Farm Commodities Rebound Friday After Oil-Driven Slump

Overview

• Major row crops fell Wednesday after crude dropped more than $6 on reports of progress toward a U.S.–Iran understanding, with corn futures down about 10½ to 12¾ cents.
• USDA’s weekly report Thursday showed mixed demand signals, including 1.362 MMT of corn sales, a marketing‑year low 141,940 MT for old‑crop soybeans, 78,772 MT for old‑crop wheat, and a solid 123,349 running bales of cotton.
• Following reports of explosions in Iran late Thursday, crude turned higher and by Friday midday corn rose 3 to 5 cents, soybeans gained 16 to 17 cents, wheat added 4 to 9 cents, and cotton climbed 140 to 155 points.
• Traders are setting positions for Tuesday’s May WASDE, with surveyed estimates pointing to steady U.S. soybean carryout near 349 mbu, slightly higher corn stocks near 2.13 bbu, and old‑crop wheat near 930 mbu.
• Livestock stayed soft as cattle futures fell despite cash trade around $256–$260 and hogs traded mixed, while federal slaughter tallies and new screwworm case counts in northern Mexico kept supply and trade risks in focus.