US Dollar Under Pressure Amid Black Sea Geopolitics
The US dollar is facing pressure in the market as geopolitical tensions rise in the Black Sea region. The SRW wheat futures are posting solid gains, up 11 to 15 cents higher, due to support from a weaker US dollar and ongoing tensions in the area. The USDA reported weekly wheat sales totaled 285,200 MT during the week ended July 23 for 2026/2027, which were down 2 percent from the previous week but unchanged from the prior 4-week average.
September SRW futures are facing resistance at the 10-day moving average of $6.77 1/4, backed by last week's high of $7.11 1/4. Support is at the 20-day moving average of $6.55 1/4, which is backed by the 100- and 40-day moving averages. The Ukrainian drone attack has inflicted significant damage on a major grain export terminal at Russia's Taman port on the Kerch Strait.
Corn futures are mostly a penny firmer at midmorning, with technical resistance curbing momentum in corrective trade. The USDA reported weekly corn sales totaled 362,900 MT for 2025/2026, up 9 percent from the previous week but down 25 percent from the prior 4-week average.
Soybeans are modestly firmer after notching a fresh low in overnight trade, with solid support at the 100- and 40-day moving averages limiting sellers. The USDA reported daily sales of 132,000 MT of soybeans to China during 2026-27. Net new-crop sales totaled 1.333 MMT.