US grain futures slip as weather outlook improves ahead of USDA report

Soybean futures on the Chicago Board of Trade fell about 0.9%, closing around $11.81 per bushel, while corn futures also slipped roughly 0.9% to near $4.52 per bushel. Wheat futures rose sharply, gaining about 2% to around $6.20 per bushel.

The price moves were driven by a milder weather outlook for the U.S. Midwest, reducing concerns over heat and drought that could have hurt the upcoming harvest. The USDA announced additional soybean export sales – 136,000 tons to China and 120,000 tons to undisclosed destinations – and reported weekly corn export sales below market expectations.

Investors are awaiting the USDA’s July supply‑and‑demand report, scheduled for Friday, which will include a revised U.S. wheat harvest estimate of 41.81 million tons, the lowest since 1970, and minor adjustments to global wheat, corn and soy production figures.