Exports
The next U.S. Drought Monitor is scheduled for release Thursday, providing an updated look at moisture conditions across the country.
Mexico remained the central buyer in the latest USDA export sales report, while China provided support for soybeans, sorghum, cotton, pork, and cattle hides.
USDA’s July WASDE report projects the smallest U.S. wheat crop since 1970, tighter corn stocks, stronger soybean exports, larger cotton supplies, and higher cattle prices.
Attention now shifts toward the annual 25 million metric ton benchmark, equal to about 919 million bushels, for 2026 through 2028.
USDA adjusted accumulated beef exports down by nearly 114,000 metric tons, stating those exports were reported in error.
Cattle futures eased as traders weighed inflation and consumer demand, while robust auction activity under tight herd supplies and new export opportunities continued to support the beef outlook.
Higher shipments of ethanol and feed coproducts provided another boost for corn demand.
North American trade numbers are sending mixed signals for U.S. agriculture as the U.S.-Mexico-Canada Agreement (USMCA) faces renewed attention.
China was the top focus in the latest USDA export inspections report, taking about 9.9 million bushels of inspected U.S. soybeans for the week ending July 2.
The nation’s transportation network has played a critical role in connecting farmers with buyers for more than two centuries.