Market Overview
The typical “Turnaround Tuesday” failed to materialize as grain markets continued their recent rally.
Despite early selling attempts, buyers remained firmly in control as weather concerns continued to outweigh bearish sentiment. Traders are becoming increasingly skeptical that current crop conditions can support the large yield expectations that were priced into the market just a week ago.
Attention now turns to Friday’s USDA WASDE report, where updated supply and demand estimates could tighten old- and new-crop carryout even further.
🌽 Corn Market
Corn futures continued climbing as forecasts called for increasing heat during pollination across portions of the Corn Belt.
Key weather concerns include:
Triple-digit temperatures expected across parts of:
South Dakota
Nebraska
Kansas
Expanding heat moving farther into the central Corn Belt around July 18–20, coinciding with pollination.
Uneven rainfall across the Northern Plains, with some areas continuing to miss meaningful moisture.
The market is also watching for additional USDA adjustments after last week’s 100-million-bushel reduction in old-crop corn stocks. Strong export demand could force another reduction in carryout in Friday’s report.
Corn Futures
September Corn
Up 4¾ cents
Closed at $4.43
December Corn
Up 5½ cents
Closed at $4.63¼
December futures also moved back toward their 200-day moving average.
🌱 Soybeans
Soybeans remained firmly supported throughout the session.
November futures briefly traded just shy of $12.00 before easing slightly, while strength in crude oil helped support soybean oil prices.
Soybean Futures
August Soybeans
Up 8¾ cents
Closed at $11.92¾
November Soybeans
Up 4 cents
Closed at $11.96¼
Additional strength included:
December Soybean Meal:
Up $2.10/ton
Closed at $315.60
December Soybean Oil:
Up 32 points
Closed at 66.95 cents/lb
Canola futures also posted modest gains.
