.5 bpa last year.

While North Dakota accounts for roughly half of U.S. spring wheat production, crop conditions in nearby states are showing wide variability, said Mike Castle, a senior market analyst at StoneX.

In an note Friday, Castle said Minnesota’s crop is in nearly the best condition on record, while Montana’s crop was rated as the worst on record until recently.

– Additional reporting by Peter Hobson and Sybille de La Hamaide

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Monday’s cattle declines came after managed funds had bolstered their long holdings in both markets over recent weeks, encouraged by tight cattle supplies and resilient demand for beef.

“The managed money added to their net longs in feeders and, to a lesser degree, in fats and it just opened the door for some long liquidation and some profit taking,” said Mike Zuzolo, president of Global Commodity Analytics.

News that meat packer Tyson Foods would be closing another of its meat processing plants stoked concern among some livestock traders that the packing industry may be poised for further belt-tightening that could dent livestock demand.

The plant in Emporia, Kansas, which produces seasoned and marinated meats but does not slaughter livestock, is slated to close in February.

“This kind of news is price-negative for the wholesale and producer prices and price-positive for the retail market. It’s not a slaughter plant, but it goes along with other Tyson plants that have closed,” Zuzolo said.

CME January feeder cattle FCF25 dropped 2.625 cents to end at 256.850 cents per pound. February live cattle LCG25 shed 0.700 cent to 188.625 cents per pound.

The declines come after a two-week tear in the feeder cattle market that took prices up more than six per cent following a halt in cattle imports from Mexico over a case of New World screwworm in a cow there.

CME lean hog futures advanced on Monday, supported by rising wholesale pork prices.

February hogs LHG25 jumped 1.625 cents to 86.325 cents per pound.

The wholesale pork carcass cutout gained $2.35 on Monday to $92.66 per cwt, led by a strong gain in hams.

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Corn followed wheat lower.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1settled down 4-3/4 cents at $5.64-3/4 per bushel, but rose about 2 per cent for the week.

Soybean futures Sv1 closed up 5-3/4 to $9.83-1/2 a bushel, moving up about 1.5 per cent for the week, while corn Cv1settled down 1-1/4 cents at $4.25-1/2 per bushel, rising about 0.40 per cent for the week.

Wheat futures WH25 jumped on Thursday, setting up actively traded nearby contracts for weekly gains of about 2 per cent on concerns about Black Sea region supplies.

Russia launched a hypersonic intermediate-range ballistic missile at the Ukrainian city of Dnipro in response to the U.S. and the UK allowing Kyiv to strike Russian territory with advanced Western weapons, and warned that more could follow.

The strike gave traders an excuse to cover short positions, said Austin Schroder, a commodity analyst at Brugler Marketing and Management. But prices retreated as the dollar gained on Friday as strength in the dollar makes U.S. exports more expensive to holders of other currencies.

Soybeans experienced a technical bounce from contract lows on Thursday, Schroeder said.

But that market remains anchored by good South American crop weather and trade deals between China and Brazil which signalled a cozier relationship that could hurt U.S. exports, according to analysts.

China granted Brazil permission to export sorghum, fresh grapes, sesame and fish products to Chinese buyers, the Latin American country’s agriculture ministry said on Wednesday.

In Argentina, 2024/25 soybean planting progressed by 16 percentage points in the past week, reaching 35.8 per cent of the 18.6 million hectares projected for the season, according to the Buenos Aires Grain Exchange.

– Additional reporting by Mei Mei Chu in Beijing and Sybille de La Hamaide in Paris

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Wheat and corn futures also dipped as funds sought profits and positioned ahead of two U.S. Department of Agriculture reports that will be released next week.

All three crops were nevertheless on track for weekly gains.

The most-active wheat contract on the Chicago Board of Trade Wv1 settled down 7-3/4 cents to $5.67 per bushel but settled up 2.8 per cent for the week.

CBOT soybeans Sv1 settled down 18-1/2 cents to $10.05 per bushel and settled up 0.5 per cent for the week. Corn Cv1 settled down 4-1/2 cents to $4.06-1/4 per bushel.

The rallies were driven by speculators unwinding some of their hefty short positions. A weaker dollar and some concerns over dry weather in the U.S. Midwest had encouraged short covering in previous days, traders said.

Light rain is expected across chunks of the U.S. Midwest, a note from Commodity Weather Group said, but it may be too little too late to ensure the soybean crop has enough moisture to reach its yield potential.

Many traders are waiting for the U.S. Department of Agriculture to release its September crop estimates next week before making big moves.

“The USDA report next Thursday is expected to confirm high yields, but whether they’ll be as high as what was reported remains to be seen,” Brian Basting, analyst at Advanced Trading, said.

Wheat prices have been supported by reports of poor harvests in Europe, notably in the largest producer France, set to yield the smallest volume in more than 40 years while also producing mixed grain quality after heavy rain and limited sunshine during the growing season.

However, cheap wheat from Russia and increasing exports from Ukraine have maintained pressure on U.S. wheat futures.

