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Agricultural commodities muted ahead of USDA WASDE reportšŸ“ŒWHEAT loses 0.7%

6:22 pm 11 July 2025

Grain markets remain under pressure with prices hovering near lows, and hopes now rest on the upcoming USDA July WASDE report, set for release today on 4 PM GMT.

ā€‹ā€‹ā€‹ā€‹ā€‹ā€‹Corn ā€“ bullish hints from strong exports & ethanol

  • Old-crop corn exports are outperforming expectations, with total commitments at 102.3% of USDAā€™s forecast (vs. 94.4% 5-year average).

  • Ethanol production has rebounded and exceeded needed levels for five weeks.

  • Grain Market Insider expects upward revision to old-crop exports and possibly ethanol, lowered new-crop production estimate (due to reduced acreage).

  • No changes in new-crop yield or demand anticipated.

Soybean ā€“ tightening stocks on steady demand

  • Exports are tracking well, and inspections are slightly above the 5-year average.

  • Soybean crush is gaining momentum ā€” May crush at 204M bushels vs. 192M last year.

  • Market watchers expect slightly higher old-crop exports and lower ending stocks.

  • New-crop ending stocks may also be trimmed due to acreage cuts.

  • No demand or yield changes expected for new soy crop.

Wheat ā€“ Quiet Adjustments Likely

  • Export sales slightly outpacing the norm (29.4% of USDA est. vs. 25.5% 5-year avg).

  • Export inspections are a bit behind schedule.

  • Expectations: slightly higher carryout due to larger planted acres and quarterly stocks.

  • No changes to wheat yield or demand expected.

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Source: xStation5

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