Corn and soybean futures posted modest gains on Friday, while wheat ended lower.
Corn was boosted by export demand as the USDA reported export flash sales this morning of 19.4 million bu of corn sold to Mexico and 4.3 million bu of corn sold to unknown destinations. Positioning ahead of the U.S. long holiday weekend added to the upside, with American markets closed Monday for the Memorial Day holiday. July corn gained a penny to $4.63 ¼, and December was 1 ½ cents higher at $4.86 ½.
Soybeans were boosted by short covering ahead of the holiday weekend. The USDA reported a private export sale of 252,000 tonnes of soybean meal to unknown destinations this morning, which was also supportive. July beans were up 2 ¼ cents at $11.96 ½, and November climbed a penny to $11.87 ¾.
Wheat was seeing some pressure from improving rainfall in U.S. winter wheat areas. Today’s USDA agricultural weather highlights said rain is boosting topsoil moisture for rangeland, pastures, winter grains, and spring-sown crops in several areas, including eastern Oklahoma and from Kansas northward into the Dakotas. July Chicago wheat eased 1 ¼ cents to $6.46 ¼, and July Kansas City was down a nickel at $6.82. July Hard Red Spring dipped 4 ¾ cents to $7.18, and July Minneapolis slipped ¾ of a cent to $6.89 ½.
