President Trump issued additional letters this morning notifying more countries about the August 1 tariff hike, including a 20% tariff on the Philippines.

The USDA will release its weekly Export Sales report on Thursday, with Reuters’ trader survey expecting wheat sales between 200,000 and 600,000 metric tons.

Crop Production data will be updated Friday. A Bloomberg analyst survey shows total wheat production tightening by 14 million bushels to 1.907 billion bushels, mainly due to lower harvested acres as of late June. Winter wheat is projected at 1.362 billion bushels, down 19 million from last month. Spring wheat and durum are estimated at undisclosed volumes, with durum expected at 78 million bushels. Wheat ending stocks for 2025/26 are forecast at 894 million bushels, down just 4 million from last month.

A Ukrainian grain trader union estimates the country’s 2025 corn crop at 22.4 million tons, below the USDA’s current estimate of 23 million tons.