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Sometimes the last session before a holiday weekend brings the fireworks, while other times it limps across the finish line. Thursday’s session proved to be the latter, leaving grain prices lightly mixed amid some uneven technical maneuvering today. Nearby soybean contracts found some forward momentum, while corn prices settled with fractionally mixed results. Winter wheat prices also diverged, with CBOT contracts incurring light losses and HRW contracts picking up moderate gains.
Most of the central U.S. will gather at least some measurable moisture over the holiday weekend, with a band of rain stretching from eastern Nebraska through southern Michigan set to deliver another 1” to 2” between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. Later this month, NOAA’s new 8-to-14-day outlook predicts some seasonally wet conditions for the eastern Corn Belt between July 9 and July 15, with warmer-than-normal temperatures likely for the Midwest and Plains during that time.
On Wall St., the Dow hit fresh record highs after climbing another 341 points higher in afternoon trading to 52, 646 as investors shrugged off a less-than-stellar June jobs report. More helpful was the latest unemployment data, with the rate easing to 4.2%. Energy futures were mixed, with Brent crude oil inching less than 0.25% higher to stay above $71 per barrel. Gasoline futures eroded more than 1% lower, in contrast. The U.S. Dollar softened moderately.
NOTE: Grain markets will be closed on Friday, July 3, in observance of the Federal Independence Day holiday. Have a safe, happy weekend, and come back first thing Monday, July 6, for our next round of agricultural news and grain market analysis.
Corn prices were near-even in blasé session
Prices tested modest overnight gains before settling with mildly mixed results following some uneven technical maneuvering on Thursday. September futures inched 0.25 cents higher to $4.23, while December futures eased 0.75 cents lower to $4.4150.
Corn exports found 28.8 million bushels in old crop sales and an additional 30.2 million bushels in new crop sales for a total tally of 59.0 million bushels last week. That was slightly on the lower end of analyst estimates, which ranged between 35.5 million and 86.6 million bushels. Old crop sales eased 2% lower week-over-week.
Corn export shipments shifted 5% above the prior four-week average, with 71.5 million bushels. Japan, Mexico, Taiwan, South Korea and Colombia were the top five destinations.
Meantime, the latest NASS grain crushing report showed an all-time record corn usage for ethanol in May, at 471.78 million bushels. That was 9.7% above April’s volume and 6.2% higher year-over-year. The boost is reflective of both expanded production capacity and higher utilization rates. This, along with robust exports, should help tighten supplies moving forward.
Fireworks could be in store if overly hot conditions hold later this month. Some of the experts we consulted this week are optimistic that there will be a handful of pricing opportunities this fall. Still, there are plenty of nuances to navigate in what has been a volatile market so far in 2026. Click here to read the latest edition of Top Tips.
Corn settlements on Wednesday were for 346,148 contracts.
Soybean prices found mixed results
Nearby contracts continued to press higher, while further-out contracts dipped slightly lower. September futures added half a penny to reach $11.36, while November futures dropped 1.5 cents to $11.4775.
The rest of the soy complex was also mixed. July soymeal futures added 0.36%, while July soyoil futures eased 0.1% lower.
Soybean exports were lackluster last week, bringing in only 1.5 million bushels in old crop sales and 6.7 million bushels in new crop sales for a total of 8.2 million bushels. That was well below the range of analyst estimates, which estimated total sales would come in between 23.9 million and 57.0 million acres. Old crop sales were a marketing-year low and were 88% below the prior four-week average.
Soybean export shipments fared a bit better, with 14.3 million bushels. That was still 11% below the prior four-week average, however. Mexico, Japan, China, Egypt and Indonesia were the top five destinations.
The latest Fats & Oils report from NASS indicated that 213.1 million bushels of soybeans were crushed domestically in May. That was a bit below the average trade guess of 214.9 million bushels. It was also 2.0% below April’s volume and down 4.6% year-over-year.
Soybean settlements on Wednesday were for 216,059 contracts.
Winter wheat prices in search of new direction
CBOT futures failed to find forward momentum today, while HRW futures managed to scratch out moderate gains heading into the weekend. September Chicago SRW futures inched 0.25 cents lower to $5.9975, while September Kansas City HRW futures added 3.5 cents to $6.3850.
Wheat export sales reached 11.0 million bushels last week. That was on the very bottom of analyst estimates, which ranged between 11.0 million and 22.1 million bushels. Mexico, unknown destinations, Colombia, Italy and Guatemala were the top five destinations.
Wheat export shipments were a bit lower, after reaching 13.4 million bushels. South Korea, Mexico, the Philippines, Japan and Colombia were the top five destinations.
Saudi Arabia issued a tender to purchase 24.1 million bushels of wheat from optional origins. The grain is for shipment in September and October. The grain is comprised of 11 cargoes and will avoid passage through the Strait of Hormuz.
Jordan issued an international tender to purchase up to 4.4 million bushels of milling wheat from optional origins that closes on July 7. The grain is for shipment in September and October.
And finally, an upcoming Farm Futures webinar on July 15 features Mike Downey, who guides farm families in generational transition. He will be on-hand to talk about how people can steer through this often emotionally and financially treacherous ground. Iowa farmer Christian Goodman, who lost his father in January, will also speak about how his family has navigated that heartbreaking change so far. Click here to learn how to register.
CBOT wheat settlements on Wednesday were for 193,907 contracts.