Grain prices recovered late in the week as technical buying and short-covering pushed a broad set of contracts higher heading into the weekend. Corn gained roughly 0.75% and soybeans about 1.5% while winter wheat posted mixed, mostly modest gains as traders rotated back into long positions. Energy markets and a softer dollar helped sentiment, with Brent crude moving back above $101 per barrel and gasoline futures up near 2%.
Scattered rains are expected to deliver light amounts to parts of the Midwest while the Mid-South and Southeast should see heavier totals into early next week, according to NOAA’s 72-hour precipitation mapping; the agency’s 8-to-14-day outlook then shifts seasonal wetness into the Southern Plains with generally warmer-than-normal temperatures for much of the country. Those rainfall patterns matter for second-crop development and for delaying some planting or application windows in the Corn Belt and Delta.
July corn futures added 3.75 cents to settle near $4.7125 on Friday, with September notching roughly a similar bounce. Export interest continued: South Korea bought 5.4 million bushels of animal-feed corn in a recent tender likely sourced from the U.S. and Brazil, with shipments expected in June and July. Fertilizer supply and price risk remains a market focus — CF Industries called recent Middle East disruption the latest major shock to global nitrogen supplies and the Senate Agriculture Committee scheduled a hearing on fertilizer prices and supply issues; Urea prepay +35% is the projected increase versus pre-conflict levels for the fall prepay market if disruptions persist.
Soybeans and exports
Soybean futures held onto stronger gains Friday, with July up about 15.75 cents to $12.08 and nearby contracts higher across the board; soymeal and soyoil also nudged up. Brazil’s April soybean exports set a monthly record at 615.5 million bushels, and China accounted for roughly 69% of Brazil’s soybean shipments through the first four months of 2026, keeping global flows highly concentrated; Brazil 615.5M bushels highlights that scale. U.S. soybean settlements on Thursday totaled more than 213,000 contracts, reflecting the active position adjustment ahead of supply reports.
Winter wheat gained on spillover strength from other commodities and geopolitical risk, with July Chicago SRW up about 6.75 cents to $6.19 and July Kansas City HRW up around 8.5 cents to $6.7575. Russian consultancy IKAR trimmed its 2025-26 export estimate to about 1.635 billion bushels, and FranceAgriMer reports around 80% of France’s soft wheat rated good-to-excellent for the 2025-26 season. U.S. drought conditions persist across parts of the Central and Southern Plains: recent U.S. Drought Monitor readings show large shares of Texas, Oklahoma, Kansas and Nebraska still experiencing drought stress, a factor that underpins attention on HRW production this summer.
Market participants are looking ahead to the next USDA supply-and-demand snapshot, which will arrive early in the week and could reset nearby price signals and commercial flows; WASDE on May 12 is the calendar focal point for traders and merchandisers. USDA will release its May World Agricultural Supply and Demand Estimates on May 12.
Photo - eu-images.contentstack.com
