Markets Shrug at Friendly USDA Report

The USDA’s July WASDE report delivered slightly bullish news for grain traders, but the market reaction was muted. “This is our second report in a row that I think leaned a little bit on the friendly side, and the market does absolutely nothing to slightly lower with it,” said Kristi Van Ahn-Kjeseth, COO, Van Ahn and Company.. “And I think it’s just the fact that fundamentals do not matter right now. People are paying attention to weather, tariff talk, and trade talk.” Soybean export estimates were lowered to 1.745 billion bushels for the 2025-26 crop year, the lowest level since the 2013-14 marketing year. “That’s even lower than our trade war era exports,” Van Ahn-Kjeseth said. “So I just think this market is leaning a little bit too bearish.” With trade policy dominating headlines, fundamentals are taking a back seat for now.