By Kirk Maltais

-Wheat for September delivery fell 1.6% to $6.30 1/2 a bushel on the Chicago Board of Trade on Tuesday, with traders getting their books in order ahead of tomorrow's WASDE report, which may boost wheat futures.

-Soybeans for November delivery fell 1% to $11.67 3/4 a bushel.

-Corn for December delivery fell 0.3% to $4.60 1/2 a bushel.

HIGHLIGHTS

Making Moves: CBOT wheat futures led the grains complex lower ahead of tomorrow's WASDE report, even though there's a host of supply-related issues that would support wheat prices, said Karl Setzer of Consus Ag Consulting. These issues include potential exporting problems for wheat out of the Black Sea, as well as hot weather in the U.S. Plains. Analysts surveyed by The Wall Street Journal forecast total U.S. wheat production for this year to drop by 9 million bushels to 1.53 billion bushels.

Steady Crop Condition: CBOT grain futures got off to a lower start after the USDA's latest Crop Progress report showed the rating of U.S. corn in good-or-excellent condition unchanged at 61%, while the condition of soybeans fell by one point to 62% good-or-excellent. Soil moistures were mostly down for the week, with 11 states reporting lower moisture. "The weather last week was generally favorable for crop development," said the USDA. "The forecast for this week is calling for chances of rain in the central and northern Corn Belt with hot and generally dry conditions in the southern areas and the Delta."

Believe the Hype: The USDA said this morning that 136,000 metric tons of U.S. soybeans were sold to China for delivery in the 2026/27 marketing year. Additionally, 180,000 tons of soybean meal were sold to the Philippines for delivery in 2026/27. China's purchase follows reports of new buying from Chinese state agents, and ahead of tomorrow's monthly WASDE report.

INSIGHT

Rainy Days: The Eastern Corn Belt is expected to get more rain this weekend, said the Hightower Report in a note. With hot temperatures all summer, the rainfall moving through Corn Belt states should give crops support to survive and thrive. The rain is coming to states that are already mostly drought-free including Iowa, Illinois, Indiana, and Ohio. In its latest Crop Progress report the USDA said that nationally, topsoil moisture fell two points to 50% adequate-to-surplus as of Aug. 9.

Looking for a Drop: The EIA's next report on U.S. ethanol estimates is expected to show a small decline in average daily production. Analysts surveyed by Dow Jones see production landing anywhere from 1.087 million barrels a day to 1.115 million barrels a day. That's versus last week's average of 1.107 million barrels a day. Forecasted inventories are expected to land within 24.29 million barrels and 25.22 million barrels.

AHEAD

-The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.

-The USDA will release its monthly WASDE report at noon ET Wednesday.

-The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

August 11, 2026 15:22 ET (19:22 GMT)

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