“For the month of July, nearby Chicago wheat futures dropped from 5.58 to 5.26 but has bounced to current price near 5.36. USDA raised their estimate of U.S. 2024-25 wheat exports 6 mln./bu. but dropped residual 17 mln. bu. Net result was an increase carryout to 851,” Freed said. “USDA est. average farm corn price near 5.51 versus 6.96 last year. USDA raised U.S. 2025 wheat crop 8 mln. bu. They raised 2025-26 exports 25 mln. bu. Net result was a carryout closer to 890 versus June estimate of 898. USDA est. average farmer wheat price near 5.20 versus June est. of 5.40. This week, U.S. wheat export sales were 26 mln. bu. Total commit is near 328 vs 294 last year.”