--- title: Daily comment for Friday, July 10 description: Our markets rallied hard today, with wheat doing the heavy lifting and easily posting the board's best gains, while corn and beans also finished... image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-friday-july-10#main-content) [![CLAYTON POPE COMMODITIES 3-3](https://blog.claytonpopecommodities.com/hs-fs/hubfs/CLAYTON%20POPE%20COMMODITIES%203-3.png?width=300&height=135&name=CLAYTON%20POPE%20COMMODITIES%203-3.png "CLAYTON POPE COMMODITIES 3-3")](https://www.claytonpopecommodities.com/) [All posts](https://blog.claytonpopecommodities.com/newsletters/all) October 13, 2026 # Daily comment for Friday, July 10 ![Picture of Taylor Pope](https://blog.claytonpopecommodities.com/hs-fs/hubfs/1728420772119.jpg?width=50&name=1728420772119.jpg) By  [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope)  ·  3 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Sep '26 Corn | 439 1/2 | +8 | | Dec '26 Corn | 461 | +9 | | Aug '26 Beans | 1191 3/4 | +14 | | Nov '26 Beans | 1190 3/4 | +9 1/4 | | Sep '26 Chi Wheat | 640 1/4 | +20 1/2 | | Sep '26 KC Wheat | 676 1/4 | +22 | | Dec '26 Cotton | 81.54 | +.91 | | Crude Oil (spot futures) | 71.61 | -.47 | | US Dollar Index (spot futures) | 100.78 | +.09 | | Dow Jones (spot futures) | 52683 | +196 | ## Daily Glance Our markets rallied hard today, with wheat doing the heavy lifting and easily posting the board's best gains, while corn and beans also finished solidly higher. ### Want the rest of today's comment? Leave your name and email to read the full daily market comment, including technicals, weather and trade implications. The WASDE itself leaned friendly. New crop corn stocks came in at 1.70 billion bushels, tighter than expected as USDA trimmed the old crop carryover more than the trade was looking for, and that lower starting point flowed into the new crop figure. Soybean stocks head at 310 million, a touch under what the trade was bracing for, with a bump to the export line offsetting the old crop revision and higher acreage (from the June 30 report). Our take is that wheat's move has more to do with geopolitics than the numbers, with reports that Russian vessel traffic in the Sea of Azov has been halted following a fresh round of Ukrainian strikes, an estimated 12 to 14 vessels hit just today. That is the kind of headline the market will not want to fade until there is more clarity on how long any disruption lasts. ## Key Points/Developments **Technicals:** Dec corn reclaimed the 454 level that had flipped to resistance yesterday, settling at 461 and working back toward its 50 and 200 day moving averages near 469, which remains the next real hurdle. Clear that and the low 480s come into focus, then 490 and the spring high near 500. On a pullback, 454 goes back to being support, then 450 and 445 underneath. Nov beans climbed back off yesterday's test of the 1180 support to close at 1190 3/4. 1197 to 1200 remains the level to beat above that, and beyond that the one year high near 1214, then 1250. Support underneath sits at 1180 to 1183, then 1174 to 1170. **Weather:** TStorm's morning ratings put corn and beans back to neutral after Thursday's slip to slightly unfavorable, while winter wheat held steady at neutral. The forecast keeps splitting the belt in two, with heat building across the northwest half starting Saturday before spreading to the rest of the belt by midweek, though the mid South should mostly miss it thanks to a cooling front working through the eastern belt. Another front looks to ease things again around July 18 to 20, then it is the same question of heat or cool two to three weeks out. Rain stays hard to come by outside the southern third of the belt over the next week to ten days, though with 92% of corn rated normal to wet over the past month, that dry stretch is not an immediate worry. With pollination underway or arriving for a good part of the belt, the next couple weeks of temperatures matter plenty, but for now the setup looks more balanced than threatening. ## Markets/Trading Implications Today's rally does put a somewhat different complexion on both corn and beans, even if we would not get carried away chasing one day's reaction to a report and a geopolitical headline together. Corn's stocks number gives us a little more conviction in the demand story we have been leaning on for months, and a sub two billion carryover heading into pollination does not leave much room for a yield disappointment. We like a bit better here than beans, though we would still rather buy a dip than chase this move. Beans are the tougher one to get excited about. The stocks figure held steady, and exports helped patch over the old crop revision and acreage bump, but that is a bit of a lukewarm outcome and beans need something more, either from China or the weather, to really get going. ## Other Notes - USDA raised combined Ukrainian and Russian wheat production by 1 MMT to 112.5 MMT, offset by a 1 MMT cut to Canada on lower acreage there as well. - For the week, November soybeans gained 43 cents, December corn gained 19 1/2 cents, September wheat gained 40 1/2 cents, and December cotton gained 4.43. ## Static Notes - This week's Commitment of Traders report, covering positions through Tuesday, July 7, indicated that funds were big buyers across the board, mostly covering shorts. They bought a big net 59k corn contracts, flipping them to net long 13k. They bought a net 37k soybeans, taking longs back up to 69k, and they bought 7k Chicago wheat, reducing shorts to 62k. Prices during the corresponding week saw December corn gain 28 cents, November beans up 54 cents, and Chicago wheat up 29 cents. In the three days since this report, corn slipped 3 cents, beans slipped 7 cents, and wheat gained another 22 cents. Have a great weekend! Clayton and Taylor --- **RISK DISCLAIMER:** Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all investors. Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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