USDA July Report Offers Slight Changes

The USDA’s July report brought modest changes, with U.S. wheat yield bumped to 52.6 bushels per acre, up from 51.6 last month. Corn and soybean yields were left unchanged, as expected, with more updates typically coming in August. Corn feed use was lowered by 50 million bushels, while ethanol and export figures stayed the same. For soybeans, new crop export projections dropped to 1.745 billion bushels, down from 1.815 billion, but the crush estimate was raised to 2.54 billion bushels. U.S. ending stocks for 2025-26 came in at 1.66 billion bushels for corn, 310 million for soybeans, and 890 million for wheat.