Russian Forecasts Drag Wheat; Planting Pressures Corn and Soy – Market Recap for May 29
Headline: Russian forecasts drag wheat prices, planting pressures corn and soy markets
In the latest market update, wheat futures faced a downward trend as Russian weather forecasts hinted at potential relief for drought- and frost-damaged crops in the Black Sea region. The possibility of rain reaching parts of southern Russia and Ukraine, along with high temperatures, raised concerns about the impact on crop conditions. Meanwhile, soybean prices continued to decline due to ample supplies from South America and the USDA’s report indicating progress in soybean planting.
Corn futures also dipped under pressure from wheat, with the USDA reporting that 83% of the crop had been planted as of Sunday. Dry planting conditions in the Midwest added to the challenges for corn growers. Despite these factors, July corn prices fell slightly to close at $4.55¼ a bushel, while December 2025 contracts showed some improvement.
In the equity markets, the benchmark 10-year Treasury yield rose, leading to a decline in US equity markets. The Dow Jones Industrial Average, the Standard & Poor’s 500, and the Nasdaq Composite all posted losses as investors reacted to the higher bond yields.
US crude oil prices declined on concerns about weak economic data and US gasoline demand, while the US dollar index strengthened ahead of the release of the US core personal consumption expenditures price index report.
Overall, the market sentiment was influenced by a combination of factors, including weather forecasts, planting progress, and economic indicators, shaping the direction of key commodity markets.
