Tidbits, Q&A: El Nino Harvest, Organic Corn, Exports, Ag Sentiment 7/8/26
- Wright team
- Jul 8
- 5 min read
Tidbits
Iran & Crude: The U.S. has renewed some sanctions and military strikes on Iran after three crude oil tankers were being struck by unknown projectiles in and near the Strait of Hormuz. August crude oil finished yesterday $1.89 higher and was another $2.05 higher after two hours of trading last evening.
S&D: The USDA will issue its July S&D this Friday at 10 AM Mountain Time. Planted acres will be changed to the numbers on the 30 June USDA acreage report. Demand numbers will be adjusted to account for the inventories reported 30 June. The big question is will corn and bean yields for 2026 crops be changed? Probably not. It is too early in the growing season for USDA to make yield adjustments. But USDA has surprised the market before!
Export Sales: Yesterday morning, the USDA announced the sale of 105,000 mts of old crop soybean meal to Colombia.
More reports are coming in that China’s state owned COFCO bought at least six cargoes of U.S. soybeans for September shipment. In addition, President Trump stated yesterday that Chinese leader Xi would visit the White House in late September. We will monitor USDA flash sales for confirmation of Chinese purchases. Chinese purchases will need to reach nearly 1 million mts per week if they are to secure 25 million mts of U.S. soybeans before Brazil’s harvest in early 2027. Brazilian soybeans are still cheaper than American ones.
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