Dalian, Brazil, and Matif corn futures all lower on expectations of higher supply.
US domestic basis softens amid potential farmer selling; the Sep-Dec spread at -21 points to ample domestic supply.
Warmer, drier Black Sea weather, lower wheat prices boosting feed use, and higher US yield estimates all pressure corn prices ahead of the Aug. 12 USDA report.
Soybeans and soymeal fell on negative US/China politics and higher US supply talk, while soyoil and palm oil rose.
There were 518 soymeal deliveries (442 commercial), Brazil crushers consider slowing/shutdown amid poor margins; soyoil drops on profit-taking.
Origination challenges keep Brazil basis firm; record exports of 31 mmt for Feb-July. Buyers extend soymeal coverage at near-decade-low prices.
Funds expected to roll wheat shorts to Dec as technical and fundamental signals worsen.
Improving Australian crop and ample exporter supplies heighten Oct-Mar export competition.
US export pace points to approximately 23.1 mmt, just below the strongest level (24 mmt) since 2020.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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