Corn, wheat, and soybean futures remained under pressure to end the week, with favourable U.S. growing conditions, falling crude oil prices, and broader weakness across financial markets pushing grain contracts to fresh multi-month lows on Friday.
Corn fell as improving weather forecasts reinforced expectations for a large U.S. crop. Rainfall is expected across much of the Corn Belt over the next two weeks, improving soil moisture and supporting early crop establishment. A stronger U.S. dollar and broad-based liquidation across commodity and equity markets added to the downside. July corn dropped 7 cents to $4.17 ½, and December lost 5 ¾ cents to $4.46.
Soybean futures fell for the fifth straight session, pressured by both favourable weather and weakness in outside markets. Tumbling crude oil prices added pressure, while disappointing Chinese buying activity since recent trade discussions continued to weigh on market sentiment. July soybeans dropped to their lowest level in four months, sliding 8 cents to $11.21 ½. November closed 4 cents lower at $11.37 ½.
Wheat futures also finished mainly weaker, pressured by spillover selling from corn and soybeans. July Chicago wheat dropped to an eight-week low. Strength in the U.S. dollar further reduced the competitiveness of U.S. wheat exports. July Chicago eased 1 ¾ cents to $5.80, while July Kansas City managed a ½-cent gain to $6.20 ¾. July Hard Red Spring was down 14 ½ cents at $6.24 ½, and July Minneapolis slipped 1 ½ cents to $6.19 ½.
