Corn, wheat, and soybean futures came under heavy pressure Thursday as favourable U.S. growing conditions and sharply lower crude oil prices combined to push all three markets to multi-month lows.
Improving weather forecasts across the U.S. Midwest weighed heavily on corn and soybeans, with forecasts calling for timely rainfall and moderate temperatures during a critical early-season development period. Weaker crude oil prices added additional pressure, particularly for biofuel-linked markets such as corn and soybeans, after hopes for easing tensions in the Middle East and a possible reopening of the Strait of Hormuz sent energy markets sharply lower.
Corn futures also struggled despite fresh export business announced by the USDA, including a private sale of 115,000 tonnes to Colombia for 2026-27 delivery. Weekly U.S. export sales for old-crop corn totalled 883,332 tonnes, down 13% from the previous week and below trade expectations, while new-crop sales slowed to a three-week low. July corn lost 7 cents to $4.24 ½, and December dropped 8 cents to $4.51 ¾.
Soybeans remained under additional pressure from ongoing concerns surrounding Chinese import demand. Export sales data offered limited support, with old-crop sales slowing from recent weeks despite remaining well above year-ago levels, while new-crop commitments came in near the upper end of expectations. July beans tumbled 24 ½ cents to $11.29 ½, and November lost 25 ¾ cents to $11.41 ½.
Wheat futures weakened as harvest pressure mounted with the U.S. winter wheat harvest underway. Although crop conditions remain historically poor, traders focused instead on increasing harvest supplies and weak old-crop export demand. USDA data showed net cancellations of 642,239 tonnes for old-crop wheat sales, although strong new-crop sales suggested some demand was being rolled forward into the next marketing year. July Chicago slipped 5 ½ cents to $5.81 ¾, and July Kansas City dropped 3 ¾ cents to $6.20 ¼. July Hard Red Spring was steady at $6.39, and July Minneapolis lost 5 ¼ cents to $6.21.
