The CME and Total Farm Marketing Offices will be closed Friday, June 19, in Observance of Juneteenth

CORN HIGHLIGHTS:

• Corn futures closed notably lower today, pressured by a stronger U.S. dollar and long liquidation ahead of the upcoming three-day weekend, giving back a portion of yesterday’s gains. Additional pressure came from weaker crude oil prices after the U.S. and Iran signed a peace agreement. July corn closed 3-1/2 cents lower at 4.17-1/2 and September closed 4-1/4 cents lower at 4.25-1/4.
• USDA confirmed a sale of 285,775 metric tons of U.S. corn to Mexico for delivery during the 2026/27 marketing year, providing additional demand support for new-crop exports.
• Corn export sales totaled 66 million bushels, coming in line with trade expectations. Old-crop export commitments now stand at 3.304 billion bushels, up 26% from a year ago and well ahead of the USDA’s current forecast for a 16% annual increase. Japan was the largest buyer with 18 million bushels, followed by Mexico at 16 million and Spain at 10 million bushels of old-crop corn.
• Southern Brazil’s corn harvest is 2.5% complete, trailing the five-year average pace of 3.4% for this time of year. As Brazil’s export program typically shifts from soybeans to corn with the availability of the safrinha crop, the country could become increasingly competitive in the global corn export market over the coming weeks.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower heading into the extended 3-day weekend as optimism over a U.S., Iran peace deal increases which has pressured crude oil. July soybeans lost 9-1/4 cents to $11.22-3/4 while November lost 6-1/2 cents to $11.42-3/4. July soybean meal lost $3.50 to $301.30 and July soybean oil lost 1.85 cents to 69.69 cents.
• Today’s export sales report saw soybean sales toward the higher end of analyst expectations. The USDA reported an increase of 15.6 million bushels of soybean sales for 25/26 and an increase of 11.2 million bushels for 26/27. This was up from last week and up 49% from the prior 4-week average. Top buyers were Egypt, Mexico, and Indonesia. Last week’s export shipments of 20.3 mb were above the 15.2 mb needed each week to meet USDA estimates.
• Brazilian and Argentine soybean export premiums have risen in recent weeks, making U.S. soybeans more competitive for fall delivery. Brazil’s export focus typically shifts from soybeans to corn this time of year as the safrinha corn harvest progresses.
• USDA confirmed export sales of U.S. soybeans totaling 252,000 metric tons today, including 132,000 metric tons to China and 120,000 metric tons to unknown destinations for delivery in the 2026/27 marketing year.

WHEAT HIGHLIGHTS:

• Wheat reversed course from yesterday’s rally to close lower across all three classes, with the exception of deferred spring wheat contracts. A stronger U.S. dollar, which climbed to its highest level since May 2025, added pressure to the market. However, the larger bearish influence came from lower crude oil prices following news that the U.S. and Iran reached a peace agreement earlier than expected, after the signing was originally scheduled for Friday. In the July contract, Chicago fell 7 cents to 605-3/4, Kansas City dropped 8-1/2 cents to 644, and MIAX closed 2-1/2 cents lower at 623.
• The USDA reported an increase of 14.7 mb of wheat export sales for 26/27 and an increase of 1.0 mb for 27/28. Shipments last week totaled 11.5 mb, which is under the 14.5 mb pace needed per week to reach their 775 mb export goal. Wheat export commitments for 26/27 have reached 183 mb, down 21% from last year.
• According to the USDA, as of June 16, an estimated 63% of U.S. winter wheat acres are experiencing drought conditions – this is steady with last week. For the same time period, spring wheat acres in drought increased 1% to 23%.
• Storms are moving through eastern areas of Australia over the next few days, which should help to improve soil moisture conditions. The recent rains are somewhat abnormal given the move towards El Nino, which should bring drier conditions. However, as the pattern builds, it could still mean drought down the road that may affect their winter wheat crop.
• Chinese customs data indicates that their wheat and wheat flour imports during the month of May totaled 290,000 mt – this is down 48.2% year over year. However, year to date imports increased 68.8% year on year to a total of 2.72 mmt.
• LSEG commodities research has slightly lowered their estimate of U.S. 26/27 wheat production to 43.2 mmt. This is said to be based on satellite imagery, crop conditions, and soil moisture levels. For reference, this is still above the USDA’s most recent estimate of 42.0 mmt.

DAIRY HIGHLIGHTS:

• The June through September Class III contracts closed with small gains today while the preceding four months closed with small losses.
• Spot cheese had a weird day with blocks down 0.75 cents on 35 loads traded and barrels up four cents on zero loads traded. Whey was up slightly too.
• Class IV futures recovered a bit today with the Q3 contracts all closing up 20 or more cents.
• Spot butter was unchanged at $1.55/lb and powder was up a half cent for a quiet day in the spot trade.

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Author

Brandon Doherty