– Additional reporting by Peter Hobson and Sybille de La Hamaide

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Wheat followed corn downward, while brisk exports from the Black Sea region continued to curb prices.

A lower dollar and concerns over damaging, dry U.S. Midwestern weather encouraged recent short-covering in grain markets where investors had built up big short positions.

However, commodity funds added new short positions on Thursday on the perception that corn and soy futures had become over-valued, traders said.

“The hedge funds have a bias to be short the market,” said Joe Davis, broker at Futures International. “The market is fundamentally bearish with large crops here and in South America.”

The most-active corn contract Cv1 on the Chicago Board of Trade settled down 2 cents to $4.10-3/4 per bushel, and soybeans Sv1 ended down 2 cents to $10.23-1/2 per bushel. CBOT wheat Wv1lost 6 cents to $5.74-3/4 per bushel.

Despite a dry end to the U.S. growing season and drought in Brazil that may hamper early planting, corn and soybean markets are expected to be well supplied.

StoneX on Wednesday lowered its U.S. corn production estimate to 15.127 billion bushels from 15.207 billion and raised its estimate for U.S. soybean output to 4.575 billion bushels from 4.483 billion.

Soybean futures gained little support from news of fresh U.S. soybean export sales to China and unknown destinations.

Traders are awaiting next week’s U.S. Department of Agriculture supply and demand report and September crop estimates before making big moves.

“We want to see something definitive before we jump in with both feet,” said Jim Gerlach, president of A/C Trading.

– Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra

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Corn on the Chicago Board of Trade (CBOT) rose on spillover support from soy futures while wheat increased as harvest pressure eased and traders covered short positions.

Industry players have been assessing whether overly dry weather in the U.S. Midwest will dent earlier projections of bumper soybean yields in the upcoming harvest.

“We’re not ending the growing season in ideal fashion. Some of these areas need rain to reach their maximum yield potential,” Mark Soderberg, analyst at ADM, said.

Dryness is stressing roughly 25 per cent of the nation’s corn and soy crop, Commodity Weather Group said in a note.

The U.S. Department of Agriculture reduced its weekly rating for soybean crops more than anticipated after Tuesday’s market close. The condition of corn crops held steady last week, surpassing average analyst expectations.

CBOT corn Cv1inched up 3-1/2 cents to $4.12-3/4 per bushel. Soybeans Sv1settled up 9-1/2 cents to $10.21-1/2 per bushel. Soybeans have also been supported as the possibility of Chinese tariffs on Canadian canola raised hopes that China could buy more U.S. soy.

The most-active CBOT wheat contract Wv1settled up 14 cents at $5.80-3/4 per bushel.

All three crops have been moving away from near four-year lows, with the recovery boosted by short-covering and a weaker dollar amid a risk-off mood in financial markets. GRA/

Farmers continued to clear out old-crop corn to make room for the new harvest, pressuring the nearby corn contract, though selling of old-crop soybeans has slowed to a trickle.

Russian wheat prices have stabilized and strengthening European wheat prices have added support to U.S. wheat futures and spurred short covering, traders said.

“Wheat is taking cues from overseas,” Tom Fritz, broker at EFG Group, said.

– Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra.

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The ICE canola contract for November delivery RSX4 dropped seven per cent to its daily limit on the news as the move could disrupt trade in Canada’s main export market for the oilseed.

Market participants saw the news as an indication that China may seek other oilseed options, such as soybeans and rapeseed, traders said. China’s rapeseed meal futures on the Zhengzhou Commodity Exchange CRSMcv1 jumped six per cent following the announcement, hitting its highest since Aug. 6.

“There’s no doubt the canola story is giving quite a bit of support to soybean futures today,” said Karl Setzer, partner at Consus Ag Consulting. “It’s that and the fact that we’re starting to see Chinese demand for soybeans perk up, even though they’re still severely under-bought.”

The U.S. Department of Agriculture on Tuesday confirmed private sales of 132,000 metric tons of U.S. soybeans to China for delivery in the 2024-25 marketing year that begins Sept. 1 – the third soybean sale to top buyer China in the past week.

Adding further support, USDA on Tuesday reported U.S. weekly export inspections of 496,860 metric tons of soybeans for the week ended Aug. 29, which was at the high end of analyst expectations.

CBOT’s most-active soybeans Sv1 ended the day up 12 cents, at $10.12 a bushel. During the session, they rose to $10.24-1/2 a bushel, the highest price since Aug. 7.

Chicago grain futures gained on technical support and bargain buying, as they resumed trading following Monday’s U.S. Labor Day holiday. MKTS/GLOB

Corn futures also were supported by traders expecting the USDA to report crop ratings turning lower in the Midwest, market analysts said.

CBOT corn Cv1 settled up 8-1/4 cents to $4.09-1/4 per bushel, while wheat Wv1 ended up 15-1/4 cents to $5.66-3/4 a bushel.

– Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra

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Meanwhile, corn rose as the government agency saw smaller than expected acreage, and wheat fell on competition from Black Sea crops.

