Wheat Futures Tank + More Chinese Purchases of US Soybeans

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🌾 Grain Markets

Wheat futures fell sharply Friday as traders took profits after Thursday's Black Sea-driven rally. Corn and soybeans also finished lower, pressured by improving weather forecasts calling for widespread Corn Belt rainfall and cooler temperatures. 🌧️

🇨🇳 China Ramps Up Soybean Buying

China purchased at least 14 cargoes of US soybeans on Friday, marking its largest single-day buying spree of July. Traders expect more purchases ahead of trade talks later this fall, with China's new-crop commitments now nearing 3.9 million metric tons. 🚢🌱

📦 USDA Flash Sale

USDA also reported a flash sale of 252,000 metric tons (9 million bushels) of soybeans to an unknown destination for the 2026/27 marketing year. 📈

💰 Funds Turn More Bullish

Managed money funds were net buyers of 70,000 corn, 30,000 soybean, and 10,000 SRW wheat contracts last week. Net long positions in both corn and soybeans climbed to their highest levels since late May. 📊

🌱 Corteva Raises Outlook

Corteva raised its full-year profit forecast, citing strong demand across key crop markets. The company said increased soybean acreage should support seed sales, though fewer corn acres and higher input costs could weigh on crop protection demand later this year. 🌽➡️🫛

🛢️ Iran Talks Resume

US-Iran peace talks are set to resume today after President Trump called off a planned military strike in favor of diplomacy. Hopes for a deal, including reopening the Strait of Hormuz, sent WTI crude oil below $79 per barrel in early Monday trading. 🤝📉