CORN HIGHLIGHTS:

• Corn market finished the week with selling pressure as money flow continues to move out of the grain complex. Corn futures have traded lower for the sixth straight session as bullish news is hard to find in the corn market. July corn futures posted a new contract low, losing 7 cents to 417 ½, and December corn posted a new low for the recent move, dropping 5 ¾ cents to 446. For the week, July corn lost 29 ¼ cents, and December fell 29 cents total.
• Corn continues searching for support as traders weigh favorable U.S. growing conditions, a lack of Chinese buying interest, and increasing competition from freshly harvested South American supplies. The combination has left the market struggling to attract new buying interest.
• Rainfall fell in key parts of the Corn Belt Thursday into Friday. The weather forecasts remain wet going into next week. The amount of rain and coverage will be watched over the weekend and could impact the open on Sunday night.
• China has reportedly been purchasing corn from both Argentina and Brazil for late-summer and early-fall delivery. Many traders had hoped that timeframe would generate U.S. export business, but China has yet to purchase meaningful volumes of either old crop or new crop U.S. corn.
• The USDA will release the June WASDE Report on June 11 next week. Typically, June WASDE is a quieter report as the market may be more focused on the Planting report and Grain Stocks report at the end of the month.

SOYBEAN HIGHLIGHTS:

• Soybean futures remained under heavy pressure Friday as the broader grain market selloff continued. There was more pressure on both soy products with soybean oil taking the brunt of the losses. July soybeans have fallen through all major moving averages while the November contract is sitting just below the 100-day with the next level of support at the 200-day which is down at $11.37.
• July soybeans lost 8 cents to $11.21-1/2 and lost 65-1/4 cents on the week. November was down 4 cents today to $11.37-1/2 and lost 52-1/2 cents. July soybean meal lost $5.20 to $308.50 and lost $21.30 for the week. July soybean oil lost 2.17 cents to 74.12 cents and for the week lost 3.60 cents.
• The Buenos Aires Grain Exchange updated its production estimates for the 25/26 soybean crop yesterday. They expect 50.1 mmt of soybean production which would compare to 50.3 mmt last year, and the crop is now 91.7% harvested.
• Traders remain focused on Chinese demand after White House officials indicated that a 25 MMT soybean purchase commitment was discussed during recent trade meetings. However, as of the end of May, no officially reported new crop U.S. soybean purchases from China have appeared on USDA export books.
• Traders continue to monitor Chinese buying activity closely, with no officially reported new crop soybean purchases on the books as of the end of May despite White House statements indicating that a 25 MMT purchase commitment was discussed during trade meetings in October and May.

WHEAT HIGHLIGHTS:

• The wheat complex fell under pressure on Friday. The market remained pressured by favorable weather across the U.S. Plains, the early stages of the U.S. winter wheat harvest, and improving production prospects in major exporter Russia.
• Looking at July contracts, Chicago wheat closed 1-1/4 cents lower at $5.80, Kansas City wheat finished 1/2 cent higher at $6.20-3/4, and Minneapolis spring wheat closed 1-1/4 cents lower at $6.19-3/4.
• Wheat received some support from weather-related concerns in China. Analysts estimate that excessive rainfall may have caused between 4.8 and 10.0 mmt of Chinese wheat to sprout, potentially reducing quality and increasing the country’s need for wheat imports.
• According to FNCL, a grain traders’ association in Morocco, the country’s wheat imports during the 12 months ending in May totaled 6.36 mmt. That compares with 6.02 mmt imported during the same period a year earlier. Of the total imports, soft wheat accounted for 5.13 mmt, representing the majority of Morocco’s wheat purchases.
• LSEG Commodities Research has slightly lowered its estimate for U.S. 2026/27 wheat production. Compared to its previous update, production is now projected at 43.7 mmt, a decline of roughly 2%. The estimate incorporates weather data, crop condition ratings, and satellite imagery to assess yield potential across major wheat-producing regions.

DAIRY HIGHLIGHTS:

• Class III milk was relatively neutral on the day due to a lackluster spot trade for its products. July futures gained 4 cents to close at $16.71.
• Spot cheese was slightly weaker, losing 0.375 cents to go home at $1.45625/lb. Whey was unchanged at $0.67/lb.
• Class IV milk was subject to selling pressure today due to a pullback in powder. July futures were down 62 cents to $19.85.
• Spot butter improved to $1.6925/lb, up 1.25 cents today. Powder lost 6.50 cents to close out the week at $2.0450/lb.

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Author

Amanda Brill