Most grain prices on the Chicago Mercantile Exchange rose on Thursday July 25. The August soybean futures contract increased by 5 cents per bushel, settling at $11.16 per bu, but September wheat dropped by 9.25 cents per bu, closing at $5.37 per bu.

Meanwhile, August soybean meal jumped by $9 per short ton to $352.40 per ton, and September corn rose by 2.25 cents per bu to $4.06 per bu.

The latest weather forecasts, which feature a lot of hot, dry weather coming to the Midwest and Plains in early August, spurred a round of technical buying that led to modest gains in corn and soybean prices.

Wheat prices dropped following a round of technical selling, influenced by large global stocks and seasonal harvest progress in the US.

Weekly export sales, released July 25

Soybean
US soybean export sales for 2023/24 reached 88,600 tonnes in the week to July 18, down by 61% from the previous week…