# Market Perspectives - August 1, 2024 - U.S. Grains & BioProducts Council

> Corn, soybean and wheat prices dropped sharply and stayed weak early in the week. Crop consultant Michael Cordonnier kept his corn yield forecast at 181.5 bushels per acre and US production at 14.97 billion bushels, citing favorable July weather.

- Date: 2024-08-01 · published 2024-08-01T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/12103-market-perspectives-august-1-2024-u-s-grains-and-bioproducts-council
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [DDGS](https://feedsoft.ai/c/DDGS.md)

## Why it matters

Expectations of large corn yields and production weigh on feed grain prices, with heat in Plains corn acres the main upside risk.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- DDGS: neutral
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-06-17 | [Market Perspectives – June 17, 2021 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/7305-market-perspectives-june-17-2021-u-s-grains-and-bioproducts-council.md) | -2.4% | +2.5% |
| CORN | 2016-06-23 | [Market Perspectives June 23, 2016 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/10239-market-perspectives-june-23-2016-u-s-grains-and-bioproducts-council.md) | -3.5% | -5.7% |
| CORN | 2019-09-05 | [Market Perspectives – September 5, 2019 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/9142-market-perspectives-september-5-2019-u-s-grains-and-bioproducts-council.md) | -2.8% | +3.3% |
| CORN | 2019-07-31 | [Summer cools grain markets \| Global Perspective \| The Land \| NSW](https://feedsoft.ai/events/58139-summer-cools-grain-markets-global-perspective-the-land-nsw.md) | -5.0% | -9.9% |
| CORN | 2016-08-12 | [Grain market update: prices fluctuate ahead of WASDE report - 12 August 2016 Premium](https://feedsoft.ai/events/9953-grain-market-update-prices-fluctuate-ahead-of-wasde-report-12-august-2016.md) | +2.1% | -0.9% |
| SOY | 2021-06-17 | [Market Perspectives – June 17, 2021 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/7305-market-perspectives-june-17-2021-u-s-grains-and-bioproducts-council.md) | -4.4% | -0.1% |
| SOY | 2016-08-12 | [Grain market update: prices fluctuate ahead of WASDE report - 12 August 2016 Premium](https://feedsoft.ai/events/9953-grain-market-update-prices-fluctuate-ahead-of-wasde-report-12-august-2016.md) | +1.0% | -2.4% |
| SOY | 2024-07-10 | [U.S. grains: Soy futures fall to 2020 low on strong US crop prospects](https://feedsoft.ai/events/11196-u-s-grains-soy-futures-fall-to-2020-low-on-strong-us-crop-prospects.md) | -6.1% | -11.5% |

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-august-1-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.