Wheat futures led the declines as Chicago crop futures fell on Friday in the wake of the USDA’s monthly supply-demand update.
Wheat felt pressure from a larger than expected US production estimate, up 8 million bu from the June estimate to 1.929 on the strength of a 1 bu/acre increase in the average yield. However, a higher export estimate still led to a 8-million bu reduction in 2025-26 US ending stocks to 890 million. Global stocks were reduced as well. September Chicago dropped 9 ½ cents to $5.45, September Kansas City lost 10 ½ cents to $5.24 ¼, and September Chicago spring wheat fell 5 ½ cents to $5.96 ¾.
Corn saw continued pressure from good Midwest weather and big crop expectations, despite a generally friendly USDA report that reduced both old- and new-crop ending stocks from last month. However, the average expected US corn yield was unchanged from last month at 181 bu/acre. Rain and generally cooler temperatures are forecast for the Midwest. September corn dipped 3 ¼ cents to $3.96, and December fell 4 ¼ cents to $4.12 ¼.
Good weather also weighed on soybeans. Offsetting revisions left old-crop US soybean ending stocks unchanged from last month at 350 million bu, with new crop stocks up 15 million bu to 310 million. August beans fell 8 ¼ cents to $10.04 ¼, and November lost 6 ½ cents to $10.07 ¼.
