End-of-month liquidation as grains are under pressure this morning.

July 31, 2026

Grain Overview

This morning’s grain trade is softer across the board, as the best rain for the Western Corn Belt since June is falling across a broad area. Not everyone is receiving it, but a larger portion of the region is seeing crop-stabilizing rainfall. Deliveries against soybean oil had Cargill issuing 783 contracts. Stoppers included AMBRO taking 657, with Goldman Sachs taking 110.

Soybean oil has been under pressure this past week, with the EPA likely announcing two SRE waivers early next week, along with rumors that another 25 waivers will be granted. We also get the EIA feedstock report today, with soy oil consumption expected to come in near 1.5 billion pounds, which would be a record. ADM’s announcement of another 25 million bushels of processing capacity across four plants shows a multi-decade commitment to continued growth.

The wheat trade staged a pop-and-drop yesterday after Ukraine hit another export port in the Sea of Azov, taking another smaller Russian port offline. In the short term, it is not especially relevant because no wheat is leaving that region through the Kerch Strait under the current restrictions. Systemic traders, the ones I call the vigilante sellers that have no grain, just lots of money, took advantage of the rally and sold it back down, as end users are not chasing the current strength. They truly believe they