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2026-05-28 21:36:27
[US wheat, corn, and soybeans rose 2 to 4 cents, while oil prices surged amid concerns over the Strait of Hormuz negotiations] ⑴ Chicago Board of Trade wheat futures followed soybeans and corn higher as growing doubts about the reopening agreement in the Strait of Hormuz supported prices for crops used in biofuel production. CBOT July soft red winter wheat settled up 2.75 cents at $6.2525 per bushel. ⑵ Corn futures edged higher, supported by rising oil prices following the airstrikes between Iran and the US. South Korea's largest animal feed manufacturer, Nonghyup Feed, purchased approximately 133,000 tons of feed corn in an international tender on Thursday. CBOT July corn settled up 3.25 cents at $4.5575 per bushel. ⑶ Soybean futures also held firm as biofuel demand followed oil prices higher. Iran's Revolutionary Guard claimed responsibility for attacks on US military bases in response to US strikes against Iranian drones near the Strait of Hormuz. CBOT July soybeans rose 7 cents to $11.9225 per bushel. Analysts said the market has already priced in the poor condition of U.S. wheat due to drought, and will face price pressure from the harvest season in the coming months. Oil prices jumped more than 2% on Thursday, highlighting the fragility of the ceasefire agreement turning into a war-ending agreement.
