Chart of the Day
U.S. soybean export sales for 2026/27 stood at 4.6 million metric tons (169 million bushels) as of July 9, the highest for the date in four years. China added more than 1 mmt in the latest week, a stark contrast to its complete avoidance of U.S. beans last summer. Sales already cover 10% of USDA's export outlook, also the highest share in four years. Will USDA have to raise its export target yet again?
Weather
Although there were minor changes this week on the U.S. Drought Monitor, next week could feature some drought expansion in the Plains, where temperatures have been soaring. Those areas are also expected to stay dry over the next seven days. Expected rainfall amounts have been increasing in parts of the Eastern Belt as moisture starts to work its way over the high pressure dome. Temperatures will also start to come down starting Friday in eastern areas, providing relief from this week's heat.
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