Overview
- Traders are watching the USDA WASDE and Crop Production updates on Friday for fresh supply and stocks numbers that could reset prices after this week's volatile trading.
- USDA confirmed a private sale of 472,000 metric tons of soybeans to China and Census data showed 2.57 MMT of soybeans shipped in May, which supported an early‑week soybean rally that later faded.
- USDA weekly export sales for the week of July 2 revealed old‑crop U.S. corn bookings of 565,810 MT and new‑crop sales of 401,667 MT, both below trade expectations and weighing on near‑term corn strength.
- Livestock markets diverged with federally inspected cattle slaughter and cash cattle trade declining and live cattle futures sliding while hog slaughter and reported hog prices held firmer.
- Crude oil gains tied to U.S.–Iran strikes and the revocation of Iranian oil waivers pushed cotton and vegetable‑oil prices higher and added an external source of market volatility alongside heavy fund repositioning and July–August weather risk.