USA: Wheat, corn and soybeans fell sharply on Monday

On July 15, 2024, the wheat market saw a significant decline with futures for various types of wheat falling across major exchanges. U.S. soybean futures also dropped to a nearly four-year low due to favorable crop conditions and demand concerns. The U.S. winter wheat harvest was 71% complete, and spring wheat conditions improved. Export inspections showed increased wheat and corn shipments, with Mexico being a major buyer. Analysts raised forecasts for wheat production in Russia and corn production in Brazil, while Argentina's wheat harvest is expected to be lower. Corn futures fell due to expected rainfall in the U.S. corn belt, and soybean futures ended lower with declines in soybean meal and oil contracts. As of July 14, 51% of U.S. soybeans were flowering, and 18% had set pods, with the condition rating at 68% good/excellent. The USDA reported that soybean exports for the week ending July 11 were up 4.8% from the same week last year but down 42.7% from the previous week, with Mexico being the main destination.