Corn led the pullback, with July futures falling 13 1/2 cents to $4.67 1/2, as traders exited positions built on expectations of fresh export demand. While the House approval of year-round E15 offers longer-term demand support, uncertainty in the Senate muted any bullish follow-through. Attention now shifts back to weather, with improving moisture in the eastern Corn Belt offsetting ongoing dryness concerns in Brazil.
Soybeans saw the steepest losses, with July dropping 36 1/2 cents to $11.92 1/2. The absence of a confirmed China buying program removed a key pillar of recent strength, prompting funds to unwind long positions. At the same time, improved South American production outlooks reinforced Brazil’s role as the global pricing anchor, adding further downside pressure.
Wheat futures also retreated, with July Chicago down 17 1/2 cents to $6.58. Despite earlier support from U.S. Plains dryness and lower Kansas yield estimates, improved moisture across parts of Europe and the Black Sea eased supply concerns.
Overall, the session marked a shift from anticipation to recalibration, with markets once again driven by fundamentals rather than headlines.
