Corn and soybean futures edged higher on Friday, while wheat finished mixed amid sharp declines in crude oil
Crude oil prices plunged more than 10% following news that the Strait of Hormuz had reopened to commercial shipping amid signs of easing tensions in the Middle East. U.S. crude was trading down around the mid-$80s/barrel late this afternoon, although still well above the $70s before the U.S.-Iran war started in late February.
Corn futures staged a late-session recovery after early losses tied to volatility in energy markets and geopolitical headlines surrounding the Strait of Hormuz. Despite the initial weakness, corn found support from solid export demand. May and December corn each gained a ¼ cent to close at $4.48 ¾, and $4.77.
Strength in soybean meal futures provided some underlying support for soybeans, even as soybean oil values were pressured by the sharp drop in crude oil. May beans gained 3 ½ cents to $11.67 ¼, and November added a ½ cent to $11.56 ½.
For wheat, the winter wheat contracts were lower, but the spring wheat contracts managed advances. May Chicago fell 7 ¼ cents to $5.91 ¼, and May Kansas City lost 6 cents to $6.36 ¾. May Hard Red Spring added 4 cents to $6.49 ¼, and May Minneapolis was 1 ½ cents higher at $6.53 ¼.
