The CME and Total Farm Marketing Offices will be closed Monday, May 26, in Observance of Memorial Day

CORN HIGHLIGHTS:

• Corn futures saw quiet trade on Thursday. July contracts posted modest gains, buoyed by solid export sales, while deferred contracts faced light profit-taking. As of Thursday’s close, December corn futures are up 17 ¾ cents for the week heading into Friday’s session and the Memorial Day weekend.
• With the recent strong price move, the corn market had entered technically overbought territory. Some short-term correction and position-squaring emerged as traders looked to reduce risk ahead of the three-day weekend.
• USDA’s weekly export report showed new corn sales of 1.190 MMT (46.9 mb) for 2023-24 and 218,400 MT (8.6 mb) for 2024-25 — within trade expectations and supportive for nearby contracts. Japan was the top buyer for the week.
• Total U.S. corn export commitments now stand at 2.491 billion bushels, up 28% from last year and just 109 mb shy of the USDA’s full-year projection of 2.6 bb. With the marketing year ending August 30, upward revisions to the USDA’s export forecast and lower ending stocks are becoming more likely.
• Despite recent rains, roughly 22% of corn-growing areas remain under drought conditions. NOAAs extended 8–14-day outlook calls for above-normal temperatures and below-normal rainfall across much of the Corn Belt — conditions that may support prices if dryness persists into June.

SOYBEAN HIGHLIGHTS:

• The July soybean contract closed higher again Thursday, extending its winning streak to four days. Prices have consistently held support between $10.45 and $10.50, anchored by the 100-day moving average. A drier 30-day forecast across key U.S. growing regions continues to fuel concerns of a hot, dry summer — adding a weather premium to the market.
• Soybean meal ended the day higher, but soybean oil was once again dragged lower by potentially bearish biofuel rumors. Soybean oil gapped down overnight after a rumor circulated that the White House could soon grant a large backlog of Small Refinery Exemptions which would decrease blending and bean oil demand.
• Today’s export sales were within expectations for soybeans with an increase of 11.3 million bushels reported for 24/25 and an increase of 0.6 mb for 25/26. Primary destinations were to Mexico, Taiwan, and Indonesia. Last week’s export shipments of 9.2 mb were below the 12.8 mb needed each week to meet the USDA’s expectations.
• The Brazilian soybean market saw its cash market premiums rise with strong buying activity by China. China is estimated to have bought 100 cargoes of soybeans in the month of May with the majority coming from Brazil, including purchase into new crop Brazil soybeans for next spring. The strong Chinese demand has lifted global soybean prices, helping support the global price of soybeans.

WHEAT HIGHLIGHTS:

• Wheat futures closed mixed Thursday, with Chicago and Minneapolis posting losses, while Kansas City managed a marginal gain. A lower Euro failed to support Paris (Matif) wheat, which closed broadly lower — adding pressure to U.S. futures alongside a firmer U.S. dollar. Additionally, profit-taking after recent gains and uncompetitive U.S. Gulf wheat offers — reportedly $10/mt above Russian FOB levels — contributed to softer trade.
• The USDA reported a decrease of 0.5 mb of wheat export sales for 24/25 and an increase of 32.4 mb for 25/26. Shipments last week at 16.1 mb fell under the 28.3 mb pace needed per week to reach the USDA’s export goal of 820 mb. Total 24/25 shipments have reached 730 mb, up 12% from last year.
• A wheat crop tour in Illinois reported an average day-one yield of 106 bpa — well above last year’s estimate of 104 bpa and far exceeding the USDA’s current 85 bpa projection. However, excessive rainfall across southern Illinois and the broader Midwest is raising concerns over potential disease pressure that could threaten final yields.
• Despite experiencing the second-warmest February in over a century, India is on track to harvest a record wheat crop. USDA pegs production at 117 mmt, which would push stockpiles to a four-year high. As India typically consumes what it produces, this surplus offers limited trade implications but contributes to the global supply glut, adding bearish sentiment to world prices.
• According to Interfax, Russia exported 1.214 mmt of wheat from May 1 to May 20. Compared with the 3.319 mmt shipped during the same timeframe last year, this represents a 63% decline year over year. Reportedly, only 18 companies shipped wheat this May, versus 77 companies in May of last year. Furthermore, total May 2025 shipments are expected to reach 1.8 mmt, which would be 2.6 mmt under the five-year average.

DAIRY HIGHLIGHTS:

• Spot cheese gained a penny to move to a seven-month high above the $1.90/lb mark. Spot whey was up 0.75 cents.
• The nearby Class III contracts added double-digit value by the afternoon close, with June finishing the day at $19.83.
• Spot butter was up 2 cents to $2.3625/lb on a notable 24 loads traded. Powder gained a half cent with a $1.23/lb close.
• The Q3 Class IV contracts got in on the fun, adding an average of 21 cents on the day. June was unchanged at $17.70.

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Author

Amanda Brill