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Corn and soybean futures track Corn Belt weather and weak dollar
US corn sales to Mexico totaled 286,097 metric tons, and USDA data also pointed to higher fuel ethanol use that is supporting demand.
Grain markets are tilting on near term weather expectations, with forecast conditions in the U.S. Corn Belt over the next couple of weeks expected to limit buyer interest in corn and soybean futures, according to Yahoo Finance. Traders are also watching international crop stress. Yahoo Finance notes an extreme heat wave in western Europe is hurting grain production, including France where the farm ministry expects the corn crop to fall 35% to 9.0 million metric tons, the lowest level since at least 1980.
In the US, USDA figures have provided some support. Yahoo Finance reports the USDA said daily U.S. corn sales reached 286,097 metric tons to Mexico, including 29,808 metric tons for the 2026 to 2027 marketing year and 256,289 metric tons for the 2027 to 2028 marketing year.
Yahoo Finance also highlighted demand signals tied to energy markets, with higher crude oil lifting corn use for fuel alcohol, June ethanol use at 466.7 million bushels, up 4.5% year over year. The article adds that the ethanol blend rate in U.S. gasoline hit a record 11.29% in May, and that USDA reported 238,000 metric tons of U.S. soybean sales to China for 2026 to 2027. Traders are set to monitor weekly USDA crop progress reports and the Pro Farmer annual corn and soybean tour later in August, as they weigh weather, the US dollar, and ongoing US China tensions.
Latest closeWTI crude $82.40 ▲1.4%|Gasoline (RBOB) $2.901 ▼7.3%|Corn $483.75 ▲8.0%