Soybean futures led the way higher on Thursday as traders added weather premium ahead of a potentially intense heat wave across the central and eastern U.S. Corn also gained while wheat was mainly stronger.
Temperatures could reach 100 degrees F in parts of the Midwest this weekend, with the season’s first bout of excessive heat potentially lasting into early July. Weakness in the U.S. dollar and a generally positive weekly export sales report boosted soybeans as well, with old-crop bookings of 455.400 tonnes and new crop at 902,200. August beans jumped 20 ¼ cents to $11.37, and November climbed 22 cents to $11.57.
Weather was supportive for corn as well, as was strength in crude oil. Old-crop corn bookings of 743,100 tonnes and new-crop sales of 735,900 were supportive as well. September gained 8 ½ cents to $4.24 ¼, and December added 8 ¼ cents to $4.43.
Wheat futures snapped a four-session losing streak as traders focused on prolonged heat and possible crop damage in Western Europe. Forecasts for additional U.S. heat, technical buying and a weaker dollar also supported prices, with the softer currency improving the competitiveness of American grain abroad. USDA reported weekly wheat sales of 504,500 tonnes for the 2026-27 marketing year. September Chicago was up 5 ½ cents at $6.01 ½, and September Kansas City was nickel higher at $6.30 ½. September Hard Red Spring added 2 ¾ cents to $5.96 ½, while September Minneapolis eased 1 ¾ cents to $6.16 ½.
