As the market closed, July corn recorded a decline of 3½¢, settling at $4.59½ per bushel, while July soybeans saw a decrease of 7¼¢, closing at $10.60¼ per bushel.

Market Insights from Industry Experts

According to Karl Setzer, a partner at Consus Ag Consulting, “Corn, soybeans, and wheat favored the downside in today’s session, primarily due to a lack of buying interest. Soybeans experienced the most substantial losses, largely influenced by decreasing prices in South America as they approached the end of the trading week.” He added that China is actively securing soybean shipments from Brazil for both this year and the next, effectively sidelining the U.S. market.

Setzer also highlighted that soy oil managed to diverge from the general trend, following crude oil prices upwards. Pressure on grain contracts was further exacerbated by unfavorable trade relations with the European Union, despite hopes for an agreement with Japan.

Global Weather Patterns and Market Implications

Concerns regarding global weather conditions did provide some light support for the market. Forecasts suggest a continuation of warm and dry conditions in the Western U.S., while the East is expected to experience wetter and cooler weather. However, market activity remained subdued as fresh news was limited, particularly heading into a long Memorial Day weekend.

Wheat Market Trends

Wheat markets concluded the week on a mixed note. CBOT wheat dipped by 2¢ to $5.42½ per bushel, while KC wheat fell by 1¼¢ to $5.38¾ per bushel. In contrast, Minneapolis wheat experienced a rise of 6¼¢, closing at $6.06½ per bushel.

Cattle and Hogs Performance

In livestock markets, June live cattle dropped by 5¢, finishing at $210.45 per hundredweight (cwt). August feeder cattle increased by 60¢ to $300.37 per cwt, whereas June lean hogs declined by 50¢, settling at $101.55 per cwt.

Additional Market Indicators

As of early afternoon, June crude oil showed an uptick of 51¢, reaching $61.71 per barrel. Meanwhile, the June S&P 500 futures recorded a decrease of 28 points, and the June Dow fell by 190 points. The June U.S. Dollar Index experienced a significant drop of 839 points.

Morning Market Summary

As trading commenced at 9:00 a.m. CT, July corn was down 4¾¢, trading at $4.58¼ per bushel, with July soybeans showing a similar decrease of 7¼¢ at $10.60¼ per bushel. Setzer noted that traders are now focusing on stabilizing positions as they approach the holiday weekend, with fresh news impacting trading volumes.

In the wheat markets, the day began mixed: CBOT wheat was down ¾¢ at $5.43¾ per bushel, while KC wheat slipped by 1¼¢ to $5.38¾, and Minneapolis wheat saw an increase of 4¼¢, reaching $6.04½ per bushel.

In the livestock sector, June live cattle dipped 25¢ to $210.25 per cwt, while August feeder cattle fell 27¢ to $299.50 per cwt. Conversely, June lean hogs gained 25¢, climbing to $102.30 per cwt.

Overall, June crude oil was observed up 6¢ at $61.26 per barrel, with the June S&P 500 futures down 64 points and the June Dow declining 372 points. The June U.S. Dollar Index also reflected a decrease, down 474 points.

Published: 3:10 p.m. CT