USDA rated both corn and soybeans at 63% good to excellent for the week ended July 26, but the underlying grades showed clear deterioration. Corn was 13% excellent, 50% good, 25% fair, 9% poor and 3% very poor, while soybeans were 11% excellent, 52% good, 28% fair, 7% poor and 2% very poor. Corn declined four points from the prior week and soybeans fell three, with more acres shifting out of the excellent category and into fair, poor and very poor, confirming that crop stress increased during an important reproductive stage.
U.S. export inspections were supportive for corn and wheat but still soft for soybeans in the week ending July 23. Corn inspections totaled 1.488 million metric tons, down 7.7% from the prior week and 2.9% below last year, but marketing-year shipments remain exceptionally strong at 75.3 million tonnes, nearly 25% ahead of last year, with Mexico, Japan and Colombia leading demand. Soybean inspections improved 9.3% to 349,000 tonnes, led by Mexico, Egypt and Japan, but were still 18.5% below last year and marketing-year shipments remain down 17.5%, confirming that Brazil continues to dominate nearby soybean trade. Wheat inspections jumped 71.8% to 395,000 tonnes and were 36% above last year, although cumulative shipments remain down 23.2%. Overall, the report is bullish for corn’s demand outlook, modestly supportive for wheat and neutral to slightly bearish for soybeans despite the weekly improvement.
Tyson Foods and JBS shares moved sharply higher after the U.S. announced plans to gradually reopen the border to Mexican cattle imports. The move should improve cattle availability, lower procurement costs and support better plant utilization for beef processors that have been pressured by tight U.S. supplies and poor margins. The reopening is also potentially negative for live and feeder cattle prices as additional supply enters the market, although strict inspections and a phased rollout mean the impact will build over time rather than immediately.
The Trump administration is expected to announce a global partnership with more than 20 allied nations to accelerate the development of secure 6G wireless networks, according to Politico. The initiative is designed to strengthen cooperation on next-generation communications technology, reduce reliance on Chinese technology, and limit Beijing’s influence over future global telecommunications standards. The move reflects the administration’s broader strategy of building alliances to compete with China in critical technologies while enhancing supply chain security and national security.
Bipartisan negotiations in the Senate to fund federal agencies beyond the September 30 deadline are reportedly making progress, according to Punchbowl. While lawmakers have not reached a final agreement, the talks are said to be moving in a positive direction, reducing the immediate risk of a government shutdown. If the momentum continues, a funding deal could help avoid disruptions to government operations and provide greater certainty for financial markets heading into the fall.
China’s Foreign Ministry said its countermeasures against the European Union are aimed at EU-wide policies rather than any individual member country, signaling that Beijing wants to push back without unnecessarily widening the dispute. The comment leaves room for negotiations and may ease concerns about country-specific retaliation, but it does not materially change the outlook for agricultural markets, where U.S. weather, Chinese buying and broader trade developments remain the main drivers.
Corn
S 1000 zh -17 cso p 1 1/4
