Corn • Soybeans • Wheat
Grain markets backed off into the long holiday weekend, with corn, soybeans, and wheat all lower on Thursday. The tone remains defensive overall: corn is still near recent lows, soybeans have slipped after a midweek export-supported bounce, and wheat has pulled back from its recent rally while still holding above the early-June lows. Before the long traders weekend Economic trading showed weaker oil prices and a stronger U.S. dollar weighed on grains and oilseeds markets.
Corn
Corn futures finished weaker into the holiday weekend, with losses of 3½ to 5¾ cents across most contracts and the national average cash corn price down 3½ cents. Export news was supportive — USDA reported a private sale of 285,775 MT of corn to Mexico for new-crop shipment, and weekly old-crop export sales were a four-week high — but the market still faded on broader weakness and positioning ahead of the long weekend.
Farmer takeaway: Corn remains close to recent lows. If futures bounce, consider using target offers or scaling in incremental sales, especially on old-crop bushels.
Soybeans
Soybeans also retreated Thursday, reporting losses of 6½ to 9¼ cents across the board and the national average cash bean price down 8½ cents. There was supportive export news, including USDA-reported private sales of 132,000 MT to China and 120,000 MT to unknown destinations for 2026/27, but weaker soybean oil and broader outside-market pressure limited upside follow-through.
Farmer takeaway: Soybeans are still above the recent low but well below mid-May highs. Keep firm offers working above the market.
Wheat
Wheat slipped lower into the break, with SRW contracts down 1½ to 7¼ cents at the close, though July wheat was still higher on the week. Weather remains a key driver: recent rains have supported parts of the U.S. crop but also raised harvest and quality concerns in some areas. While winter wheat ratings remain historically weak even after slight improvement. USDA’s latest crop progress data showed winter wheat 25% harvested and 27% good/excellent.
Farmer takeaway: Wheat bounced off its recent lows, but is still well off May highs. Make sure you have coverage for new bushels and are watching for pricing opportunities.
What We’re Watching Next
Weather: Corn is 94% emerged and rated 68% good/excellent, while soybeans are 95% planted, 88% emerged, and 66% good/excellent; any turn hotter/drier or excessively wet will matter quickly as July approaches.
Exports: Corn and soybean export sales showed signs of life this week, including corn to Mexico and soybean sales to China/unknown destinations, but traders still want sustained demand confirmation.
Outside markets: A stronger U.S. dollar and weaker crude oil have weighed on grains and oilseeds because of export competitiveness and biofuel demand links.
USDA reports: The June 30 Acreage and Grain Stocks reports remain the next major scheduled market-moving events.
Marketing Thought
With futures still near the lower end of the recent range, basis, carry, and disciplined target orders matter. Corn is closest to its recent low, soybeans have pulled back sharply from spring highs, and wheat remains volatile with harvest and quality risk. Use rallies to reward the market in increments rather than waiting for one big move.
Contact our merchandising team for current bids, basis levels, and contract alternatives.
Futures and basis are subject to change. This update is for informational purposes only and is not a recommendation to buy or sell futures or cash grain.