Corn and soybean futures closed higher on Thursday, extending their recovery despite another drop in crude oil prices. Wheat markets, meanwhile, continued to struggle under the weight of ample global supply expectations.
Crude oil fell for the third consecutive session, with August WTI down 34 cents to $67.11 per barrel, as traders dialed back geopolitical risk premiums and focused on demand concerns. Corn drew strength from firm export demand and signs of resilience in US crop ratings despite mostly favorable Midwest growing conditions. Soybeans followed suit, with modest gains across the curve.
September corn climbed 2 ¼ cents to $4.20 ¼, and December gained 3 ½ cents to $4.37 ½. August soybeans added 2 cents to $10.55 ½, while November was up 1 ¼ cents at $10.48 ¾.
Wheat prices weakened again on harvest pressure and improving outlooks for Russian output. Chicago wheat led the declines, with September falling 7 ¼ cents to $5.56 ¼. Kansas City dropped 6 ¼ cents to $5.36, while September Minneapolis held steady at $6.50.
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