Seasonal Pressure Builds Across Corn, Soybeans, and Wheat
As mid-July arrives, grain markets are entering a critical period that may shape prices well into harvest. While “Beware the Ides of July” may not carry the literary weight of March’s warning, this time of year is no less consequential for agricultural markets—especially for corn, soybeans, and wheat.
Corn Dips to New Lows, Testing Key Support Levels
December corn futures began the week at a 52-week low of $4.07 per bushel. As the market continues to trend downward, analysts are eyeing the $3.88 to $3.85 range as the next major support zone—what some are calling a new “line in the sand” for the corn trade.
With the market’s attention turning toward yield forecasts and upcoming USDA reports, these technical levels could play a pivotal role in determining where prices go in August and beyond.
Soybeans Range-Bound Ahead of Crucial August
November soybean futures are also under pressure, sitting above their 52-week low of $9.61. However, traders expect soybeans to remain more range-bound in the short term.
Historically, August is the most influential month for soybeans as pod-setting and filling stages take center stage. Until then, analysts expect sideways trading as weather models and crop condition reports drive sentiment.
Kansas City Wheat Nears Critical $5 Threshold
Kansas City wheat futures have already touched a 52-week low at $5.15½. Market watchers now see the $5.00 level as a potential next stop if bearish momentum continues.
Wheat markets continue to be weighed down by strong global supply and sluggish export demand. The coming weeks will be pivotal as harvest progress accelerates and new international production estimates come into play.
Outlook
With all three major grain contracts—corn, soybeans, and wheat—pressuring their yearly lows, traders and producers alike are on alert as the calendar advances toward August. Market fundamentals, weather forecasts, and technical signals will all influence whether prices stabilize or continue to fall.
Wishing you a profitable day,
Mark Oppold reporting for Southeast AgNet.