Wheat futures continued to trend lower on Friday, as the market remained under pressure from improving production prospects.
Corn and soybeans both ended higher, ahead of the Monday release of the USDA’s monthly supply-demand report, which will also include the first projections for the upcoming 2025-26 marketing year.
While dry weather is expected across much of the southern US Plains over the next week, winter wheat crops in the region have shown marked improvement over the past couple of weeks amid better rainfall. Monday’s USDA crop progress report pegged the American winter wheat crop at 51% good to excellent as of Sunday, up 2 points on the week and now 1 point higher than a year ago. Meanwhile, timely precipitation has eased drought concerns in the Black Sea region, with additional showers expected through the end of next week. July Chicago wheat was down 7 ½ cents at $5.21 ¾, July Kansas City fell 7 ¼ cents to $5.17 ½, and July Minneapolis was down 7 ¼ cents $5.93 ½.
Soybeans were underpinned again by optimism ahead of US-China trade talks to be held this weekend in Switzerland. The USDA also announced another private export sale to Pakistan, this time for 120,000 tonnes after 225,000 tonnes was announced on Thursday. July beans gained 6 ¾ cents to $10.51 ¾, and November was up 5 ½ cents at $10.30 ½.
Gains in corn were modest, with pre-USDA report positioning helping to support. July corn added 2 ¼ cents to $4.49 ¾, and December was up 3 ¼ cents to $4.42.
