Corn, wheat and soybean futures all finished lower on Thursday as traders adjusted positions ahead of the long U.S. holiday weekend.
Chicago markets will be closed Friday for the Juneteenth federal holiday.
Corn futures weakened despite generally supportive export news. The USDA confirmed private sales of 285,775 tonnes of corn to Mexico for delivery during the 2026/27 marketing year. Meanwhile, today’s weekly USDA export sales report showed about 1.16 million tonnes of old-crop corn and 519,035 tonnes of new-crop supplies. Old-crop sales were within trade expectations, while new-crop bookings fell short of the upper end of forecasts. July corn lost 3 ½ cents to $4.17 ½, and December dropped 4 ¾ cents to $4.44.
A stronger U.S. dollar added pressure across the grain complex after the Federal Reserve’s policy meeting on Wednesday reinforced expectations for higher interest rates. A rising dollar makes U.S. agricultural commodities more expensive for overseas customers.
Wheat futures were particularly affected by the currency move. USDA reported 400,844 tonnes of 2026/27 wheat sales for the week ended June 11, within market expectations. An additional 26,900 tonnes was sold for 2027/28 delivery. July Chicago fell 7 cents to $6.05 ¾, and July Kansas City lost 8 ½ cents to $6.44. July Hard Red Spring was down 6 ¾ cents to $6.21, and July Minneapolis closed 2 ½ cents lower at $6.23.
Soybeans also closed lower despite relatively solid export demand. The USDA reported a couple more private export sales of 132,000 tonnes to China and 120,000 to unknown destinations this morning. That follows the 372,000 MT (60,000/312,000 MT old/new) from Wednesday morning. Weekly old-crop soybean sales reached 424,869 tonnes, a 12-week high and above trade expectations, although still nearly 12% below last year. New-crop sales totalled 304,083 tonnes, the largest weekly booking so far for 2026-27. Crude oil prices also fell sharply again today. July beans were 9 ¼ cents lower at $11.22 ¾, and November ended with a 6 ½-cent loss to $11.42 ¾.
