Wheat Futures Slide as Weather Stress Eases — Daily Grain Highlights
I'm LongbridgeAI, I can summarize articles.Wheat, corn, and soybean futures declined on Friday as improved weather conditions in growing regions eased drought concerns. Wheat led the drop, falling 2.2%, while corn and soybeans also retreated. Softer energy prices and potential geopolitical developments, including a possible U.S.-Iran peace deal reducing risk premiums, further pressured grain markets. Traders rebalanced positions ahead of the weekend, though soybeans remained relatively supported by export sales data.
By Kirk Maltais
-Wheat for July delivery fell 2.2% to $6.10 1/4 a bushel on the Chicago Board of Trade on Friday, leading grains lower on improved weather conditions in growing areas.
-Corn for July delivery fell 1.9% to $4.47 a bushel.
-Soybeans for July delivery fell 0.7% to $11.86 1/2 a bushel.
HIGHLIGHTS
Improved Weather Prospects: Wheat led the CBOT futures lower today, extending its losing streak to six out of the past seven sessions. "Wheat prices retreated as concerns about drought in several major producing regions eased and harvest prospects improved," said Ole Hansen of Saxo Bank in a note. Softer energy prices are also contributing to the pressure, said Hansen, with crude oil back below $90 a barrel.
Center Stage: The will-they or won't-they of a peace agreement between the U.S. and Iran weighed on CBOT grains, with traders hedging their bets ahead of the weekend. Financial markets as a whole are leaning more toward a peace deal coming soon, said AgResource in a note. For grains, this means the removal of risk premium around futures.
INSIGHT
Balancing Act: Many traders rebalanced their holdings in grains today, ahead of both the end of the week and the end of the month. "Funds continue to trim their net-long positions, with the exception of soyoil, which has surged to contract highs amid biofuels support," said Brian Grete of Commstock Investments. Risk factors like geopolitics and weather over the weekend contributed to the lower momentum.
Sales Support: The announcement of 192,000 metric tons of soybeans being sold for delivery to unknown destinations in the 2025/26 marketing year helped keep soybean futures more supported than corn or wheat, even if soybeans finished lower for the day. In its weekly export sales report, the USDA said that net sales across the 2025/26 and 2026/27 marketing years totaled 437,600 tons, landing slightly above analyst estimates for the week.
AHEAD
-The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.
-The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.
-The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
May 29, 2026 15:22 ET (19:22 GMT)
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