Agricultural commodities muted ahead of USDA WASDE report📌WHEAT loses 0.7%

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.

Corn – bullish hints from strong exports & ethanol

Old-crop corn exports are outperforming expectations, with total commitments at 102.3% of USDA’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 – tightening stocks on steady demand

Exports are tracking well, and inspections are slightly above the 5-year average.
Soybean crush is gaining momentum — 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 – 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.

Source: xStation5

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