Soybean, Corn Prices Drop Under Weather Pressure, China Cuts Inventory
Soybean prices declined due to fund and technical selling pressures. Market participants are closely monitoring near-term weather conditions, including seasonal temperatures and rainfall in some areas.
The USDA will release its updated U.S. production estimates on August 12th in the monthly supply and demand report.
China's SinoGrain reportedly sold 67% of the 501,000 tons of 2022 through 2025 soybeans on offer at auction this week, continuing to clear out space for recently purchased U.S. beans.
Corn prices also fell due to fund and technical selling pressures. Corn is watching development weather, with generally favorable conditions in the forecast into at least next week.
Mexico bought 120,000 tons of U.S. corn ahead of the open, with 30,000 tons for 2026/27 delivery and 90,000 tons for 2027/28.