Big harvest expectations and export demand undermined corn futures on Friday, with both soybeans and wheat also finishing lower.
Forecasts for the American Midwest remain non-threatening, with good rainfall and beneficial temperatures expected in August bolstering production potential. Meanwhile, after a bullish weekly export sales report on Thursday, the USDA this morning reported private export sales of 102,870 tonnes to Mexico and 140,000 tonnes to South Korea, both for 2025-26 delivery. September corn slipped 2 ¼ cents to $3.99 ½, and December was down 1 ¾ cents at $4.19.
Weather also weighed on soybeans, which felt further pressure from trade and export uncertainty ahead of US President Donald Trump’s Aug. 1 tariff deadline. On the other side, the USDA reported a private export sale of 142,500 tonnes of soybeans sold to Mexico this morning for new crop shipment. August beans dropped 5 ½ cents to $9.98 ¾, and November lost 3 ¼ cents to $10.21.
Ample global supplies continued to overhang wheat, along with generally good results from this week’s US spring wheat crop tour. September Chicago wheat closed 3 ¼ cents lower at $5.38 ¼, and September Kansas City ended 2 cents lower at $5.26 ½. September Chicago spring wheat fell 6 ¾ cents to $5.45 and September Minneapolis lost ¾ of a cent to $5.84 ¾.
