CORN HIGHLIGHTS:

• Corn futures finished the week with mixed trade. Old crop futures were supported by the positive demand tone, but new crop futures were pressured on prospective planting pace for the week. July corn futures finished 4 ¾ cents lower on the week.
• The USDA announced a flash export sale of corn on Friday morning. Mexico purchased 235,000 MT (9.25 mb) of corn split between the current and next marketing year, 130,000 MT (5.1 mb) for 2024-25 and 105,000 MT (4.15 mb) for 2025-26.
• Export sales and shipments remain ahead of USDA projections, suggesting potential upward revisions to export estimates in upcoming WASDE reports, which could tighten old-crop carryout.
• News report that Japan is looking to boost U.S. corn imports as part of a possible trade deal and avoiding tariffs supported the front end of the corn market. Japan has been more active recently in US corn purchase, being the largest buyer this past week on the export sales report.
• Weather forecasts point to a drier start to May, likely accelerating planting progress and raising expectations for larger acreage in USDA’s June report.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower despite continued talk of trade negotiations between President Trump and China. Much of the country has received rain over the past few days as planting begins, improving soil moisture and potentially pressuring futures. Soybean meal was higher, while soybean oil was lower to end the day.
• Argentinian weather forecasts have turned drier, allowing Argentina producers to push soybean harvest forward.  Argentina producers were noted as strong sellers this past week, taking advantage of the rally in front month soybean futures.
• U.S. soybean planting is off to a strong start, with 8% of the crop planted — ahead of the five-year average. Near-term rains are expected, but longer-range forecasts show a drier May across North America, raising concerns about summer drought potential and adding weather premium to prices.
• For the week, May soybeans gained 13-1/4 cents while November gained just 2-1/2 cents. May soybean meal lost $5.60 for the week ending at $290, while May soybean oil was the leader gaining 1.41 cents to 49.28 cents.

WHEAT HIGHLIGHTS:

• Wheat markets continued their positive momentum throughout the day, ultimately ending the day with gains, following the lead of the Paris milling wheat contract and as managed funds remain at record short positions in both the U.S. and the EU.
• Showers in Oklahoma and northern Kansas offered some pressure early, but buying picked up ahead of the weekend. Forecasts suggest upcoming rain will target the northern and far southern Plains, leaving central areas like Nebraska and western Kansas largely dry.
• Despite U.S. rain, global production risks persist. Dryness in key wheat regions across China, the EU, and the Black Sea remain in focus, tempering bearish sentiment.
• The wheat crop in Ukraine remains uncertain as Russian President Putin continues to ignore President Trump’s request to cease strikes on Ukraine and negotiate a peace deal. Any disruptions to wheat production or exports from Ukraine could place additional strain on the global wheat supply.

DAIRY HIGHLIGHTS:

• Class III milk futures fell again on Friday as sellers pressured the market lower. The July contract saw the largest loss of 28 cents to close at $17.62.
• Spot cheese gained just 0.75 cents on the day, closing at $1.7025/lb. Whey lost half a penny to go home at $0.5050/lb.
• Class IV milk followed the Class III market lower on light volume trading. The 2025 Class IV average lost 10 cents to close at $18.78.
• Spot butter finished out the week at $2.28/lb after losing 4.50 cents on the day. Powder was unchanged at $1.1875/lb.

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Author

John Heinberg