Front month corn, wheat and soybeans all traded at or near low prices for the year this week and crop conditions have remained favorable across the growing region nearly the entire season and this first week of August promising more favorable weather. The USDA on Monday issued condition ratings that showed U.S. corn conditions were at their highest in nine years, reinforcing the prospect of a bumper U.S. harvest. The CBOT September corn contract fell 1 1 / 4 to close at $3.80-1/4 per bushel, after hitting a low of $3.75 per bushel.  All futures contracts from September 2025 out to September 2026 traded to life-of-contract lows this week.

Adding to this price pressure are good harvest prospects and the prospect that the U.S. market is losing its usual exports to China as Chinese buyers are switching to soybean supplies from South America.

Energy:

September crude oil traded lower for the sixth straight session and pushed below $64/barrel for the first time Since July 2. The global market continues to navigate a complex web of supply pressures and geopolitical crosswinds. Prices are currently dropping in the face of an emerging supply glut once the peak summer demand season comes to an end, rising OPEC+ output and fading global demand growth amid tariff-related demand concerns. Crude oil is still down ±8% for the year.

Meanwhile, natural gas futures have come under renewed pressure. The front-month September Henry Hub contract dropped back below $3.00 per MMBtu for the first time since April, hovering again near year-to-date lows $3.00 per MMBtu.  The decline reflects a persistent oversupply, with domestic production remaining robust and storage levels now 6.7% above the five-year average. Weather forecasts pointing to cooler-than-normal conditions in mid-August have added to the bearish mood by signaling softer air-conditioning demand for the latter part of summer.

Metals:

Gold futures snapped a 3-day winning streak, inching lower ahead of President Trump’s August 7 tariff deadline.  The president announced that Indian imports will be subject to an extra 25% increase in tariffs, on top of the 25% rate they already face.  Punitive tariffs on Brazil also took effect today, lifting import taxes on some Brazilian goods to 50%. Notwithstanding gold’s retreat today, futures are still within striking distance of their recent all-time highs with October gold back above $3,400/oz. and it’s last four high closes at $3,482 (4/21), $3,480 (5/6), $3,480.50 (6/13) and $3,472.30 (7/22).