CBOT Trends-Wheat and corn down 2-3 cents, soy down 6-7 cents

- The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday.

WHEAT - Down 2 to 3 cents per bushel

  • CBOT wheat futures ticked lower on technical trading ahead of the long weekend, with a rising dollar also pushing prices lower.

  • Chicago markets will be closed on Friday for the Juneteenth holiday.

  • The dollar index rose to a one-year high after a Federal Reserve policy meeting reinforced expectations for U.S. interest rate hikes this year. A stronger dollar makes U.S. commodities more expensive for overseas buyers.

  • CBOT July soft red winter wheat WN26 was last down 2-3/4 cents to $6.10 a bushel. K.C. July hard red winter wheat KWN26 was last down 1-1/2 cents to $6.51 a bushel, while Minneapolis July spring wheat MWEN26 was up 1-3/4 cents to $6.27-1/4 a bushel.

CORN - Down 2 to 3 cents per bushel

  • Corn futures ticked lower ahead of the weekend under pressure from falling crude oil prices.

  • Oil prices fell more than 1% on Thursday to their lowest since the first trading day of the Iran war, as a U.S.-Iran interim deal to end the conflict, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook. O/R

  • Corn and soybeans often track crude oil prices, as they are used as feedstocks for biofuel.

  • U.S. exporters sold 285,775 tons of corn to Mexico for 2026/2027 delivery, the U.S. Department of Agriculture reported on Thursday morning.

  • CBOT July corn CN26 last traded 2-1/2 cents lower to $4.18-1/2 per bushel.

SOYBEANS - Down 6 to 7 cents per bushel

  • Soybean futures eased from a two-week peak on Thursday as a stronger dollar and weaker oil prices curbed a rally driven by talk of Chinese demand.

  • The U.S. Department of Agriculture reported U.S. exporters sold 132,000 metric tons of soybeans to China and 120,000 tons to unknown destinations on Thursday.

  • CBOT July soybeans SN26 were last 7-3/4 cents lower to $11.24-1/4 per bushel.