Grain and soy complex trading resumed Friday at the Chicago Board of Trade (CBOT) with mixed results, as market participants weighed strong export demand against positive U.S. crop conditions and uncertainty surrounding U.S. biofuel mandates.
📉 Wheat:
CBOT wheat futures edged slightly lower, dropping 1 to 2 cents per bushel. The pressure came from solid U.S. harvest prospects, especially in Kansas, where scouts on the Wheat Quality Council tour pegged average yield potential at 53 bushels per acre — the highest since 2021.
Meanwhile, international demand offered some support, with South Korean flour mills issuing a tender for 50,000 metric tons of U.S.-sourced milling wheat. However, concerns from China about upcoming hot, dry winds next week potentially impacting Henan’s wheat crop were not enough to push prices higher.
-
CBOT July Soft Red Winter Wheat: Down ½ cent to $5.32-1/4 per bushel
-
K.C. July Hard Red Winter Wheat: Up 1-1/4 cents to $5.29-1/2 per bushel
-
Minneapolis July Spring Wheat: Up 3/4 cent to $5.80-3/4 per bushel
🌽 Corn:
Corn futures traded in a narrow range, fluctuating between up 2 and down 1 cent per bushel. Ideal growing conditions across the U.S. Midwest, with rains expected from Sunday through Wednesday, are expected to boost crop development and maintain steady moisture levels.
-
CBOT July Corn: Up 2 cents to $4.50-1/2 per bushel
🌱 Soybeans:
Soybean futures continued their downward trend, losing 1 to 4 cents per bushel following Thursday’s sharp losses. Traders are reacting to renewed uncertainty regarding U.S. biodiesel policy. Hopes for extended tax credits were clouded by rumors that next year’s renewable diesel volume target may fall below the 5.25 billion gallons proposed by industry groups.
While the U.S. Environmental Protection Agency (EPA) confirmed on Thursday that it had submitted a future biofuel blending mandate proposal to the White House, the lack of clarity continues to weigh on the soy complex.
CBOT soybean, soymeal, and soyoil futures are currently trading with expanded daily limits following Thursday’s limit-down close in soyoil.
📊 Market Summary:
-
Wheat: Steady to down 7 cents
-
Corn: Steady to down 4 cents
-
Soybeans: Steady to down 5 cents
As traders look ahead to more updates from the EPA and monitor U.S. weather patterns, price volatility may persist into the coming week.
