Corn managed to hold onto small gains while both soybeans and wheat reversed to end lower on Friday.
All three markets had been higher earlier in the day, mostly boosted by short covering head of the weekend. However, deepening losses in crude oil eventually pushed soybeans and wheat into the red at the close. July U.S. crude oil fell by 3% today, adding to losses of just under 3% a day earlier,
as reports circulated that an interim U.S.-Iran peace agreement could be signed as early as this weekend, ending the military hostilities, reopening the Strait of Hormuz, and ending the U.S. blockade on Iran and its oil exports. However, uncertainty remained amid differences between the U.S. and Iran over leaked details of the agreement.
Mostly good weather for crops in the American Midwest also helped to keep crop futures in check today. Regular rain is expected across much of the Midwest over the next couple of weeks, leaving soil moisture favourable in nearly all area. Meanwhile, a lack of significant heat is expected through at least the next week, and most areas will be colder than usual this weekend into early next week, World Weather said today.
July corn gained a penny to $4.12 ¾, and December was up ¾ of a cent at $4.40 ¼. On the other hand, July soybeans eased 1 ½ cents to $11.13 ½, and November dropped 2 cents to $11.32.
July Chicago wheat dipped 2 ¼ cents to $5.84 ½, and July Kansas City eased a ¼ cent to $6.34 ½. July Hard Red Spring fell 2 ½ cents to $6.16 ¾, and July Minneapolis was down 1 ¼ cents at $6.18 ¼.