The Chicago Board of Trade’s most active soybean contract Sv1 fell 19-1/2 cents to $9.83 a bushel by 12:37 p.m. CDT (1737 GMT) and corn Cv1 rose 7-1/4 cents to $4.02-1/4 a bushel.

Wheat Wv1 fell 4-1/2 cents to $5.38 a bushel.

The USDA’s monthly world agricultural supply and demand report forecast a record soybean crop at 4.589 billion bushels, surpassing analysts’ already record expectations and prompting major losses.

“USDA is looking for a potential record crop, so the beans are down pretty hard,” said Jack Scoville, vice president at Price Group.

Meanwhile, some analysts were taken aback by a lower than expected harvested acres forecast in corn.

“Apparently farmers, looking at low (grain) prices and high inputs, decided to plant less corn and more beans. That area up in Minnesota, Iowa and up there in the Northern Plains that had some excess water, they switched to some beans,” said Jim Gerlach, president of A/C Trading.

Wheat faced pressure from the disclosure of offers on Egypt’s biggest ever wheat tender, highlighting the competitive pricing of Black Sea supplies.

Some 15 suppliers submitted offers in the Egyptian tender, with the cheapest price before freight for Ukrainian wheat and limited offers of French wheat much pricier, traders said.

Wheat’s fall was limited by bad crop news from France and elsewhere in Europe.

France’s 2024 soft wheat crop is expected to be 25 per cent below last year’s after relentless rain.

– Additional reporting by Naveen Thukral in Singapore and Michael Hogan in Hamburg

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“There’s no story here to drive (futures) significantly higher… we need a story,” said Sean Lusk of Walsh Trading in Chicago.

“If we turn hot and dry for the rest of the month that would bend this thing back up, but there’s nobody calling for that,” said Lusk. He added that even if it does turn dry, at this point of the growing season soybeans are already setting pods and corn is past the pollination stage.

Eventually speculators will look to take profits and cover their short positions, but Lusk noted that every previous attempt at correcting higher was met with renewed selling had he expected a sustained rally was unlikely in the absence of fresh weather concerns.

“We’ve done a lot of damage technically over the last six weeks or so,” said Lusk, adding “as of right now, the market is struggling to hold support… there’s nothing here that tells me to cover my short or go long.”

In the absence of a weather scare, a ‘black swan event’ such as heightened geopolitical tensions somewhere in the world could provide the catalyst for a move higher. Lusk said any bullish surprises in the U.S. Department of Agriculture monthly supply/demand report, out on Aug. 12, could also influence the markets.

From a chart standpoint, Lusk placed the next support level in November soybeans at US$9.92 per bushel, with the next downside target at US$9.72-75 per bushel. On the other side, the market would have to get back over US$10.68 to signal an end to the downtrend. For corn, he said there was no meaningful support until US$3.92-93 per bushel in the December contract, with resistance at US$4.1675 and again at US$4.24.

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If Egypt is able to buy wheat at knock-down prices, the lower import bill could help in efforts to keep the economy afloat.

The country has needed the support of the International Monetary Fund and friendly Gulf countries who have injected billions of dollars in loans and investments in 2024 alone.

“My colleagues (at the government) are seizing this opportunity to buy what we need amid the current situation in the global market,” Finance Minister Ahmed Kouchouk told reporters on Tuesday, adding that not all repercussions of the global sell-off wave were negative.

The tender marked a change in the purchasing strategy of state grains buyer, the General Authority for Supply Commodities (GASC), which typically is for one or two months rather than for the October to April shipment period covered in this tender.

Egypt has been one of the world’s largest wheat importers, mainly to provide subsidized bread for tens of millions of its people. GASC alone imports some 5.5 million metric tons of wheat annually for bread subsidies.

Egypt typically imports most of its grain from Russia, which made up nearly 70 per cent of all its wheat imports in 2023.

Traders expect GASC to buy from Russia and other Black Sea origins in the upcoming tender.

“This is a very strange tender,” said one trader. “We usually submit bids for shipping a month or two in advance. It would be very difficult to submit a freight offer six or seven months in advance.”

Some traders were sceptical about Egypt’s ability to fulfil its ambition.

“I doubt if they will be able to get the full volume,” said another trader. He said the 270-day payment term was off-putting.

A third trader said trading houses will want the business and will just add the banking costs of the 270-day payment delay to their price offers.

GASC said it aims to maintain a wheat reserve sufficient to meet nine months of demand, with reserves in July standing at 6.9 months.

“It appears that Egypt wants to get big supplies in storage or at least in its books. This could be due both to Egypt’s financial problems or the threat of greater war in the Middle East,” a European trader told Reuters.

“They could shoot themselves in the foot by buying in advance but then having to regret if prices fall later.”

Shortly after GASC’s announcement, European wheat futures rose on Tuesday.

—Reporting for Reuters by Sarah El Safty, Nadine Awadalla, Mohamed Ezz and Michael Hogan

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