On Tuesday, July 30, agricultural contracts in the CBOT commodity market experienced a significant decline, closing near their lowest levels since 2020. This drop was influenced by US agricultural production data and favorable weather forecasts predicting a large output for the year. Additional factors included concerns about demand from China and large stocks of old soybeans and corn held by US farmers. Wheat futures were also impacted by the ongoing US harvest and low Russian wheat prices. The USDA reported that 67% of soybeans and 68% of corn were in good to excellent condition, with rain forecasts easing previous worries about hot, dry conditions.