Corn, soybean and winter wheat futures closed higher on Monday, August 3, as traders reacted to fresh USDA export inspection data, changing weather forecasts across the Corn Belt and ongoing geopolitical tensions in the Black Sea region. The gains matter because they signal renewed optimism in U.S. grain markets at a critical point of the growing season, when crop conditions, export demand and global supply continue shaping price direction.

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After finishing July under pressure, corn futures staged a strong rebound, supported by technical buying and expectations that the USDA could further reduce crop condition ratings after the recent wave of extreme heat across the central United States. Forecasts from NOAA indicate additional rainfall for portions of Missouri, Iowa and northern Illinois later this week, although southern areas are expected to receive little precipitation. Meanwhile, warmer-than-normal temperatures are forecast for much of the country during the second week of August, adding another layer of uncertainty for traders monitoring yield potential.

December corn futures climbed 8.5 cents to $4.7250 per bushel, while September contracts also gained 8.5 cents to settle at $4.4925. Export inspections reached 74.2 million bushels during the week ending July 30, representing a 23% increase from the previous week. Mexico, South Korea, Colombia, Japan and Taiwan were the largest buyers, while cumulative exports for the current marketing year remain more than 25% ahead of last year's pace, reaching 3.042 billion bushels. Analysts also highlighted that long-term storage strategies continue to favor corn, with historical data showing stored grain outperformed harvest pricing in nearly three out of every four years since 1985.

Corn Market Snapshot

Soybean futures followed corn higher, supported by new export sales to China and additional purchases from unknown destinations for the upcoming 2026-27 marketing year. November soybeans settled at $11.9225 per bushel, while September futures added modest gains. Although weekly soybean export inspections slipped 6% to 12.6 million bushels, demand from China continues to provide support for prices. At the same time, soymeal and soyoil futures also advanced, reflecting broader strength across the oilseed complex.

Winter wheat extended its rally as the conflict between Russia and Ukraine continued disrupting export flows from the Black Sea region. September Chicago SRW wheat futures gained 11.75 cents to $6.51, despite USDA data showing weekly export inspections fell nearly 20% to 12.3 million bushels. South Korea also announced a tender to purchase 1.8 million bushels of U.S. wheat, providing additional support for prices. Elsewhere, Brazilian consultancy AgRural estimated that 69% of Brazil's second corn crop has already been harvested, while CNH Industrial projected a recovery in the global agricultural machinery market beginning in 2027 as replacement demand increases.

Soybean & Wheat Highlights