Market Rebounds on Diplomatic Hopes, Corn and Soybeans Suffer

Corn futures are lower due to easing tensions in the Middle East, which has lifted global stock and bond markets. The U.S. and Iran have held off on attacks for a third straight night, with President Trump giving diplomacy 'some space'.

Farmers in Brazil's center-south had harvested 60% of their second corn crop as of last Thursday, but this was eight percentage points behind the same time last year.

Soybean futures are weaker due to traders removing risk premium and China opposing the latest round of tariffs. The U.S. has initiated a Section 301 investigation and imposed unilateral tariffs on China as part of a crackdown on forced labor.

The USDA reported that weekly wheat inspections totaled 394,785 MT during the week ended July 23, up 165,024 MT from the previous week. Spring wheat and other small grains in the U.S. northern Plains are stressed due to lack of rain and very warm temperatures.