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2026-05-29 21:31:11
[CBOT Opening Preview: Wheat and Corn Fall Due to Oil Price Decline, Soybean Oil Demand Supports Soybean Rise by 3-5 Cents] ⑴ Chicago Board of Trade (CBOT) opening forecast for Friday: wheat down 1-2 cents, corn down 2-3 cents, soybeans up 3-5 cents, as the market assesses a potential US-Iran agreement to reopen the Strait of Hormuz. ⑵ Wheat futures fell as traders assessed a potential ceasefire agreement and expectations of ample global supply. Crude oil futures fell nearly 2%, on track for their biggest weekly drop since early April. The USDA reported wheat export sales of 250,200 tons this week. ⑶ Corn futures fell slightly under pressure from favorable crop weather in the US Midwest and a potential agreement on the Iran war. Corn futures have largely followed oil prices during the US-Iran war. The USDA reported corn export sales of 1,633,900 tons. (4) Soybean futures rose as traders assessed a potential deal to end the war with Iran, while stronger soybean oil futures provided support. Analysts pointed to strong demand for soybean oil for biofuel blending under the U.S. renewable fuel obligation as a positive factor for soybeans. The USDA reported soybean export sales of 437,600 tons.
