The USDA released its July World Agricultural Supply and Demand Estimates (WASDE) report on Friday.
Dan Basse is president of AgResource Company in Chicago.
"The market has reacted somewhat negatively...the report didn't have any major surprises," said Basse. "Maybe a surprise in the report is that China soybean imports were left at 96 million metric tons, both in this crop year, which is just about over with, and the new crop year. USDA is not forecasting that China will take additional soybeans or oilseed crops in that time frame."
He gave an update on U.S. crops.
"So far, so good," said Basse. "We've got some stress down in the southern half of Illinois, Indiana, and Ohio. They've seen some drought stress, we need some rain in those areas. We are looking at weather models that are divergent beyond the next seven days, but we do have a chance for rain through Tuesday in almost all of those areas. I think it's a question of how much will fall and then do we get that hot, dry forecast later next week."