Risk-Off Tone Hits Commodities Ahead of Crucial USDA Reports
Corn futures are trading lower amid a general risk-off tone in the market ahead of this week's USDA reports. The USDA rated the corn crop as 61% good to excellent, unchanged from last week. However, the Pro Farmer Crop Condition Index (CCI) declined by 2.28 points to 358.39, which lags behind year-ago levels by 24.52 points.
The CCI for soybeans also declined, down 0.48 points to 363.84, and is now 10.5 points behind last year's level at this time. Soybean futures are trading lower due to corrective selling in soyoil futures. The USDA reported daily sales of 136,000 MT of soybeans to China and 180,000 MT soybean meal to the Philippines during the 2026-27 marketing year.
Russian wheat exports in August could fall to their lowest level in around a decade due to low prices and security risks on vital Black Sea shipping routes. The world's top wheat exporter, Russia, has lowered its forecast for wheat export potential in the 2026-27 marketing year to 44.5 MMT.