B 500 z 510/535 cs 4 5/8
B 150 h 470 p 19 ½ vs 489
S 2000 u 550 c 3/8 vs 450 3/4
B 1000 u 450 c 13 to 13 1/8
S 1000 x 515 c 10
S 1000 u 470 c 6 7/8 to 6 1/4
S 500 x 515 c 10
S 1000 u 470/490 cs 3 5/8
S 200 z 440p/550c strangles 20 3/8 to 20 1/4
B 3300 v 515 c 7
B 1000 z 440 p 9 to 9 1/4
B 900 u 445 c 15 3/8 to 15 ½ vs 450
S 600 z 440 p 0 ¼ vs 472 1/2
B 1200 z 300 p 1/8
S 400 k 570 c 12 7/8 to 12 5/8
S 350 z 460/490 cs 12 1/8
S 1000 v 480 c 15 ½ to 15 1/4
S 1000 u 470 c 6 1/8
S 1000 v 515 c 6 1/2
S 500 z 450 p 12 5/8 vs 474
On a block
B 2250 z 400 p 2 3/8 vs 474 1/2
Beans
B 1000 f 1350/1460 cs 11 7/8
S 2500 x 1200 p 36 ½ to 35 7/8 vs 1212
B 1000 h 1500/1600 cs 3 ¾ to 4
B 650 n 1360/1560 cs 22 3/8 vs 1239
B 300 f 1400/1500 cs 6 3/4
S 1000 x 1200 p 36 7/8 to 36 ¾ vs 1212 1/2
S 500 x 1150 p 15 ½ to 15 1/4
B 1500 f 1400/1500 cs 7 1/8 vs 1215
S 500 u 1240 c 12 3/8
B 1500 x 1360/1460 cs 5 7/8 to 6
S 500 u 1250 c 9 7/8
S 1000 x 1250 c 30 ¼ to
S 1000 x 1240 p 59 vs 1215
S 3000 x 1220 p 46 ½ vs 1215
B 1750 x 1280/1380 cs 15 to 15 1/8
S 1000 v 1220 p 39
B 500 h 1500/1600 cs 4
B 150 f 1240 c 51 5/8 vs 1232 1/2
B 200 x 1300 c vs s 400 x 1380 c 1 1/8
S 500 x 1200 p 33 5/8 vs1220 3/4
B 200 x 1260 c 30 3/8 1218 3/4
Soymeal
b 100 z 320/290 ps vs s u 315 p 5.05 db
B 1500 z 300 p vs s z 280p/300c strangles 1.10 to 1.00 cr
S 200 z 340 c 9.00
S 100 u 320/315 ps 2.50
B 100 u 300/320 cs 13.30
S 200 z 325 c 14.00
S 150 v 300/310 cs 6.50
B 400 z 330/340/380/390 call condors 2.45
B 200 w1 335 c 2.00
B 100 k 335 c vs s 200 k 310 p .20 db
Bean oil
B 500 v 69/65 ps 1.295
B 300 u 71 straddles 3.450 to 3.500
B 500 u 72 c 1.495 vs 7143
B 500 z 65 p 1.515
Wheat
S 200 z 740 c 33 1/2
S 200 n 600 p 23
B 700 w5 675/700 cs 6
B 950 u 670/700 cs 10 7/8 vs 675
S 200 z 640 p 25
B 375 w1 725/800 cs 4 1/8 to 4 1/4
S 100 z 700 c 46 1/4
S 500 z 600 p 11 1/8
B 500 u 700/770 cs 9 3/8 vs 663
B 200 z 600 p vs s 400 z 570 p 3/8 db
Kc wheat
B 1000 z 850/900 cs 8 3/8 to 8 ½ vs 751
S 150 z 900 c 23 1/8
B 200 u 800/900 cs 10 5/8
B 750 u 800/850/900 call fly 3 1/8
Hogs
Bought 200 Sept 78/72 put spread v. 84 puts paid .35 up to .45
Bought 300 Aug 111 calls paid .025
Bought 100 April 106 calls paid .425 up to .45
Sold 100 Sept/Oct 91 call spread Cal. @ .45
Sold 800 Oct 90 calls @ 2.10 down to 2.05
Sold 400 Oct 84 puts @ 1.6250 covered 87.625
Bought 250 Dec 79 calls paid 3.825 up to 3.8750
Bought 250 Dec 78 calls paid 4.325 up to 4.35 covered 78.475
Live Cattle
Bought 6000 Dec 200 puts paid 3.40 up to 4.100
Sold 200 Aug 226/222/214 put fly @ 1.25
Bought 1000 April 200/180 put spread paid 3.30 up to 3.40
Bought 300 Oct 216 puts paid 5.15
Bought 500 Dec 220 puts paid 10.625 up to 11.10
Bought 200 April 240 calls paid 4.40
Sold 300 Oct 220 calls @ 6.20 down to 6.00
Bought 387 Aug 240 puts sold 774 Oct 210 puts paid 8.25
Bought 200 Oct 230 calls paid 2.20 up to 2.45
Sold 300 Aug 225 puts paid 3.25 down to 2.30
Bought 200 Sept 220/225 call spread paid 2.00
Sold 500 Dec 230 calls @ 4.525 down to 4.450
Sold 200 April 196 puts @ 3.80 down to 3.725
Sold 350 Aug 226 puts @ 3.00
Bought 100 Sept 224/200 puts spread paid 2.15
Bought 300 Aug 230/226 put spread paid 2.60 up to 2.625
Feeder Cattle
Bought 650 Sept 328 puts paid 7.00
Bought 100 Sept 330/310 put spread v. 360 calls paid 3.375 up to 3.45
Sold 400 Aug 340 puts @ 6.05 down to 4.4750
Bought 100 March 316/346 call spread v. 280 puts paid 3.35
Bought 300 Aug 335 puts paid 3.750 up to 4.200
Bought 200 Nov 300 puts paid 7.80 up to 8.10
Sold 200 Aug/Sept 330 put spread Cal. @ 5.10 down to 5.00
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