Wheat

Chicago SRW (Sep ’25) faded into the close at $5.13 per bushel, down 5 cents, as fresh Russian price cuts and steady Northern Plains harvest progress outweighed otherwise decent U.S. shipment flow. Weekly export inspections printed 802,780 MT, with Mexico, Japan, and Vietnam among the top takers, while spring-wheat harvest reached 72%, a tick above normal. Abroad, FOB Russia 12.5% protein eased to roughly $230–$234/MT, and Australia lifted its 2025 wheat forecast to 33.8 MMT, reinforcing stiff competition even as France battles a protein-quality drag.

Corn

Corn firmed late, with Sep ’25 settling at $4.03 per bushel, up 5 cents after trading well off early-session lows. Export inspections climbed to 1.407 MMT, up 5% week-on-week and 46% above last year, led by Mexico, Japan, and Colombia. U.S. crop progress showed 90% dough, 58% dent, and 15% mature; conditions slipped to 69% good/excellent. In Brazil, safrinha harvest is effectively over while first-crop planting is underway in the Center-South; sellers remain measured, underpinning spot prices despite slower-than-2024 exports.

Soybeans

Soybeans softened, with Sep ’25 closing at $10.25 ¾ per bushel, down 11 cents, as meal sagged and crush data underwhelmed versus expectations even though July crush stayed above last year. Crop progress showed 94% setting pods and 11% dropping leaves; conditions eased to 65% good/excellent. Export inspections reached 472,914 MT, up on the week but slightly below last year, with Vietnam and Mexico leading. Soyoil firmed while premiums in Brazil slipped amid slower demand and currency moves, keeping U.S. trade dependent on seasonal windows and headline risk.